According to a report, “Lubricants Market Size, Share & Trends Analysis Report By Product (Industrial, Automotive, Marine, Aerospace), By Region, And Segment Forecast, 2019 – 2025”, published by Grand View Research, Inc., The global lubricants market size is projected to reach USD 166 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.7% during the forecast period. Rapidly growing sales of automobiles, primarily in countries such as India, China, U.S., and Brazil is expected drive the growth.
Chemical, construction, textile, infrastructure, and energy sectors for engine oil, hydraulic oil, wire rope and bearings, are the key application areas where lubricants are utilized extensively. Constant research and development for biological counterparts of the product, to reduce the environmental effect is likely to boost the North America lubricants market. Extensive inland shipping network of Europe and further development of inland waterways and their growing importance for trade and passenger travel is expected to drive the demand for marine lubricants.
Manufacturers use crude oil, Coal Bed Methane (CBM), and other additives for the formulation of different types of lubricants. Prominent companies such as Shell, Chevron, ExxonMobil, Total, BP, and Sinopec have integrated business operations across the globe. Lubricant manufacturers are increasingly venturing into joint business operations with automotive manufacturers to keep steady profit margins for longer time period.
Variety of functions are performed by engine oil, one of which is to reduce friction. Efficiency increases significantly as lighter viscosity oils produce lesser frictions. A few major players such as British Petroleum; Shell; Ashland, Inc.; and ConocoPhillips have established their own subsidiaries Castrol, Pennzoil, Valvoline, and Kendall with broader product portfolios. This allows these companies to mark their presence in the desired application markets.
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Further key findings from the report suggest:
- Automotive lubricant accounted for the largest market share of nearly 57% in terms of volume in 2018. Growing sales of consumer automotive such as trucks, buses, and other forms of passenger transport is expected to drive the market over the forecast period
- Major players as well as new entrants are focusing on development of bio based lubricants. These bio derivatives have several limitations such as oxidative stability and temperature resistance hence companies are investing on R&D activities
- Rise in economic condition has led to better infrastructure and enhanced public transport system in regions such as Brazil, India, and China. Furthermore, investments in personal vehicles by regional consumers is on continuous rise, which is expected to boost growth
- The market has witnessed rapid rise in investments by various multinational companies over the past decade. Several initiatives such as expanding product portfolio and strengthening their supply chain efficiency have broadened their business presence globally, thereby catering to a broader market base
- Some of the key participants operating in the lubricants market are ExxonMobil, Royal Dutch Shell, Chevron Corporation, and Total among others
Industrial engine oils are projected to witness significant over the forecast period as these oils are designed to offset the operating and rising fuel costs. These fluids have the potential to reduce fuel consumption as they possess lower friction coefficient and also helps to keep engine components clean and fully functional thereby effectively delivering maximum combustion efficiency. Industrial engine oils broadly help in keeping piston, filters, ports, and crankcase clean for a longer period of time.
Economic prosperity in Asia Pacific coupled with increasing international co-operation is driving demand from the marine industry. International trade agreements and rising environmental concerns among consumers will lead to a surge in demand for marine lubricants. The shift in trend from conventional alternatives to those containing performance boosting additives to meet stringent carbon emission regulations is also a key driving factor in Central and South America (CSA) and Middle East and Africa (MEA).
Aerospace lubricants are used to provide reliability and long-lasting lubrication for critical components to operate efficiently in high vacuum and extreme temperature. They undergo regular scrutiny with increasing regulatory intervention and specific military standards. Increasing air passenger traffic coupled with significant rise in defense budgets across the globe are anticipated to remain the key driving factors for market growth over the forecast period. Countries including U.S., Germany, India, and Brazil have made substantial increase in defense spending resulting in boost to overall aerospace industry.
Browse Related Report:
- Vacuum Grease Market – Vacuum greases, the term used to generally refer a family of lubricants, are used to seal joints of various equipment in vacuum systems. They have low volatility, an important factor to prevent evaporation, and provide lubrication in an environment operating at a vapor pressure of 10-8 torr and temperature range of -40°C to 200°C.
- Masterbatch Market – Masterbatch is available in solid and liquid forms and is used imparting color and also for enhancing useful properties of polymers such as antistatic, antifog, antilocking, UV stabilizing, and flame retardation.
Grand View Research has segmented the global lubricants market on the basis of application and region:
Lubricants Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- Process Oils
- General Industrial Oils
- Metalworking Fluids
- Industrial Engine Oils
- Engine Oils
- Gear Oils
- Transmission Fluids
- Brake Fluids
- Engine Oil
- Hydraulic Oil
- Gear Oil
- Turbine Oil
- Gas Turbine Oils
- Piston Engine Oils
- Hydraulic Fluids
Lubricants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
- Saudi Arabia
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