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Lubricants Market to Hit USD 139.12 Billion by 2029; Increasing Demand for Synthetic Lubricants to Fuel Market Growth

May 11, 2022 | Chemicals & Materials

The global lubricants market size is anticipated to reach USD 139.12 billion by 2029. Fortune Business InsightsTM 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”, observes that the The market size stood at USD 117.78 billion in 2021 and USD 119.99 billion in 2022, and is expected to exhibit a CAGR of 2.1% between 2022 and 2029. The escalating demand for improved lubricants from the industrial sector is predicted to uptick market growth in the forthcoming years.


The coronavirus pandemic hindered the growth of this market. The market experienced diminished growth due to stringent production halts caused by the pandemic. Lubricants’ demand declined as extensive lockdowns resulted in output halt across chemicals, oil & gas, fabrication, metalworking, and other sectors. A severe impact of the coronavirus pandemic experienced by the automotive industry also negatively impacted the lubricants market growth.


Acquisition of Lubrilog SAS by Total Group to Incite Development


In September 2020, Total Group acquired Lubrilog SAS to improve Total’s role in the industrial sector by offering high-level experience for crucial applications in key industries such as mining, cement, and materials. The acquisition is aimed to amplify the outreach of Total Group across various industrial lubricants segments. It will also strengthen Total’s high-end product portfolio to cater to its customers on a global scale.


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


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


Increasing Demand for Synthetic Lubricants to Fuel Market Growth


Poor lubrication in engine parts can cause friction resulting in more fuel consumption, emissions, and pollution. A top-grade lubricant can help minimize friction and improve machine efficiency. Synthetic lubricants’ offer better efficiency over natural mineral oils, which has been a key reason for increasing its demand in recent years. The escalating industrial growth and expanding automotive industry have a high demand for these synthetic lubricants, and the expansion of such end-use industries is likely to propel market growth.


Major Players Focus on Mergers, Acquisitions to Amplify their Global Positions


The consolidated marketplace comprises various major market players who adopt innovative strategies such as acquisitions, mergers, and others to amplify their global presence and fortify their market positions. For instance, ExxonMobil Corporation and INNIO extended their lubricant relationship in May 2020 for another five years. The two firms are working together to meet the requirements of a natural gas engine lubrication.


Notable Industry Development-



  • September 2020: Total Group acquired Lubrilog SAS to improve Total’s role in the industrial sector by offering high-level experience for crucial applications in key industries such as mining, cement, and materials.


List of Key Market Players-



  • 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.)


Further Report Findings-



  • Asia Pacific is anticipated to witness exponential growth in the global lubricants market share. The increasing investments in several industrial sectors, coupled with the ever-increasing population are expected to bolster the market growth in Asia Pacific. India, Japan, and China are expected to be key countries due to the extensive demand from the automotive industry.

  • According to the segmentation based on application, the automotive segment is anticipated to garner the highest growth in the market.


Table of Segmentation-






















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Volume (Kilo Tons) and Value (USD Billion)



Segmentation



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)




Lubricants Market
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  • 2021
  • 2018-2020
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