CHICAGO, Nov. 24, 2022 /PRNewswire/ -- The Global Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), End-Use Industry (Transportation and Industrial lubricants), Region - Global Forecast to 2027", size is projected to reach USD 187.9 billion by 2027, at a CAGR of 2.7% from USD 164.8 billion in 2022.
In order to avoid metal-on-metal contact between the surfaces of moving parts, lubricants offer a covering. Even though equipment surfaces may appear to be smooth and polished, they actually have rough surfaces at the microscopic level. Smooth motion is hampered by friction. Additionally, it produces heat, worsens surface wear, and may even result in equipment failure. A layer of film is formed between moving parts when lubrication is done properly to reduce friction, which leads to more streamlined operation and longer equipment life. By preventing component surfaces from coming into touch with water or other corrosive chemicals, the protective layer created by lubrication helps protect component surfaces from rust and corrosion. Additionally, lubricants act as conduits, suspending and transporting impurities to filters or other separators in the system so they may be removed without damaging component parts. Lubrication prolongs the life, consistency, and efficiency of equipment by reducing friction, wear, excessive heat, rust, corrosion, contamination, and other factors. Exposure to numerous factors that could lead to potentially expensive equipment failures and breakdowns is greatly decreased by lubrication.
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"Synthetic oil was the second-largest base oil in the global lubricants market, in terms of value, in 2021"
Changing automotive norms and growing environmental concerns are also some of the important factors which are likely to help the growth of the synthetic oil-based lubricants market. Another factor for the growth of synthetic lubricants is their better performance. These lubricants can operate under extreme conditions, have high viscosity, and can withstand high temperatures without oxidizing. The average drain interval of a vehicle also increased 3 to 4 times. This is a huge difference compared to mineral oil-based lubricants.
"Gear oil projected to be the second largest product type, in terms of value, during the forecast period"
It helps in increasing the functional lives of gear equipment and also reduces the possibility of frequent down times. The growth of the gear oil market is associated with the growth of mechanical machines used in industries. Although machines have transformed into mechatronics, gears are still a vital part of mechanical systems. Thus, the growing industrial sector positively impacts the gear oil market.
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"Industrial segment projected to be the fastest growing end-use industry, in terms of value, during the forecast period"
The varying temperatures and high friction involved in industrial processes necessitate the use of lubricants. Lubricant enables the effective functioning of machinery and equipment. The use of lubricants helps increase the life of machinery and equipment. The demand for lubricants from the industrial sector is projected to witness higher growth during the forecast period. This is owed to rapid industrialization and economic development.
"North America is estimated to be the second-largest market for lubricants, in terms of value, during the forecast period"
The region is characterized by the high use of synthetic and semi-synthetic lubricants driven by OEM recommendation and consumer awareness. The OEM tie-ups with the lubricant manufacturers govern the major share of the market. Major lubricant suppliers have tie-ups with automotive companies to supply customized lubricants suiting their requirements. North America is one of the developed regions in the world. The region is very much affluent. It has one of the highest motorization rates in the world, especially in the US. However, it is expected that the lubricants market in the region will witness a shift from mineral oil-based lubricants to synthetic oil-based lubricants.
Market Players
The key market players profiled in the report include Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (U.S.), Chevron Corporation (U.S.), BP p.l.c. (U.K.), TotalEnergies SE (France), Petrochina Company Limited (China), Sinopec Corp (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd (Japan), among others.
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