Lubricants Market Value to Reach US$ 184.5 Bn by 2031, TMR Study

WILMINGTON, DE / ACCESSWIRE / January 11, 2023 / Transparency Market Research Inc. - The global lubricants market was worth US$ 142.7 Bn in 2021 and is anticipated to reach US$ 184.5 Bn by 2031. Industry growth is projected at a CAGR of 2.9% during the forecast period from 2022 to 2031. Lubricants enhance energy efficiency of industrial and automotive machinery. Internal combustion engines, winches, compressors, gearboxes, motors, and other pieces of equipment on ocean-going vessels could operate better and last longer with regular usage of lubricants.

Lubricants are mostly used in the automotive and maritime industries. Demand for superior quality lubricating oil is expected to increase due to a trend toward stricter pollution standards and greater fuel efficiency. This is expected to drive demand for both semi-synthetic and synthetic lubricants. Companies operating in the global lubricants market are likely to place greater emphasis on expanding their production capabilities in order to increase revenue.

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Mineral, synthetic, and semi-synthetic are the three different types of lubricants. Lubricant oil extends the shelf life of mechanical parts, improving their efficiency. Lithium grease is utilized in mechanical parts to guarantee their effective operation and clean any residue that could have been accumulated on them. The global lubricants industry is anticipated to be propelled by increase in usage of transformer oil and silicone lubricant spray in automotive components.

Key Findings of Market Report

• The wind turbine industry has grown rapidly and significantly across the world. High loads are placed on wind turbines and the parts that make them up. Tough equipment is needed to handle recurring variations in high loads, vibrations, and various working situations. Industrial lubricants are designed for use in wind turbines, as these balance a wind turbine's simple functioning with a long service life across a wide temperature range. This is likely to increase usage of lubricants in the next few years.
• The automotive oils segment held a sizeable market share of 54.6% in 2021. The segment is anticipated to expand at a CAGR of 2.8% during the forecast period. Automotive oils are used extensively in commercial vehicles, which is expected to drive the segment.

Global Lubricants Market: Growth Opportunities

• Rise in urbanization and population growth are the key factors anticipated to increase the volume of vehicle production across the globe. This will consequently lead to rise in usage of finished lubricants during the forecast period.
• Utilization of food industrial lubricants is expected to increase during the forecast period. This is ascribed to rise in demand for automated factories and automatic lubrication systems. Automatic lubrication systems are preferred by the food processing business, as these regularly grease the necessary parts. Process automation, which employs more food-grade lubricants, has replaced the formerly manually driven food processing operations.

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Global Lubricants Market: Regional Landscape

• Asia Pacific accounted for a significant share of 39.6% of the global market in 2021. Expansion of the automotive industries in India and China and rise in usage of lubricating oil in the industrial sector are driving market development.
• Europe accounted for 22.2% share of the global lubricants market in 2021. The market in the region is projected to grow at a CAGR of 2.5% during the forecast period. Stringent emission regulations and rise in government pressure on OEMs to focus on supplying fuel-efficient engines are expected to drive market development in Europe.

Global Lubricants Market: Key Players

• ExxonMobil Corporation
• China Petrochemical Corporation (Sinopec Group)
• Petroliam Nasional Berhad (PETRONAS)
• Calumet Specialty Products Partners, L.P
• Royal Dutch Shell Plc
• Idemitsu Kosan Co., Ltd.

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Global Lubricants Market: Segmentation

Type

• Mineral
• Semi-synthetic
• Synthetic

Product

• Automotive Oils
• Industrial Oils
• Metalworking Fluids
• Hydraulic Oils
• Process Oils
• Marine Oils
• Greases and Others

End-use

• Automotive
• Industrial
• Marine

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