Lubricants Market Size To Grow USD 167.48 Bn BY 2028

Lubricants Industry Overview

The global lubricants market size was valued at USD 125.81 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028. The industry dynamics are changing, in terms of raw material, owing to the rising demand for bio-based lubricants. The growing trade of vehicles and their spare parts is anticipated to fuel the demand for automotive oils and greases.

The major economic recovery in North America and Europe is expected to boost the consumer vehicles segment, which, in turn, is a boon for the market. Typical lube manufacturers use crude oil, CBM, tight oil, and other additives to formulate all types of lubricants. Major companies, such as Royal Dutch Shell, Total SA, Chevron, ExxonMobil Corporation, British Petroleum, and Sinopec, have integrated their business operations globally. It ensures a steady raw material supply to manufacture mineral oils additives needed for production.

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However, many other manufacturers have definitive contracts with raw material manufacturers as well as suppliers. This strategically enables these companies to reduce uncertain time and price losses in the procurement of these materials. Lubricants are majorly used as diesel engine oils, gearbox transmissions in passenger cars, commercial vehicles motorcycle segments of the automotive sector. Growing automobile sales are expected to augment the global industry growth over the forecast period. Global automotive sales have been on the rise primarily driven by countries, such as India, China, the U.S., and Brazil.

Growth drivers for the manufacturing sector in these markets include favorable foreign investment norms, availability of a large pool of skilled labor technological know-how. High growth in niche manufacturing sectors, such as 3D printing medical devices, is expected to further complement the industrial growth in these markets. Hence, rapid industrialization in BRICS is expected to drive industrial fluids demand, which, in turn, is expected to complement the global lubricants sector growth.

Major companies in the market are running a consumer-centric business, which has led to a high level of innovations, in terms of distribution timeline reductions and enhanced accessibility of the products. Many manufacturers have established ground-level distribution channels with regional suppliers that enable them to focus on other aspects of the business, such as quality improvisation, product portfolio enhancement, and more, thereby leaving distribution handling to the dedicated sources with a broader reach and market knowledge.

Lubricants Market Size To Grow USD 167.48 Bn BY 2028

The industry is characterized by a high number of new market entrants that are seeking to tap the lucrative opportunities in the global market; while existing players are entering into strategic collaborations to increase capacities expand their reach into emerging markets. The joint venture, merger, and acquisition activities in the industry have increased significantly over the past decade. Companies constantly seek to establish long-term contract agreements with trusted partners for sustainable business operations globally.

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Lubricants Market Segmentation

Grand View Research has segmented the global lubricants market on the basis of application and region:

Lubricants Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

Lubricants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

Market Share Insights

Key Companies profiled:

Some prominent players in the global lubricants market include

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