Lubricants Industry Overview
The global lubricants market was valued at USD 139.44 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2030. This growth is largely driven by the increasing demand for automotive oils and greases, which are essential due to the expanding trade of vehicles and spare parts worldwide. Lubricants play a critical role in many rapidly growing industries, especially in sectors where machinery is in constant use. These lubricants, whether petroleum-based or water-based, are applied between moving parts to minimize friction and reduce wear and tear. This, in turn, ensures the efficient functioning of machines, reducing operational downtime and enhancing overall productivity across industries.
Lubricants are extensively used in both industrial processing and the automotive sector, particularly in vital components such as brakes and engines, where continuous lubrication is necessary for smooth and long-term operation. The market is also benefiting from the increasing global trade of piston engine lubricants, which further boosts the industry's growth. This rise in demand is driven by consumers' growing focus on improving vehicle performance, coupled with the availability of innovative and premium lubricant products that cater to specific needs.
Looking ahead, the market's future growth will be closely linked to motor vehicle production and the number of miles driven by each vehicle. As more vehicles are produced and operated, the need for lubricants will continue to rise. Additionally, consumers are increasingly seeking both standard and specialized lubricants to maintain the smooth operation of their vehicles and reduce long-term maintenance costs, highlighting the importance of lubricants in ensuring vehicle efficiency and durability.
Gather more insights about the market drivers, restrains and growth of the Lubricants Market
Regional Insights:
Asia Pacific Market Dominance (2023): Asia Pacific led the industry, holding a revenue share of 44.6%.
- Growth Drivers:
- Rapid Automotive Industry Growth: The region’s automotive industry is expanding quickly, supported by industrial development.
- Key Manufacturing Hubs: Countries like Japan, India, and China have strong automotive manufacturing bases that drive lubricant demand.
- Popular Lubricant Types: In the Asian market, automotive engine oils, greases, and hydraulic fluids are among the most widely used lubricants.
- Regulatory Alignment with the West: Asia Pacific is adopting regulatory systems similar to those in the U.S. and Europe, with Japan and South Korea leading efforts in eco-labeled lubricants.
- Marine Industry Leadership: Asia Pacific holds a strong position in the global marine industry due to numerous ports and increasing trade, especially with developed economies like the U.S.
Lubricants Market in India: India’s lubricant market is projected to grow at a rate of 5.2% over the forecast period.
- Emerging Marine Industry Operators: India, China, and Singapore are anticipated to become major players in international port operations, which is expected to boost lubricant demand in marine applications.
China’s Market Strength: China is the largest and most mature lubricant market in Asia Pacific.
- Extensive Market Presence: The country hosts over 55,000 businesses in the lubricant industry.
- Chemical Material Capacity: According to the Society of Tribologists and Lubrication Engineers, China accounted for approximately 65% of the global newly added chemical material capacity in 2020.
- Industrialization and Vehicle Production: Rapid industrialization continues to fuel product demand, and in 2023, China’s vehicle production increased by 11.6% to meet rising demand.
Europe’s Significant Revenue Share (2023): Europe captured a substantial revenue share and is forecasted to achieve a strong CAGR.
- Automotive Industry Importance: The automotive sector in the European Union (EU) is one of the world’s largest and a key contributor to the region’s economy.
- Vehicle Production Increase: In the first three quarters of 2023, the EU produced over 9 million cars, marking a 14% increase from the previous year (Q1-Q3).
- Employment in Manufacturing: The European Commission reports that the automotive industry employs approximately 2.6 million people directly in vehicle manufacturing, accounting for about 8.5% of the EU’s total manufacturing employment.
- Government Support: European governments support the automotive industry through funding and technological harmonization for R&D in automation, which is expected to positively impact industry growth.
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Key Lubricants Company Insights
The global lubricants market is competitive with a large number of well diversified regional, and independent small scale and large scale manufacturers and suppliers. The small-scale companies majorly compete on the basis of price, after sales service and delivery timelines. Whereas the large scale companies focus on product development and innovations as well as marketing strategies
Some of the key players operating in the market include Exxon Mobil Corp, Shell, and TotalEnergies.
- ExxonMobil Corp. is a global manufacturer & supplier of synthetic lubricants. The company mainly deals in three business segments that include upstream (oil & gas, E&P, shipping and wholesale operations), downstream (refining, marketing and retail operations) and chemicals. ExxonMobil owns 37 oil refineries in 21 countries with refining capacity of 6.3 million barrels per day.
- Shell is a global leader as a group of petrochemical and energy companies, with presence across 70 countries and over 90,000 employees. The group provides fuels, car services, oils, and is also engaged in production, exploration, and refining of petroleum products. The group offers lubricants for industrial and transport businesses along with lubrication process and services.
- Total Energies. is oil & gas integrated company. The company has its business segments in upstream, refining & specialty chemicals, and marketing & services. Total Oil India Private Ltd. is an entirely owned subsidiary of TOTAL. It has exploration and production activities in more than 50 countries. The company has a broad catalogue of lubricants for various markets such as agriculture, vehicles, aviation, energy, and chemicals, among others.
Some emerging market players include:
- India-based Lumax Auto Technologies, a part of Lumax-DK Jain Group, has been into manufacturing automotive components for three decades. In May 2023, the company launched a range of lubricants and coolants for vehicles in the domestic aftermarket.
Key Lubricants Companies:
The following are the leading companies in the lubricants market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these lubricants companies are analyzed to map the supply network.
- ExxonMobil Corp.
- Royal Dutch Shell Co.
- BP PLC.
- Total Energies
- Chevron Corp.
- Fuchs
- Castrol India Ltd.
- Amsoil Inc.
- JX Nippon Oil & Gas Exploration Corp.
- Philips 66 Company
- Valvoline LLC
- PetroChina Company Ltd.
- China Petrochemical Corp.
- Idemitsu Kosan Co. Ltd.
- Lukoil
- Petrobras
- Petronas Lubricant International
- Quaker Chemical Corp.
- PetroFer Chemie
- Buhmwoo Chemical Co. Ltd.
- Zeller Gmelin Gmbh & Co. KG
- Blaser Swisslube Inc.
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