Global Lubricants Market was estimated to be around US$ 135 billion in 2020 and is anticipated to display a CAGR of ~ 2% over the forecast period (2021-2027). Over the years mechanization of industries played a pivoted role in building up the market of lubricants as they improve the equipment life and aids in maintaining efficiency for a longer time due to its properties which helps in reducing the friction, heat, and wear between the mechanical components that are in contact with each other.
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Refining of crude oil using different techniques such as solvent refining, hydrotreating, or hydrogenation produce mineral base oils whereas other process which do not require refining of crude oil provides synthetic base oil. These base oils then blend with specific additives to produce lubricants. In 2019, the oil refinery throughput stood at 82,954 thousand barrel per day compared to 77,925 thousand barrel per day, this shows the increasing demand of crude oil refines products as a result demand of lubricants is also increasing. However, oil refinery throughput declined in 2020 to 75,512 thousand barrel per day owing to the COVID thus affected the market of lubricants in 2020.
However, oil refinery throughput declined in 2020 to 75,512 thousand barrel per day owing to the COVID thus affected the market of lubricants in 2020. Further, decline in sales of automobiles by approximately 16% in 2020 and halted operations of industries had reduced the demand of lubricants.
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Based on base oil, the market is categorized into group I, group II, group III, group IV, and group V. Among these, Group II base oil accounted for the lucrative market share in 2020 and is likely to retain its position during the forecast period owing to its higher efficiency and lower emission relative to group I base oil. Further, industries are finding easy to transit from group I base oil to group II base oil by changing in work techniques, work with new base oil manufacturers, and changing equipment. As a result, penetration of lube oil has been increased in the industries.
Based on product type, the market is categorized into engine oil, general industrial oil, metalworking oil, grease, transmission and hydraulic fluid oil, gear oil, process oil, and others. Among these, engine oil category held the significant market share owing to large base of automobiles and increasing demand of automobiles in developing regions like Asia Pacific because of rising purchasing power of population. Further, increasing automotive emission regulation is expected to fuel the market of lubricants globally, as lubricant reduce wear and tear of equipment thus improving the performance of automobiles.
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On the basis of end use, market is sub-segmented into automotive & other transportation, heavy equipment, food & beverages, metallurgy & metalworking, chemical and others. The automotive and other transportation category held the leading position in the market for lubricants, based on end use. This was due to the surging vehicle sales on account of the rising per capita income of people worldwide. According to the International Organization of Motor Vehicle Manufacturers, around 44.4 million were sold in first half of 2021 compared to 34.3 million vehicles in the same period of 2020. Moreover, the expanding mobility services sector is amplifying vehicle sales, thereby boosting the consumption of lubricants.
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Additionally, the report provides detailed initiatives that are being taken in the field of lubricants. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia-Pacific held the dominating position in the global lubricants market and is expected to showcase exponential growth rate during the forecast period. This can be mainly attributed to the large and growing demand of automobiles and increasing industrial activities in countries like China, India, and ASEAN region.
Global Lubricants Market Segmentation
Market Insight, by Base Type
• Group I
• Group II
• Group III
• Group IV
• Group V
Market Insight, by Product Type
• Engine Oil
• Transmission and Hydraulic Fluid Oil
• Gear Oil
• General Industrial Oil
• Grease
• Metalworking Oil
• Process Oil
• Others
Market Insight, by End Use
• Automotive & Other Transportation
• Heavy Equipment
• Food & Beverages
• Metallurgy & Metalworking
• Chemical
• Others
Market Insight, by Region
· North America
· Europe
· Asia Pacific
· Rest of World
Top Company Profiles
· Chevron Corporation
· British Petroleum Plc.
· Exxon Mobil Corporation
· PetroChina Company Limited
· Royal Dutch Shell Plc.
· TotalEnergies SE
· Idemitsu Kōsan kabushiki geisha
· China Petroleum & Chemical Corporation
· JX Nippon Oil & Gas Exploration Corporation
· Fuchs Petrolub SE
