"Innovative Market Solutions to Help Businesses Make Informed Decisions"

Lubricants Market Size, Share & COVID-19 Impact Analysis, By Type (Automotive Oils, Industrial Oils (Hydraulic Oils, Industrial Gear Oils, Metal Working Fluids, Greases, and Others), Marine Oil and Process Oils), By Grade (Mineral, Synthetic and Semi-Synthetic), By Application (Automotive, Industrial and Others), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI101771



Play Audio Listen to Audio Version

The global lubricants market size was valued at USD 117.78 billion in 2021. The market is projected to grow from USD 119.99 billion in 2022 to USD 139.12 billion by 2029, exhibiting a CAGR of 2.1% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with lubes experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global lubricants market share exhibited a decline of 8.08% in 2020 as compared to 2019.

Lubricants are fluids, oils, or greases that reduce friction between two surfaces when they are in close proximity. These fluids are crucial in automotive and industrial applications because they reduce friction between the moving elements. They're also utilized to prevent corrosion, oxidation, and thermal stability, in industrial parts. The growing competition among prominent industry leaders has aided market expansion over time. To stay ahead of the competition, major manufacturers are heavily investing in the worldwide market.

Shell, for example, expanded its portfolio in October 2020 to provide end-to-end lubrication goods and services to enterprises across a wide range of sectors, ensuring that equipment functions smoothly.


COVID-19 Impact: Production Halts in Industrial & Declined Automotive Sales to Confine Market Growth

Extensive lockdown in critical manufacturing areas such as metalworking, fabrication, oil & gas, chemicals, and consumer products throughout all regions during the COVID-19 pandemic resulted in a short-term output halt. As a result, demand for lubricating oils in the industrial sector dropped dramatically. However, once the lockdown was gradually lifted, the industrial sector was able to resume partial operations. Due to the ongoing epidemic, the industrial sector will take longer to reach full capacity. This reduced lubricant consumption even more. Furthermore, COVID-19 had a significant impact on worldwide automotive production. According to the International Organization of Motor Vehicle Manufacturers, global vehicle manufacturing dropped by 16 percent. Furthermore, because most of the owners worked from home, they rarely utilized their cars or bikes, significantly reducing consumption. As the vehicle sector consumes the most lubricating oils, decreased sales and usage of vehicles slowed the market's growth.


Request a Free sample to learn more about this report.

Rising Demand for the Synthetic Lubricants to Aid Market Growth

The global market for synthetic lubes for large-scale enterprises has grown as a result of greater awareness about alternatives for mineral oil-related items. The rising automotive sector and industrial growth are expected to drive synthetic lubricant demand during the forecast period. Synthetic varieties have grown in popularity as a result of their better efficiency over natural mineral oils, and have progressively begun to replace natural mineral oils as the preferred lubricant for various industries that demand high levels of consistency. Polyalphaolefin is by far the most prevalent synthetic base oil used in industrial and automotive applications. As a result of their intrinsic physical and chemical features, they have lower volatility, a higher viscosity index, a lower pour point, and enhanced oxidative/thermal stability.


Increasing Demand for Better Lubrication from Industrial Sector to Drive Market Growth

With the increasing energy cost for powering industrial activities, the industrial sector is making efforts to cut energy consumption as well as operational costs. Engine parts that aren't lubricated are more prone to friction, which means they use more fuel, resulting in pollution and emissions. A good grade lubricant helps achieve the same by reducing friction between parts and enhancing machine efficiency.

According to independent testing conducted by 'The National Lubricating Grease Institute,' gears that are lubricated with synthetic lubes have less friction due to their superior density, viscosity, and molecular weight. Also, because of lower churning losses at lower temperatures and less gear erosion, PAG & PAO-based gear lubricants help in the reduction of maintenance costs in cylindrical gears.

Because of the greater cost of energy, even a little reduction in energy consumption can result in large financial savings. The potential for energy savings varies depending on the type of machine in use. It is possible to raise a company's overall earnings by significantly improving the lubrication. Rapid industrialization and stringent environmental restrictions placed on manufacturing businesses are expected to propel the global lubricants market growth.


Increasing Adoption of Electric Vehicles to Confine Market Growth

The automotive industry contributes significantly to lubricant consumption and growth in the worldwide lubricant business. Various oils are used in traditional automobiles to maintain engine quality over time. However, as the demand for crude oil grows, so do environmental concerns. Consumers in both developed and emerging countries are becoming more interested in electric vehicles. Furthermore, as technology advances, the benefits of electric vehicles become more apparent. Electric car adoption is expected to slow the growth of the automobile industry. According to the International Energy Agency, China accounted for 45 percent of all electric vehicles in 2018, up from 39 percent in 2017. It is the world’s largest and fastest-growing electric car market, as well as a global hub for electronic and electrical component manufacture. Leading electric vehicle manufacturers, such as Tesla, are investing in the Chinese market in order to take advantage of the sector's potential. Electric vehicles are also becoming increasingly popular in industrialized countries such as the U.S., Japan, and Western Europe.


