"We Envision Growth Strategies Most Suited
to Your Business"

Lubricants Market Size to Reach USD 126.29 Billion by 2027; Rising Demand for Energy Saving Engines to Boost Growth

August 03, 2020 | Chemicals & Materials

The global lubricants market size is projected to reach USD 126.29 billion by 2027. It is expected to gain momentum from the increasing demand for energy saving engines and environment friendly products. This information is given by Fortune Business Insights™ in a recent report, titled, “Lubricants Market Size, Share & COVID-19 Impact Analysis, By Type (Automotive, Industrial, Marine Oil and Process Oils), By Grade (Mineral, Synthetic and Semi-synthetic), By Application (Automotive, Industrial and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 124.14 billion in 2019 and is set to exhibit a CAGR of 3.92% during the forecast period between 2020 to 2027.


ExxonMobil Begins Oil Production in Guyana’s Liza Field


In December 2019, ExxonMobil, a multinational oil and gas corporation based in Texas, declared that it commenced the production of oil from the Liza field located in the Stabroek Block. It would reach the full capacity of 120,000 barrels per day. The first cargo will soon be sold. Liza Phase 1 is considered to be the company’s first multiple offshore project occurring in Guyana. As per the company officials, out of the total employees working in the region, approximately 1,700 of them are Guyanese. It consists of more than 50% of the total workforce. The company has invested around USD 180 million along with its direct contractors since 2015 to surge the number of local suppliers.


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


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


Rising Demand from Various Industries to Augment Growth


Lubricants are experiencing high demand from various industries as they help in surging the efficiency of their machineries and equipment. Also, the new innovations and emergence of novel technologies would also affect the lubricants market growth positively in the coming years. Coupled with this, the rapid industrialization across the globe would propel growth of the market. However, the high demand for electric vehicles (EVs) may hamper the demand for lubricants.


Key Companies Adopt Merger & Acquisition Strategy to Surge Sales


Even though the demand is highest in Asia Pacific, most of the prominent manufacturers are located in North America and Europe. They are constantly adopting the strategy of mergers and acquisitions to accelerate sales and generate more revenues.


Fortune Business Insights™ lists out the names of all the manufacturers present in the global market. They are as follows:



  • Petro China Company Limited

  • Chevron Corporation

  • ExxonMobil Corporation

  • Royal Dutch Shell Plc.

  • Total Group

  • BP plc

  • Castrol

  • Valvoline LLC

  • Global Lubricant Industry LLC

  • Shield Lubricants

  • JXTG Nippon Oil & Energy Corporation

  • The FUCHS Group

  • AMALIE Oil Co.

  • Other key companies


A Notable Industry Development-



  • February 2019: AMALIE Oil Co. successfully acquired Lubricating Specialties Co. (LSC) for enhancing its sales and services support for the domestic and international customers. LSC is considered to be one of the largest independent lubricant manufacturers in the western U.S.


Further Report Findings-



  • Based on application, in 2019, the industrial segment held 36.39% in terms of lubricants market share. This growth is attributable to the high demand for these from various industries owing to rising industrialization. They are extensively used in oil & gas, food processing, and manufacturing industries.

  • In 2019, North America generated USD 27.18 billion in terms of revenue.

  • Asia Pacific is set to grow significantly in the near future backed by the growing population and the increasing expenditure in numerous industrial sectors.


The global market can be segmented in the following ways:











































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion/USD Million) and Volume (Million Ton/Kilo Ton)



Segmentation



By Type



  • Automotive lubricants

  • Industrial lubricants

    • 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 (U.S., and Canada)

  • Europe (Germany, France, U.K., Italy, Spain, Turkey, Russia and Rest of Europe)

  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (GCC, Iran, South Africa and Rest of Middle East & Africa)


Lubricants Market
  • PDF
  • 2019
  • 2016-2018
  • 135

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Our Clients

Health Canada
Itochu
GM
Bosch
Hyundai
Huawei-logo
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X