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Lubricants Market to Hit USD 133.55 Billion by 2028; Increasing Demand for Advanced Lubes in Industrial Application to Stimulate Growth

May 26, 2021 | Chemicals & Materials

The global lubricants market size is expected to showcase exponential growth by reaching USD 133.55 billion by 2028. Fortune Business Insights in its latest report, titled “Lubricants Market Size, Share & COVID-19 Impact Analysis, By Type (Automotive Oils, Industrial Oils, Marine Oil and Process Oils), By Grade (Mineral, Synthetic and Semi-synthetic), By Application (Automotive, Industrial and Others), and Regional Forecast, 2021-2028,” mentions that the market stood at USD 115.86 billion in 2020 and is projected to exhibit a CAGR of 1.8% between 2021 and 2028. The growing demand for better lubrication solutions across several industrial applications is anticipated to bode well for the demand of the product worldwide.


Fuchs Group Acquires Welponer SRL to Consolidate its Position in Italy


In October 2020, Fuchs Group, a leading German lubes manufacturer, announced the acquisition of Welponer SRL, an Italian company. As per the reports, Welponer generated a revenue of around USD 4.7 million in 2019 and the acquisition is expected to strengthen Fuchs position in Italy. Moreover, the company will be cementing its position in several industrial segments such as ceramic, cement, and minerals. This deal further enables incorporation of the subsidiary, Fuchs Lubrificanti S.P.A and renders it to be a central partner for all lubricants and industrial specialties in Italy.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/lubricants-market-101771


Increasing Industrial Demand for Better Lubrication to Aid Growth


The high energy cost required to run industrial operations is propelling the companies to adopt cost-saving and energy-efficient methods. According to the data by Business Energy Advisor, manufacturing industries are estimated to use around 95.1 kilowatt/hours of electricity every year. Faulty machinery leads to the industries incurring high costs and increased downtime. The engine components can be prone to friction and utilize excess fuel. Therefore, lubes play a pivotal part in the efficient working of the equipment. Therefore, this is expected to contribute to the global lubricants market growth in the forthcoming years.


Major Companies Invest in R&D Activities to Strengthen Their Market Positions 


The market is fragmented by major companies that are focusing on maintaining their presence. They are doing so by strategically investing in the R&D activities to develop advanced lubricants to cater to the growing demand from automotive and other manufacturing sectors. Additionally, other key players are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the growth of the market during the forecast period.


Industry Development:



  • March 2020: ExxonMobil introduced Mobil Serv SM Lubrication Management, a cost-effective automated maintenance management tool. The company reports that the tool helps the operators to efficiently automate and streamline maintenance-related tasks.  


List of the Companies Profiled in the Global Market:



  • PetroChina Company Limited (China)

  • Chevron Corporation (USA)

  • ExxonMobil Corporation (USA)

  • Royal Dutch Shell Plc. (The Netherlands)

  • Total Group (France)

  • BP plc (UK)

  • Valvoline LLC (USA)

  • Global Lubricant Industry LLC (UAE)

  • Shield Lubricants (USA)

  • JXTG Nippon Oil & Energy Corporation (Japan)

  • The FUCHS Group (Germany)

  • AMALIE Oil Co. (USA)


Further Report Finding:



  • Asia-Pacific is expected to hold the largest global lubricants market share in terms of revenue during the forecast period. This is ascribable to factors such as the increasing rate of the population that is leading to rapid-paced industrialization and urbanization. Moreover, the presence of established manufacturing hubs in countries such as Japan, China, and India will favor the adoption of advanced lubes in the region. Asia-Pacific stood at USD 52.12 billion in 2020.

  • The global market in Europe is anticipated to experience considerable growth backed by the growing demand for flexible equipment across industries and the proactive steps undertaken by auto manufacturers to improve the efficiency of vehicles.

  • Based on application, the industrial segment is expected to showcase exponential growth in the forthcoming years. This is attributable to the increasing demand for advanced lubricants across industrial applications such as oil & gas, manufacturing, food processing, etc. The segment held a market share of about 26.3% in 2020.  


Table of Segmentation:











































  ATTRIBUTE



  DETAILS



Study Period



   2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Volume (Kilo Tons); Value (USD Billion)



Segmentation



By Product Type



  • Automotive Oils

  • 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, By Country)

    • U.S.

    • Canada



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

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Russia

    • Rest of Europe



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

    • China

    • India

    • Japan

    • South Korea

    • Indonesia

    • Thailand

    • Rest of Asia Pacific



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

    • Brazil

    • Mexico

    • Rest of Latin America



  • The Middle East & Africa (By Type, By Grade, By Application, By Country)

    • GCC

    • Iran

    • South Africa

    • Rest of the Middle East & Africa




Lubricants Market
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  • 2017-2019
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