By Type Analysis

High demand from Automotive Segment to Generate Highest Revenue

On the basis of type, the market is categorized into automotive oils, industrial oils, marine oils, and process oils. The industrial oils segment is further sub-categorized into Hydraulic Oils, Industrial Gear Oils, Metal Working Fluids, Greases, And Others. The automotive segment is expected to hold the largest lubricant market share owing to the escalating demand from the automotive sector. Economic growth in the developing countries is further increasing the ownership of vehicles, which will spur the demand. However, the overall segment is expected to showcase a steady in developed countries such as the U.S. and Japan. Due to rapid industrialization in the developing countries, the industrial segment holds a significant share in the global market. Industrial oils are used in a variety of equipment to improve the performance level of the components. They are mostly used in gear, compressors, turbines, and other processing equipment.

By Grade Analysis

Lower Cost of Mineral Grade Products to Exhibit Growth

Mineral grade is the most often used product since it is less expensive than synthetic and semi-synthetic alternatives. Furthermore, they are made from crude oil and are manufactured in vast numbers for usage in a variety of sectors, including metal and mining, oil, and others. Mineral grades come in light and heavy grades, and their use is entirely based on the end-use requirements.

Base oil, thickeners, and additives are all used in synthetic ones. They have a number of benefits over mineral-based products. They give additional weather protection, enhance fuel efficiency, prevent oxidation, and increase engine power significantly. The category is predicted to develop rapidly throughout the forecast period as a result of these rising advantages. Semi-synthetic oils, also known as synthetic blend oils, include a tiny percentage of synthetic oil that is blended with mineral oils to improve their qualities without raising the price. Semi-synthetic oil performs better at lower temperatures, which is expected to increase lubricant demand in automotive applications.

By Application Analysis

To know how our report can help streamline your business, Speak to Analyst

High Demand from Automotive Segment to boost the Market Growth

The automotive segment held the largest share in the global market. The segment is anticipated to showcase ascendant demand over the coming years due to the rising possession of passenger cars by customers. In automotive sector, lubricating oils are used to reduce the friction between two components of the vehicle and they also help in controlling the temperature by absorbing the heat generated by the moving parts.

Global demand for general industrial oils is predicted to rise as the world becomes more industrialized. They're made to keep the machinery functioning at optimal efficiency at high speeds. They are widely utilised in a variety of sectors, including manufacturing, oil and gas, food processing, and so on. The other applications include marine, military, aviation, and others. Marine oils are designed for high, medium, and slow speed marine engines. These are also used in the aviation industry in a wide range of applications such as gears, piston rings, bearings, and others.


Asia Pacific Lubricants Market Size, 2021 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

Asia Pacific is anticipated to remain a key market during the forecast period owing to the rising demand from the industrial and automotive sectors. Factors such as rising population and increased investment in a variety of industrial sectors are driving demand for market. The growing population is driving up demand for automobiles, which in turn is driving up demand for automotive oils. In the global market, Asia Pacific is predicted to develop at the fastest rate. Due to rising demand from the automotive sector, China, Japan, and India are the primary countries contributing to the region's market growth. Owing of the region's economic diversity, progressive corporate attitude, rising household income levels, and, perhaps most importantly, the region's latent potential to evolve into one of the world's top economies in the future, ASEAN is an interesting market for investment.

ASEAN is one of the most tempting investment areas for lubricant firms. The range of manufacturing sectors in separate ASEAN countries, as well as their varying growth trajectories, provides a spectacular and ever-changing market, with potentially lucrative niche opportunities emerging for lubricant companies who can capitalize on the trend.

The automotive industry dominated the market in North America. The U.S. comparatively large automobile sector has led to the market's tremendous rise. Furthermore, the industrial sector has shown constant expansion throughout the years and is likely to continue in the next years.

North America consumes a lot of environmentally friendly items as a result of rigorous environmental protection legislation. Large important firms such as ExxonMobil Corporation, Royal Dutch Shell, and Chevron Corporation are present in the U.S. The market has been characterized by severe competition because all of the major industry participants are focused on developing their customer base in order to gain a competitive advantage over other companies in the ecosystem.

Europe is expected to be the market's fastest-growing region. The market in this area is likely to be driven by the increasing development of high-end machinery and equipment for industrial applications. In addition, the market is likely to be driven by rising demand for equipment flexibility and the need to improve vehicle efficiency.

Lubricant goods have a developed market in Europe. Furthermore, several European countries have strict regulations regarding the use and disposal of lubricating oils, which has significantly increased demand for bio-based lubricants. During the forecast period, the demand for technically advanced lubes is likely to rise in the area due to continued advancements in the automobile industry.

