Lubricants Market Size Worth $190.64 Billion, Globally, by 2028 at 2.7% CAGR - Exclusive Report by The Insight Partners

NEW YORK, Jan. 12, 2022 /PRNewswire/ -- According to the new market research report "Lubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Base Oil (Mineral Oil, Synthetic, Bio-Based Lubricants, and Others), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others), and End Use (Oil and Gas, Industrial, Chemical, Automotive, Marine, and Others)", published by The Insight Partners, the global lubricants market was valued at US$ 148.18 billion in 2020 and is projected to reach US$ 190.64 billion by 2028; it is expected to grow at a CAGR of 2.7% from 2021 to 2028.

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Lubricants Market: Competition Landscape and Key Developments

A few key players operating in the lubricants market are Royal Dutch Shell, Exxon Mobil Corp, Chevron Corp, BP plc, Total, Lukoil, Sinopec Lubricant Company, Fuchs, Indian Oil Corp, and Valvoline. Major market players are adopting strategies such as mergers and acquisitions to expand their geographical presence and consumer base globally. For instance, in August 2019, Total Lubrifiants has acquired Houghton International's aluminum hot rolling oil (AHRO), steel cold rolling oil (SCRO) and tinplate rolling oil (TPRO) activities.

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In 2020, Asia Pacific dominated the global lubricants market and is expected to continue its dominance during the forecast period. One of the factors driving the lubricant market is the increasing population in the region, which is accompanied by rising need of automobiles in countries such as China, India, and Indonesia, creating various growth opportunities for the Lubricants Market. In October 2021, The Asian Development Bank (ADB)  approved an investment of US$ 500 million loan to support the Indonesia government to create a more competitive and investment-friendly business environment.

The growing automotive sector across the world is leading to an increased demand for lubricants. For instance, in December 2021, Hyundai Motor India had planned to invest USD 551.08 to introduce more than 6 variants in electric vehicles by 2028. In addition, In September 2021, Ford, a American multinational automobile manufacturer had planned to invest USD 11.4 billion investment in electric vehicle plants. Thus, the growing production of automobiles has been subsequently increasing the demand for lubricants in the automotive industry. Also, the high-performance cars have a high requirement for automotive lubricants as they help in managing the excessive heat generated by the powerful engines and other components in the vehicles. The lubricants help in preventing rust and corrosion, engine failure and extend the life of the engine components.

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Lubricants Market: Segment Overview

Based on product type, the global lubricants market is segmented into engine oil, hydraulic oil, gear oil, grease, compressor oils, and others. In 2020, the engine oil segment accounted for a significant revenue share. Engine oil includes base oils which are enhanced with various additives, particularly antiwear additives, detergents, dispersants.

Based on end use, the global lubricants market is segmented into oil and gas, industrial, chemical, automotive, marine, and others. In 2020, the automotive segment accounted for a significant revenue share in the lubricants market. The increase in demand for lubricants from the automotive industry is due to increased sales of consumer automobiles, such as trucks, buses, and other forms of passenger transport. The economic growth in developing and 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, which is likely to support the segment growth during the forecast period.

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Impact of COVID-19 Pandemic on Lubricants Market:

Many industries, such as the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties under COVID-19 safety protocols resulted in the contraction of packaging product sales during the initial months of the pandemic. Along with this, the lockdown impacted the transportation sector, resulting in the low movement of commercial and passenger vehicles across the globe. In China, according to the International Council on Clean Transportation, there was a 23% decrease in the sales volume of new passenger cars in 2020 as compared to the first half of 2019. All these factors negatively impacted the lubricants market during the COVID-19 pandemic. As the industries have started recovering, the demand for lubricants is likely to increase in the coming years. The recovering automotive, marine, chemical, and oil & gas industries will have a positive impact on the lubricants market.

Browse Adjoining Reports:

Construction Lubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Base oil (Mineral oil, Synthetic oil); Product Type (Hydraulic fluid, Engine oil, Gear oil, ATF, Compressor oil, Grease, Others) and Geography

Firearm Lubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Synthetic, Mineral Oil, Bio Based, Blended); Form (Oils, Aerosol Spray, Grease, Other Fluid); Application (Guns and Pistols, Tanks and Armored Vehicles); End-use (Military and Defense, Police and Private, Security Individuals) and Geography

Automotive Lubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Base Oil (Mineral Oil Lubricants, Synthetic Lubricants, Semi-synthetic Lubricants, Bio-Based Lubricants); Application (Engine Oil, Gear and Brake Oil, Transmission Fluids, Greases, Others); Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)) and Geography

Oil and Gas Lubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Lubricant Type (Diesel Engine Oils, Greases, Hydraulic Fluids, Compressor Oils, Gear Lubricants, Natural Gas Engine Oils, Others); End User (Onshore and Offshore Drilling, Floating Point Storage and Offloading, Production, Refining, Transmission, Others) and Geography

Refrigeration Lubricants Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Base Oil (Mineral Oil Lubricants, Synthetic Lubricants); Application (Air Conditioning, Refrigeration) and Geography

Specialty Lubricants and Fluids Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Mineral Oil Based, Bio Based, Synthetic Oil Based); End Use Industry (Chemical, Transportation, Oil and Gas, Aerospace and Aviation, Others) and Geography

Personal Lubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Lubricant Type (Water-Based, Silicone-Based, Oil-Based); Distribution Channel (E-commerce, Drug Stores, Others) and Geography

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