The report “Lubricants Market by Base Oil Type (Mineral Oil Lubricant, Synthetic Lubricants, Bio-based Lubricants), Product Type (Engine Oil, Turbine Oil, Metalworking Fluid, hydraulic Oil), End-use Industry (Transportation and Industrial) – Global Forecast to 2029″, size was USD 173.5 billion in 2024 and is projected to reach USD 198.4 billion by 2029, at a CAGR of 2.7%, between 2024 and 2029. The market is projected to grow because of rising demand for high performance engines, mounting demand from marine applications and limitations for electric vehicles. These lubricants play a crucial role in various applications in both transportation and industrial end-use industry. In addition, due to the increasing population, increasing demand from food industry and transportation, technological advancements and changing consumer preferences the demand for lubricants can increase due to various applications.
Browse
- 526 Market data Tables
- 61 Figures
- 415 Pages and in-depth TOC on “Lubricants Market – Global Forecast to 2029”
Some of the prominent key players are:
· Shell plc (UK)
· Exxon Mobil Corporation (US)
· BP p.l.c. (UK)
· Chevron Corporation (US)
· PetroChina Company Limited (China)
· TotalEnergies SE (France)
· ENEOS Holdings, Inc. (Japan)
· China Petroleum & Chemical Corporation (China)
· Idemitsu Kosan Co., Ltd. (Japan)
Driver: mounting demand from marine applications across worldwide
The global demand for marine applications is boosting the lubricants market due to several factors. Increased seaborne trade is driving shipping volumes and fleet sizes, leading to higher demand for marine lubricants. Stricter environmental regulations are pushing ship operators towards eco-friendly lubricants. Marine lubricants also enhance fuel efficiency and reduce operational costs, meeting stringent regulations from the International Maritime Organization. The growing tourism sector, especially for cruise ships, is favoring demand for marine lubricants. Additionally, ongoing research and technological advancements in lubricant formulations are meeting the evolving needs of the marine industry. Overall, the rising demand for marine applications worldwide is driving the lubricants market forward, emphasizing environmental sustainability, fuel efficiency, cost-effectiveness, tourism sector growth, and technological innovation.
Based on product type, hydraulic oil was the fourth-largest segment of lubricants market, in terms of value, in 2023.
Hydraulic oil holds the position as the fourth-largest product type in the lubricants market due to its widespread usage across diverse industries. It serves a vital role in hydraulic systems found in industrial and transportation sectors. Hydraulic oil facilitates efficient power transmission, lubricates moving parts, and ensures the smooth operation of hydraulic machinery. The increasing adoption of hydraulic equipment in heavy machinery and vehicles significantly drives the demand for hydraulic oil. Moreover, as hydraulic technology advances, the need for high-performance hydraulic oils continues to grow to maintain optimal performance and extend equipment lifespan. Thus, the versatility and essential function of hydraulic oil contribute to its prominence in the lubricants market.
Asia Pacific was the largest and projected to be the fastest-growing region, in terms of value, during the forecast period in the lubricants market.
Asia Pacific was the largest and projected to be fastest-growing region in the lubricants market, in terms of value, during forecast period due to several factors. Increased industrialization and urbanization, particularly in countries like China and India, are impelling demand across end-use industries such as automotive, manufacturing, agriculture and construction. Rising incomes and expanding vehicle ownership rates are further driving lubricant demand in the automotive industry. Moreover, ongoing investments in transportation and infrastructure are expected to fuel significant growth in lubricant consumption in the region. In summary, the Asia Pacific’s dynamic economic growth and industrial expansion position it as a key driver of growth in the lubricants market.
Download PDF for Top Related Reports of Bulk Chemicals and Inorganics Industry: