2023-2030 Lubricants Sector Outlook: Uncovering Lucrative Prospects

Posted on 2024-05-23 by researchinsights in Internet & Online // 0 Comments

Lubricants Industry | Forecast 2030

The economic value generated by the lubricants industry was estimated at approximately USD 134.65 billion in 2022. This economic output is an amalgamation of basic lubricant product categories namely, industrial, automotive, marine, and aerospace lubricants.

The global lubricant industry has been witnessing a significant change, particularly in terms of raw materials, owing to the rising demand for bio-based lubricants. Asia Pacific has emerged as one of the largest consumers of lubricants owing to the rapidly growing automotive industry along with industrial development in the region. The most extensively used lubricants in the Asian market include automotive engine oils, greases, and hydraulic fluids. The market in the Asia Pacific has started mirroring the American and European regulatory systems, and countries like Japan and South Korea are thus emphasizing eco-labeled lubricants.

Access the Global Lubricants Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Developing economies such as China, India, and Indonesia etc. are driving the manufacturing Industry across the globe. With an increased number of downstream and midstream projects, such as pipeline network expansion, LNG terminals, and downstream capacity expansion, the use of equipment has also increased, thus demand for specialized lubricants used for proper functioning of machineries will in turn increase for the forecast period.

Lubricants are extensively used in processing industries and automobile parts, especially in brakes and engines which need lubrication for continuous smooth functioning. With the growth in sales of automotive industry the projected consumption of lubricants in the manufacture and maintenance of vehicles is also expected to rise in the coming years. The following graph depicts the number of registered cars in the U.S. during the period 2016 to 2021.

Industrial Lubricants Market Insights

The global industrial lubricants market size was valued at USD 53.17 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.9% from 2023 to 2030. Rapid industrialization in developing countries followed by a rise in the number of trade activities fuels the demand for industrial lubricants. Rising investments in R&D activities along with proper expansion channels help the growth of key players. Some industries slated to witness considerable growth include unconventional energy, chemicals, and mining. This trend is expected to further strengthen product demand in compressors, hydraulics, industrial engines, centrifuges, and bearings.

Over the past decade, emerging economies such as India, Japan, South Africa, China, and Brazil have witnessed a significant rise in the industrial sector. Industries such as the ones manufacturing foundry, plastics, metal consumer appliances, and more, along with mining industries have gained significant importance and thus demand high-quality industrial lubricants.

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Automotive Lubricants Market Insights

The global automotive lubricants market size was estimated at USD 72.05 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.5% from 2023 to 2030. Growing demand for high-performance and lightweight vehicles in emerging economies such as India and China along with a shift in consumer preference towards sustainable lubricants is the key factor driving the market growth.

Increasing automotive production coupled with a shift in trend from heavy vehicles to lightweight vehicles is a key driving factor since the latter contributes significantly to weight savings and lower carbon emissions. A 10% reduction in the weight of an automobile results in approximately 5% to 7% fuel savings. In addition, the reduced weight also aids in controlling the emission of CO2 throughout the life cycle of the vehicle. It further helps the overall performance of the vehicle in terms of acceleration and handling. Moreover, the reduction in mass at unhinged points provides for a reduction in noise and vibration, making it a smoother ride. Thus, growing concerns regarding fuel consumption and greenhouse gas (GHG) emissions are expected to boost the demand for lubricants in commercial as well as passenger vehicles.

Marine Lubricants Market Insights

The global marine lubricants market size was valued at USD 7,395.1 million in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030. Rising demand for durable products and increasing trade activities, especially in emerging economies of Asia Pacific, are among the key trends escalating market growth. The U.S. is the largest consumer of the product in North America with a revenue share of 70.9% in 2022. Marine engine oils are the major segment within the marine lubricants market space in the U.S. The production of finished goods that are in high demand in emerging economies is resulting in increased exports from the U.S. As air transport has its limitations, goods are transported through the sea route. Marine lubricants are widely utilized in the shipping industry to protect and enhance the efficiency of engines and equipment. These are high-performance fuels, specially designed to enable optimal performance in operations. They possess various exceptional inherent characteristics such as extending engine life and protecting components at high temperatures, improving performance and reliability of machinery, enhancing protection from mechanical wear and mitigating cold corrosion.

Go through the table of content of Lubricants Industry Data Book to get a better understanding of the Coverage & Scope of the study

Aerospace Lubricant Market Insights

The global aerospace lubricant market was valued at USD 760.4 million in 2014. Increasing air traffic in both developed as well as developing economies such as U.S., UK, India, and China is expected to drive the aerospace lubricant market over the forecast period.

Global air passenger traffic grew by over 6% in 2015 owing to lower airfares along with an increase in the frequency of flights. The Middle East and Africa, outperforming North America, witnessed considerable growth with increasing revenue passenger kilometers year on year. Aviation lubricants improve the operational efficiency of engines, by reducing friction between two coated surfaces, resulting in more distance traveled with the same amount of fuel.

Company Profiles:

ExxonMobil Corp., Royal Dutch Shell Co., British Petroleum, Total Energies, Chevron Corporation, Fuchs Group, Amsoil Inc, CASTROL LIMITED, Philips 66 Company, Valvoline LLC, Idemitsu Kosan Co. Ltd, Lukoil, PetroChina Company Limited, Petrobras, Petronas Lubricant International, Quaker Chemical Corp, PetroFer Chemie, Zeller Gmelin GmbH & Co. KG, Buhmwoo Chemical Co. Ltd, Blaser Swisslube Inc, Zeller Gmelin GmbH & Co. KG, BELLZOIL OVERSEAS PVT LTD, Carol Petroleum Private Limited

Competitive Insights

The global lubricants market is competitive markets with a large number of well diversified regional, and independent small scale and large scale manufacturers and suppliers. The small-scale companies majorly compete on the basis of price, after sales service and delivery timelines. Whereas the 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.

Global as well as regional players are developing direct sales channels, especially for automotive lubricant users at their local service centers. Some companies also participate in annual events of their end users and showcase their products at offer prices. Direct sales through such platforms reduces the dependability towards retailers and wholesalers at the same time offering better margins and operational costs. Such sales also develop a strong database of customers which enables the manufacturer to develop a better understanding about the demands.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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