The economic slump has had a detrimental impact on Latin American demand, but it remains above normal due to the automotive industry's requirements. Brazil and Mexico, the two largest vehicle markets in Latin America, make up the Latin American automotive sector. The two countries struck a free trade agreement on the selling of light commercial trucks and auto parts.

Heavy vehicles (trucks and buses) will be included in the agreement effective in 2022, which shall result in lower quotas and fees on exports and imports.

To know how our report can help streamline your business, Speak to Analyst

The Middle East is rapidly developing; yet, the region's development is mostly determined by the dynamics of the petroleum industry. Despite socio-political turmoil, the region's vast oil and gas reserves make it a vital element of the industry. The drop in crude oil prices caused an economic slowdown, but countries have made improvements to their economies, which bodes well for future demand for all sorts of lubricants. In Africa, increased car usage and a shift in the middle-class population are producing potential demand for automotive lubricants. In addition, government regulations and OEM requirements are pushing the industry forward.


Market Players to Strengthen Their Positions by Offering Various Solutions

The major producers are located in Europe, but the demand is high from Asia Pacific. It is leading to the creation of a consolidated market. The producers in Europe & North America are continuously engaged in acquisitions, and mergers in order to strengthen their market position and to drive business growth. As a result, the key players in the market have developed strong distribution channels, regional presence, and product offerings. Manufacturers such as Shell, ExxonMobil, Total are focusing to introduce new products and strengthening distribution channels to better serve the industrial consumers.


  • Petro China Company Limited (Beijing, China)

  • Chevron Corporation (California, U.S.)

  • ExxonMobil Corporation (Texas, U.S.)

  • Royal Dutch Shell Plc. (Hague, Netherlands)

  • Total Group (Paris, France)

  • BP plc (London, U.K.)

  • Valvoline LLC (Kentucky, U.S.)

  • ENEOS Corporation (Tokyo, Japan)

  • The FUCHS Group (Dissen, Germany)

  • Global Lubricant Industry LLC (Ajman Al Jurf Industrial Area, UAE)

  • Shield Lubricants (Mumbai, India)

  • AMALIE Oil Co. (Florida, U.S.)


  • October 2020– The lubricants business of WELPONER SRL has been bought by the FUCHS Group. The client base and, in particular, the personnel are included in the transaction.

  • March 2020 - ExxonMobil has launched Mobil Serv SM Lubrication Management, a cost-effective automated maintenance management tool that lets operators efficiently coordinate, automate, and streamline maintenance-related tasks.

  • January 2020 - The FUCHS Group acquired Nye Lubricants Inc., a firm that specializes in synthetic product development, formulation, and manufacture. This purchase has broadened the company's synthetic portfolio and allow it to service a wider range of markets.


An Infographic Representation of Lubricants Market

To get information on various segments, share your queries with us

The global lubricants market research offers a thorough analysis of the industry, focusing on major elements such as the market share, leading companies, types, and product applications. Apart from that, the research provides information on market trends as well as significant industrial developments. In addition to the aforementioned variables, the study includes a number of others that have contributed to the market's recent expansion.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Volume (Kilo Tons) and Value (USD Billion)


By Type, By Grade, By Application, and By Geography

By Type

  • Automotive Oils

  • Industrial Oils

    • Hydraulic oils

    • Industrial gear oils

    • Metalworking fluids

    • Greases

    • Other industrial oils

  • Marine oils

  • Process oils

By Grade

  • Mineral

  • Synthetic

  • Semi-synthetic

By Application

  • Automotive

  • Industrial

  • Others

By Geography


  • North America (By Type) (By Grade) (By Application)

    • U.S. (By Application)

    • Canada (By Application)

  • Europe (By Type) (By Grade) (By Application)

    • Germany (By Application)

    • U.K. (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Russia (By Application)

    • Rest of Europe (By Application)

  • Asia Pacific (By Type) (By Grade) (By Application)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • South Korea (By Application)

    • Indonesia (By Application)

    • Thailand (By Application)

    • Rest of Asia Pacific (By Application)

  • Latin America (By Type) (By Grade) (By Application)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)

  • Middle East & Africa (By Type) (By Grade) (By Application)

    • GCC (By Application)

    • Iran (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa (By Application)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 117.78 billion in 2021 and is projected to reach USD 139.12 billion by 2029.

In 2021, the APAC market value stood at USD 53.38 billion.

Growing at a CAGR of 2.1%, this market will exhibit steady growth in the forecast period (2022-2029).

Automotive segment is expected to be the leading segment in this market during the forecast period.

The growing need for smooth and effective functioning of machines is driving the market growth.

Asia Pacific held the highest market share in 2021.

The rising demand for synthetic lubes is expected to contribute to the growth of the market during the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
Lubricants Market Size, Share and Global Industry Trend Forecast till 2026
  • May, 2022
  • 2021
  • 2018-2020
  • 220


  • $4850
    Buy Now

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Chemicals & Materials Clients

LG Chem

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.