The global lubricant market size was US$ 162.0 billion in 2021. The global lubricant market size is forecast to reach US$ 207.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 2.8% during the forecast period from 2022 to 2030.
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A lubricant is a material that reduces the amount of heat produced when two surfaces move in contact with one another. Additionally, it might be able to transfer forces, transport alien objects, and heat or cool surfaces. A property that lowers friction is lubricity. In addition to industrial applications, lubricants are used for many other things. Other applications include cooking (oils and fats in frying pans, baking to keep food from sticking), bio applications on people (such as lubricants for artificial joints), ultrasound examination, medical evaluation, and sexual relations. It is generally used to lessen friction and help a device run smoothly and effectively. Mineral oil, which is often used to make grease, is combined with thickeners like lithium-based soaps.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing Market Growth
The rise in demand for vehicles and their spare parts drives the global market.
The growing demand for hybrid vehicles and increasing battery prices may slow down the overall market growth.
The rising demand for high-performance lubricants due to their better and improved properties, such as decreased flammability, declined gear wear, and improved service life boost the global market growth.
The increasing prominence of bio-lubricants is forecast to offer lucrative opportunities for the global market.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. Several governments worldwide imposed a lockdown in order to curb the virus from spreading. There was a temporary output halt due to the lockdown in key production industries such as metalworking, fabrication, oil and gas, chemicals, and consumer goods that affected all areas. As a result, there was a sharp decline in the need for lubricating oils in the industry.
However, once the lockdown was gradually lifted, the industrial sector could resume certain operations.
Regional Analysis
The Asia Pacific region garnered a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the rising growth in the base oil movement, growing industrialization & urbanization, increasing population, and the growing major end-use sectors.
Europe is forecast to have considerable growth during the forecast period. As a result of the growing industrialization and the presence of several multinational chemical manufacturers across countries, such as Russia, the U.K., France, and Germany.
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Leading Competitors
The leading prominent companies profiled in the global lubricant market are:
Royal Dutch Shell
ExxonMobil
BP PLC
Chevron Corporation
Total S.A
Petrochina Company Limited
Idemitsu Kosan Co. Ltd.
Sinopec Limited
Fuchs Petrolub AG
Valvoline
Lukoil
Petronas
Gazprom Neft
Pertamina
Other Prominent Players
Scope of the Report
The global lubricant market segmentation focuses on Base Oil, End-User, Product Type, and Region.
Segmentation based on Base Oil
Mineral Oil
Synthetic Oil
Bio-based Oil
Segmentation based on End-User
Transportation
o Commercial vehicles
o Passenger vehicles
o Aviation
o Railways
o Marine
Industrial
o Construction
o Mining & Metal
o Cement Production
o Power Generation
o Automobile Manufacturing
o Chemical
o Oil & Gas
o Textile
o Food Processing
o Others
Segmentation based on Product Type
Engine Oil
Hydraulic fluid
Metalworking fluid
Gear Oil
Compressor oil
Grease
Turbine Oil
Others
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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