Lubricants Market to Witness Huge Growth by 2028

Lubricants Industry Overview

The global lubricants market size is expected to reach USD 167.48 billion by 2028, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 3.7% from 2021 to 2028. Growth in demand for biobased lubes, as they are eco-friendly, is estimated to augment the market growth over the coming years. Furthermore, the manufacturers are shifting and expanding their production units in developing nations owing to various factors, such as availability of raw material and reduced costs of infrastructure and labor. This, in turn, is anticipated to boost the market growth over the forecast period.

 

Lubricants Market Segmentation

Grand View Research has segmented the global lubricants market on the basis of application and region:

 

Based on the Application Insights, the market is segmented into Industrial, Automotive, Marine and Aerospace.

• In terms of volume, the automotive segment dominated the market with a share of more than 57% in 2020. This high share is attributed to the increased sales of consumer automotive, such as trucks, busses, and other forms of passenger transport. Economic growth in emerging countries, such as China, India, and Brazil, has led to the betterment of public transportation in these regions. This trend is expected to strengthen commercial automotive oil demand, thereby supporting segment growth over the forecast years.
• Increasing industrial production in emerging markets of Asia Pacific and Latin America is anticipated to drive industrial oil products demand over the forecast period. Mining, unconventional energy, and chemicals industries are projected to be among the largest markets for industrial lubricants. This trend is expected to boost the demand for industrial lubricants in applications, such as industrial engines, compressors, hydraulics, bearings, and centrifuges.
• Marine lubes are widely used in high- and medium-speed engine oils and slow-speed marine engines. The product helps enhance the engine life and protects the components at high temperatures. Some of these products offer additive technology to provide protection against crankcases, camshaft areas, under-crowns, and ring belt. Furthermore, lubricants are used in slow-speed cylinders as they offer high-performance lubrication, enhanced protection from mechanical wear, and help mitigate cold corrosion.
• Aerospace lubricants are used to provide reliability, long-lasting lubrication for critical components to operate efficiently in high vacuum and extreme temperatures. They undergo regular scrutiny with increasing regulatory intervention and specific military standards. Increasing air passenger traffic coupled with a significant rise in defense budgets across the globe are anticipated to remain the key driving factors for segment growth over the forecast period. Countries including the U.S., Germany, India, and Brazil have made a substantial increase in defense spending resulting in a rapidly expanding aerospace sector.

 

Lubricants Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

Key Companies Profile & Market Share Insights

The global market is highly competitive with a large number of well-diversified regional, and independent small- and large-scale manufacturers and suppliers. The small-scale companies majorly compete on the basis of price, aftersales services, and delivery timelines. Whereas large-scale companies focus on product development and innovations as well as marketing strategies. Some companies are also redefining their supply chain to reduce cost and customer delays.

Some of the key companies in the global lubricants market include:

• ExxonMobil Corp.
• Pennzoil
• Quaker Chemical Corp.
• Royal Dutch Shell Co.
• JX Nippon Oil & Energy Corp.
• British Petroleum
• Lukoil
• Total S.A
• Chevron Corp.
• Philips 66 Company
• Sinopec Corp.

 

Order a free sample PDF of the Lubricants Market Intelligence Study, published by Grand View Research.