Growing Demand for High-Performance Engines to Fuel Lubricants Market Growth
According to our latest market study on “Lubricants Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Base Oil (Mineral Oil, Synthetic, Bio Based Lubricants, Others), Product type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, Others), and End Use (Oil and Gas, Industrial, Chemical, Automotive, Marine, Others),’’ the market is projected to reach US$ 190.64 billion by 2028 from US$ 148.18 billion in 2020; it is expected to register a CAGR of 2.7% from 2021 to 2028.
Lubricants are oils, fluids, and greases that help reduce friction between two surfaces in contact. The lubricants also prevent the machinery and rotary parts from thermal damage, corrosion, and oxidation. Growing demand for high-performance engines, increasing sales of vehicles, and rising manufacturing industries are the key factors driving the growth of the lubricants market. The key players operating in the lubricants market are focused on consumer-centric business, which lead to a high level of innovations. Therefore, the growing investment in lubrication products from major players is fuelling the lubricants market growth. For instance, in October 2020, Shell Lubricants expanded its product portfolio to provide end-to-end lubrication solutions and service offerings across various industrial sectors. Thus, growth prospects in the lubrication industry are anticipated to drive the market growth over the projected period.
The automotive segment is expected to hold a larger portion of the lubricants market share, primarily attributed to the increase in sales of automotive vehicles, such as trucks, buses, and other forms of passenger transport. Asia Pacific is anticipated to dominate the global lubricants market due to rapid urbanization, growing population, and significant rise from end-use industries, such as chemicals, textiles, food processing, and metalworking.
Royal Dutch shell, Exxon Mobil Corp, Chevron Corp, BP plc, Total, Lukoil, Sinopec Lubricant Company, Fuchs, Indian Oil Corp, and Valvoline are among the key manufacturers in the global lubricants market.
Impact of COVID-19 Pandemic on Lubricants Market
The ongoing pandemic has drastically altered the status of the chemical & materials industry and negatively impacted the growth of the lubricants market. The implementation of measures to combat the spread of the virus aggravated the situation and impacted the growth of several industries. Industries such as transportation, industrial, oil & gas, and chemicals were impacted by the sudden distortion in operational efficiencies and disruptions in the valued chains due to the closure of national and international boundaries. The significant decline in the several industrial sectors' operations due to the COVID-19 pandemic significantly impacted the demand for the global lubricants market. The disturbed valued chain negatively influenced the lubricants market. Many base oil refiners have reduced the operating rates to avoid inventory pressure as demand from lube companies has not resumed completely, and a sluggish movement has been observed in transportation activities. Restrictions on people’s movement in lockdown situations have immediately impacted automotive lubricants. Thus, the emergence of the pandemic has significantly hampered the lubricant market. However, with ease in travelling restrictions and openings of manufacturing industries from the second half of 2021, the demand for lubricants is on a growth trajectory, which is anticipated to achieve the new normal in the post-pandemic scenario.
Lubricants Market Breakdown – by Region, 2020
Lubricants Market Size Report and Growth Analysis 2028
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Lubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Base Oil (Mineral Oil, Synthetic, Bio-Based Lubricants, and Others), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others), and End Use (Oil and Gas, Industrial, Chemical, Automotive, Marine, and Others)
Lubricants Market Size Report and Growth Analysis 2028
Download Free SampleLubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Base Oil (Mineral Oil, Synthetic, Bio-Based Lubricants, and Others), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others), and End Use (Oil and Gas, Industrial, Chemical, Automotive, Marine, and Others)
The report segments the Lubricants market as follows:
Based on base oil, the market is segmented into mineral oil, synthetic, bio based lubricants, and others. Based on product type, the market is categorized into engine oil, hydraulic oil, gear oil, grease, compressor oil, and others. Based on end use, the market is segmented into oil and gas, industrial, chemical, automotive, marine, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
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