The global lubricants market is estimated to be valued at US$ 164.94 billion in 2021, according to the Lubricants Market Report, by Type (Engine Oil, Gear Oil, Transmission and Hydraulic Fluid, Process Oil, Metalworking Fluid, and Others (Grease, etc.)), by end user (Power generation, Automotive and other transportation, Heavy Equipment’s, Food & beverages, Metallurgy and Metalworking and others) by Base Oil (Synthetic Lubricants, Semi-Synthetic Lubricants, Bio-Based Lubricants, and Mineral Oil Lubricants), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global lubricants market is expected to surpass US$ 205.9 billion by 2028 and exhibit a CAGR of 4.0% during the forecast period (2021-2028). Lubricant is a substance which is utilized to control friction. Depending upon the nature, lubricants are used to eliminate wear debris and heat, supply additives into the contact. A lubricant can be in oil, water, solid, semisolid, gaseous forms. Liquid lubricants are classified based on the base oil to semi-synthetic, synthetic, and biodegradable oils. Most of the lubricants contain additives to improve their performance. In extreme conditions, synthetic oils are normally utilized.
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Browse 50 market data tables* and 40 figures* on "Lubricants Market” - Global Forecast to 2028.
Key Trends and Analysis of the Global Lubricants Market:
- Demand for synthetic lubricants for large-scale industries has increased in the global market, due to increased awareness about alternative solutions for mineral oil goods. The significant growth of the automotive industry and industrial development are projected to fuel synthetic lubricants demand. Synthetic lubricants gained importance owing to their better proficiency over regular mineral oils and have increasingly become the choice of lubricants for various industries that require high consistency. They have low volatility, lower pour point, and thermal stability owing to their intrinsic chemical and physical properties.
Key Takeaways of the Global Lubricants Market:
- Synthetic lubricants composed of base oil. Synthetic lubricants provides various advantages over mineral based products. Synthetic lubricants provide extra weather protection improve the fuel economy and reduce the oxidation and also provides engine power growth owing to these advantages the synthetic lubricants segment is expected to grow over the forecast period.
- Petroleum-based lubricants get a large portion of their lubricity from added substances such as sulfur and chlorine. Bio-based lubricants have prevalent lubricity without requiring these added chemicals. This additional lubricity decreases friction. With less friction, cutting forces are decreased and less heat is produced in the metal cutting process. Less friction also diminishes wear on cutting tools and grinding wheels which extend the life of the tool.
- Major players operating in the global lubricants market include ExxonMobil Corp., Pennzoil, Quaker Chemical Corp., Royal Dutch Shell Co, British Petroleum, Chevron Corp., Total S.A, JX Nippon Oil & Energy Corp., Lukoil, and Philips 66 Company
- Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global lubricants market. For instance, in February 2021, the FUCH group, a global lubricants supplier announced that it had acquired 70% of the lubricants business of the specialty distributer, STD & S Co. Ltd., a distributor of specialty lubricants based in Vietnam. FUCH group acquired STD & S Co. Ltd. to expand its business in Vietnam
Global Lubricants Market - Impact of Coronavirus (COVID-19) Pandemic
Coronavirus has exposed many challenges for the lubricants industry by affecting both transportation and supply chain. Major economies of every region are impacted due to the pandemic and resulted in slowdown in activities across the lubricants that involves lubricants in their equipment and machineries in the industry. On the other hand, pandemic has affected the transportation area. The lubricants market is expected to recover from 2021 onwards with transportation and industrial activities getting back on track and functioning with full capacities.
