Lubricants Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Apr 2021 | No. of Pages : 250 Pages | Category : Chemical and Material

The global Lubricants market size is expected to be worth around US$ 267.48 billion by 2030, according to a new report by Vision Research Reports.

The global Lubricants market size was valued at US$ 225.81 billion in 2020 and is anticipated to grow at a CAGR of 4.7% during forecast period 2021 to 2030.

Growth Factors

The growing trade of vehicles and their spare parts is anticipated to fuel the demand for automotive oils and greases. The major economic recovery in North America and Europe is expected to boost the consumer vehicles segment, which, in turn, is a boon for the market. Typical lube manufacturers use crude oil, tight oil, and other additives to formulate all types of lubricants. Major companies, such as Royal Dutch Shell, Total SA, Chevron, ExxonMobil Corporation, British Petroleum, and Sinopec, have integrated their business operations globally. It ensures a steady raw material supply to manufacture & additives needed for production.

However, many other manufacturers have definitive contracts with raw material manufacturers as well as suppliers. This strategically enables these companies to reduce uncertain time and price losses in the procurement of these materials. Lubricants are majorly used as diesel engine oils, gearbox & transmissions in passenger cars, commercial vehicles & motorcycle segments of the automotive sector. Growing automobile sales are expected to augment the global industry growth over the forecast period. Global automotive sales have been on the rise primarily driven by countries, such as India, China, the U.S., and Brazil.

Growth drivers for the manufacturing sector in these markets include favorable foreign investment norms, availability of a large pool of skilled labor & technological know-how. High growth in niche manufacturing sectors, such as 3D printing & medical devices, is expected to further complement the industrial growth in these markets. Hence, rapid industrialization in BRICS is expected to drive industrial fluids demand, which, in turn, is expected to complement the global lubricants sector growth.

Major companies in the market are running a consumer-centric business, which has led to a high level of innovations, in terms of distribution timeline reductions and enhanced accessibility of the products. Many manufacturers have established ground-level distribution channels with regional suppliers that enable them to focus on other aspects of the business, such as quality improvisation, product portfolio enhancement, and more, thereby leaving distribution handling to the dedicated sources with a broader reach and market knowledge.

The industry is characterized by a high number of new market entrants that are seeking to tap the lucrative opportunities in the global market; while existing players are entering into strategic collaborations to increase capacities & expand their reach into emerging markets. The joint venture, merger, and acquisition activities in the industry have increased significantly over the past decade. Companies constantly seek to establish long-term contract agreements with trusted partners for sustainable business operations globally.

Report Highlights

In terms of volume, the automotive segment dominated the market with a share of more than 57% in 2020. This high share is attributed to the increased sales of consumer automotive, such as trucks, busses, and other forms of passenger transport. Economic growth in emerging countries, such as China, India, and Brazil, has led to the betterment of public transportation in these regions. This trend is expected to strengthen commercial automotive oil demand, thereby supporting segment growth over the forecast years.

Increasing industrial production in emerging markets of Asia Pacific and Latin America is anticipated to drive industrial oil products demand over the forecast period. Mining, unconventional energy, and chemicals industries are projected to be among the largest markets for industrial lubricants. This trend is expected to boost the demand for industrial lubricants in applications, such as industrial engines, compressors, hydraulics, bearings, and centrifuges.

Marine lubes are widely used in high- and medium-speed engine oils and slow-speed marine engines. The product helps enhance the engine life and protects the components at high temperatures. Some of these products offer additive technology to provide protection against crankcases, camshaft areas, under-crowns, and ring belt. Furthermore, lubricants are used in slow-speed cylinders as they offer high-performance lubrication, enhanced protection from mechanical wear, and help mitigate cold corrosion.

Aerospace lubricants are used to provide reliability, long-lasting lubrication for critical components to operate efficiently in high vacuum and extreme temperatures. They undergo regular scrutiny with increasing regulatory intervention and specific military standards. Increasing air passenger traffic coupled with a significant rise in defense budgets across the globe are anticipated to remain the key driving factors for segment growth over the forecast period. Countries including the U.S., Germany, India, and Brazil have made a substantial increase in defense spending resulting in a rapidly expanding aerospace sector.

Asia Pacific dominated the global market with a volumetric share of over 43% in 2020 and will expand further at the fastest CAGR from 2021 to 2028, in terms of volume as well revenue. This is attributed to the increasing growth in the base oil movement, rapid industrialization & urbanization, rising population, and high growth in major end-use industries, such as textiles, chemicals, food processing, and metalworking. The market presents several lucrative opportunities to innovators who tap into niche applications and introduce newer products with advantageous product characteristics. Moreover, major industry players are also shifting their production facilities to Asia Pacific owing to the presence of low-cost labor, ever-increasing demand, and favorable government policies.

Europe has a high growth potential for industrial lube products due to rapidly growing chemical manufacturing facilities in the region. The heavy growth is largely driven by the intervention of several multinational chemical manufacturers across countries, such as Russia, the U.K., France, and Germany. These industrial lubes are by large utilized for multiple applications, such as the production of fertilizers, rotatory as well as compressor units in manufacturing units, and more, which helps in multiple-fold increase in operating cycle as well as the performance of machinery that undergo severe stress.

Latin America is projected to formulate several trade strategies to attract Foreign Direct Investment (FDI) for infrastructure development. Various policies to promote investment and partnerships with the private sector have been formulated to address port and transportation infrastructure opportunities across the region. Brasil Terminal Portuario, one of the busiest container ports in Latin America, is also planning multiple terminal development projects in Moin, Costa Rica, Mexico, and Peru. These initiatives, in turn, are expected to boost product demand in the region’s marine industry in the coming years.

Most MEA countries are highly dependent upon crude oil production and the consequent revenue generated from this industry. Numerous countries in this region have undertaken efforts to diversify their economies in an attempt to reduce the dependency on crude oil. This, in turn, has fostered industrial development and boosted the demand for industrial machinery supporting market growth.

Key Players

  • ExxonMobil Corp.

  • Pennzoil

  • Quaker Chemical Corp.

  • Royal Dutch Shell Co.

  • JX Nippon Oil & Energy Corp.

  • British Petroleum

  • Lukoil

  • Total S.A

  • Chevron Corp.

  • Philips 66 Company

  • Sinopec Corp. 

Market Segmentation

  • Application Outlook 

    • Industrial

      • Process Oils

      • General Industrial Oils

      • Metalworking Oils

      • Industrial Engine Oils

      • Greases

      • Others

    • Automotive

      • Engine Oil

        • 0W-20

        • 0W-30

        • 0W-40

        • 5W-20

        • 5W-30

        • 5W-40

        • 10W-60

        • 10W-40

        • 15W-40

        • Others

      • Gear Oil

      • Transmission Fluids

      • Brake Fluids

      • Coolants

      • Greases

    • Marine

      • Engine Oil

      • Hydraulic Oil

      • Gear Oil

      • Turbine Oil

      • Greases

      • Others

    • Aerospace

      • Gas Turbine Oil

      • Piston Engine Oil

      • Hydraulic Fluids

      • Others

  • Regional Outlook

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • Switzerland

      • France

      • Russia

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

      • Argentina

    • Middle East & Africa

      • Saudi Arabia

The Lubricants market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Lubricants market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Lubricants market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Lubricants market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Lubricants market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Lubricants capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Lubricants by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Lubricants market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Lubricants market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Lubricants market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Lubricants industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Lubricants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Lubricants market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Lubricants market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Lubricants market. These factors have benefited the growth of the global market for Lubricants. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Lubricants. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Lubricants are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.

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