"We Envision Growth Strategies Most Suited
to Your Business"
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:
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-
List of Key Market Players-
Further Report Findings-
Table of Segmentation-
Volume (Kilo Tons) and Value (USD Billion)
By Type, By Grade, By Application, and By Geography