Lubricants Market to Garner USD 131.33 Billion by 2029; Rising Demand for Synthetic Lubricants to Drive the Market Growth

The global lubricants market size stood at USD 115.87 billion in 2021. The market value is slated to rise from USD 117.31 billion in 2022 to USD 131.33 billion by 2029 at a CAGR of 2.3% during 2022-2029. Fortune Business Insights™ presents this information in its report titled “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”.

Market Growth Restricted by Industrial Production Halts and Declining Auto Sales

During the COVID-19 pandemic, extensive lockdown in critical manufacturing areas, such as metalworking, fabrication, oil & gas, chemicals, and consumer products, occurred across all regions, resulting in a short-term output halt. As a result, industrial demand for lubricating oils fell precipitously. On the other hand, the industrial sector could resume partial operations once the lockdown was lifted. Due to the ongoing epidemic, the industrial sector will take longer to reach full capacity. This further reduced consumption.

Valvoline Designed an All-New Engine Oil Designed Specifically for Off-Highway

In July 2021, Valvoline All-Terrain was a new engine specifically designed for off-highway, heavy-duty diesel engines operating in harsh environments. Valvoline’s All-Terrain was developed to emphasize wear protection in equipment operating in harsh environments such as mining, construction, and agriculture.

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Industrial Sector will Drive Market Growth due to Demand for Better Lubrication

With the rising cost of powering industrial activities, the industrial sector is attempting to reduce energy consumption and operational costs. Non-lubricated engine parts are more prone to friction, which consumes more fuel, resulting in pollution and emissions. A high-quality product contributes to this by reducing friction between parts and improving machine efficiency.

However, as crude oil demand rises, so do environmental concerns. Electric vehicles are gaining popularity among consumers in both developed and developing countries. Furthermore, the advantages of electric vehicles become more apparent as technology advances. The adoption of electric vehicles is expected to slow the automobile industry, eventually hampering the lubricants market growth.

Notable Industry Development-

• June 2021: TotalEnergies and Stellantis renewed their partnership for Peugeot, Citroen, and DS Automobiles brands for an additional five years. This collaboration will also prioritize research and development efforts toward long-term growth and innovation.

List of Key Market Players:

• PetroChina Company Limited (China)


• Chevron Corporation (U.S.)


• ExxonMobil Corporation (U.S.)


• Royal Dutch Shell Plc. (Netherlands)


• Total Group (France)


• BP plc (U.K.)


• Valvoline LLC (U.S.)


• ENEOS Corporation (Japan)


• The FUCHS Group (Germany)


• Global Lubricant Industry LLC (UAE)


• Shield Lubricants (India)


• AMALIE Oil Co. (U.S.)

Further Report Findings-

The Asia Pacific lubricants market share is expected to remain strong during the forecast period due to rising demand from the industrial and automotive sectors. In 2021, the Asia Pacific market was valued at USD 51.89 billion. The market is driven by factors such as rising population and increased investment in various industrial sectors. The rising population is increasing the demand for automobiles and automotive oils. Asia Pacific is expected to grow the fastest on the global market. China, Japan, and India are the primary countries contributing to the region's market growth due to rising automotive demand.

Table of Segmentation