Lubricants Industry Data Book Covers Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Markets.
The economic value generated by the lubricants industry was estimated at approximately USD 134.65 billion in 2022.
Industrial Lubricants Market Growth & Trends
The global industrial lubricants market size is expected to reach USD 71.73 billion by 2025 registering a CAGR of 4.5%, according to a new report by Grand View Research, Inc. Improving PMI indices across the globe and resultant rise in production capacities are anticipated to boost the demand for industrial lubricants. Moreover, rising manufacturing activities are touted to spur investments in production machinery, thereby creating a strong growth potential for industrial lubricants.
High consumption of general industrial oils generate significant revenue attributing to the growth of industrial lubricants market. Related industries, such as chemicals, unconventional energy and mining, are slated to witness considerable growth. This trend is anticipated to further boost the product demand in compressors, industrial engines, hydraulics, centrifuges, and bearings. Companies are investing heavily in R&D for the development of innovative products to gain competitive edge in the industry. There has been a shift in trend towards use of bio-based raw materials due to rising awareness regarding the need for emission reduction and energy conservation.
Automotive Lubricants Market Growth & Trends
The global automotive lubricants market size is expected to reach USD 87.1 billion by 2025, according to a new report by Grand View Research, Inc. High engine oil demand in passenger cars, diesel trucks, and light-duty trucks is expected to drive global automotive lubricants industry growth over the forecast period.
The rise in the middle-class population, urbanization, and growing disposable income in developing countries have led to greater passenger car sales. On a parallel level, economic growth in these regions has promoted trade, leading to the growth of the transportation sector. These factors combined have led to increased lubricant consumption.
Engine oil segment is the largest contributor to the automotive lubricants market which was around USD 34 billion in 2016. Engine oil is widely used in passenger cars, diesel trucks, and light-duty trucks. They help to maintain the viscosity, ensure dependability, and reduce engine wear. Increasing drain intervals and the formulation of high-performance oils to impact their consumption, thereby growth.
Access the Global Lubricants Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competition benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Marine Lubricants Market Growth & Trends
The global marine lubricants market size is expected to reach USD 9.32 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% during the forecast period. Growing concerns regarding oceanic pollution caused by improper engine function and subsequent demand for fuel-efficient engines are estimated to trigger the growth of the market.
Marine lubricants are widely utilized in the shipping industry to help protect engines and equipment as well as enhance efficiency. These are essential high-performance additives for engines, specially designed to enable optimal performance in marine operations.
Growth in international trade, removal of trade barriers being the principal reason, is encouraging developing countries to concentrate more on the improvement of their infrastructure, such as roads, airports, and seaports, which play a vital role in the development of the economy. Product storage, along with the capacity to move large shipments, has placed the shipping industry in a very advantageous position.
Global shipping majors, just like other segments of the conventional transport industry, are increasingly getting integrated with emerging global logistics and supply chain activities, owing to both external and internal dynamics. These factors have aided industry participants in substantially consolidating their market position and supplementing their ocean freight income, subsequently stoking the demand for marine lubricants.
Engine oils dominated the market with about 46.0% volume share in 2016. These products are widely used in high, medium, and slow speed marine engines to extend service life and protect interior components from high temperatures & pressure. Some lubricants even offer additive protection against crankcases, camshaft areas, under-crowns, and ring belts.
Other products such as refrigeration compressor oils are specifically formulated to perform in extreme temperature environments and consist of HFC, CFC, and ozone-friendly refrigerants. These lubricants significantly prevent congealing on valves. The segment is expected to rise at a 2.8% CAGR from 2017 to 2025
Aerospace Lubricant Market Growth & Trends
The global aerospace lubricant market is expected to reach USD 998.1 million by 2022, according to a new report by Grand View Research, Inc. Rising number of trade activities in Asia Pacific and Middle East region has resulted in need for expansion of aviation capacity further driving lubricant demand.
Fuel economy improvement, supportive regulatory policies and fuel emission norms have been creating additional demand for lubricant. At the same, these factors have also been pushing producers to invest in R&D and formulate usage specific products with higher serviceability and viscosity.
Increasing air passenger traffic as a result of rapidly developing civil aviation sectors in high growth Asian markets coupled with reduced airfares as a result of high competition from aviation companies is a key factor driving aircraft utilizations and miles. This is further expected to complement the global industry growth.
Gas turbine oil was the leading product segment and accounted for 45.0% of total market volume in 2014. High oxidative stability, water contamination resistance, and reduction of downtime are factors that are driving base oil development to meet increasing aircraft specifications.
Order your copy of the Free Sample of “Lubricants Industry Data Book - Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Competitive Landscape
Key players operating in the lubricants industry are –
- BP P.L.C
- Chevron Corporation.
- Total Energies
- Petrobras
- Royal Dutch Shell PLC
- Petronas Lubricant International
- Philips 66 Company
- ExxonMobil Corporation
- Lukoil
Grand View Research’s Lubricants Industry database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed Industrial outlook report) and summary presentations on individual areas of research along with a statistics e-book.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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