CHICAGO, June 23, 2025 /PRNewswire/ -- The Lubricants Market is projected to be valued at USD 144.38 billion in 2024 and reach USD 180.21 billion by 2030, growing at a CAGR of 3.8% according to a new report by The Research Insights. Lubricants are compounds that help reduce friction and wear, and act as barriers between moving parts. They improve the efficiency and longevity of the machine. Lubricants play a crucial role in enabling the components to operate smoothly and protect the part under mechanical and thermal stress in the engine of the automobile, heavy machinery, metalworking, and aerospace. Due to these reasons, one of the reasons for a positive outlook for the lubricants market is the rising demand for high-performance engines, growing demand from marine applications, and limitations of electric vehicles. The technological advancements in lubricants are propelling the market. Due to these reasons, the consumption of lubricants has been growing at a significant rate.
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Lubricants Market growth of 3.8% comprises a vast array of Application, Base Oil and Geography which are expected to register strength during the coming years.
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Market Overview and Growth Trajectory:
Lubricants Market Growth: According to an exhaustive report by The Research Insights, the Lubricants Market is experiencing significant growth. The lubricants market is driven by the rapid growth in automotive, automotive OEMs, as well as aftermarket, a robust growth in industrial sector including manufacturing, mining, and power generation. Another aspect that is boosting the lubricants market is the increasing demand for biobased and green lubricants. Sustainability trends coupled with the demand for the highest level of energy efficiency, such as increased attention on using biobased lubricants, stricter emission regulations and compliance with corporate social responsibility (CSR) requirements are also positively impacting the demand for lubricants. The incorporation of intelligent sensor technology for various machines is positively impacting the market as it aids in the implementation of predictive maintenance techniques, which is promoting the use of high-performance lubricants. Emerging economies like APAC, Latin America, and Africa are witnessing increased infrastructure development and industrialization, creating favourable growth prospects for lubricant producers.
Rising Global Automotive Production and Aftermarket Demand:
Demand for lubricants in automobiles remains strong as new vehicles are being introduced into the market, the vehicle life cycle is extending. However, vehicle demand and ownership have increased globally, particularly in developing economies like India, China, Indonesia, and Brazil. Moreover, the demand for lubricants such as engine oil, transmission fluids, grease, and other automotive oils are increasing. Apart from new vehicles, the growing automotive aftermarket (where vehicle life cycle has extended and the average age of a vehicle in circulation is higher) plays a significant role in lubricant demand as vehicles require routine oil change and periodic lubrication for smooth functioning.
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Industrialization and Manufacturing Growth in Emerging Economies:
The lubricants market is seeing a significant rise in industrial lubricants, particularly in emerging economies like Asia-Pacific, Latin America, and Africa. The need for these lubricants is increasing in manufacturing industries, such as steel, mining, power, food processing, textile, and chemical industries. Government-funded infrastructure investment and foreign direct investment (FDI) are being encouraged to boost manufacturing activities. This will lead to an increase in the consumption of industrial lubricants in different emerging markets. Initiatives such as Make in India and China's Belt and Road are witnessing heavy investments in construction and manufacturing in India and China, respectively.
Technological Advancements and Shift Toward High-Performance Synthetic Lubricants:
A combination of formulation science and materials engineering is reshaping the lubricants market and is leading to a rise in demand for advanced synthetic and semi-synthetic lubricants. This leads to enhanced thermal stability, better oxidation resistance, and longer service life. Industries and automakers have started to move to synthetic lubricants due to the higher quality, lower energy consumption, and regulatory compliance. However, many companies are opting for lubricants with lower environmental impact, due to various factors such as a biodegradable and low-emission characteristic in specific sectors like marine, forest, and agriculture. These shifts are also a result of consumer awareness, regulation, and increased demands for carbon emission reduction, less waste generation, and extended oil-drain interval.
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Geographical Insights:
The APAC region is a strong market, and the Asia-Pacific market had a revenue share of 44.6% in 2023. The APAC region has witnessed a rise in growth owing to the rapid expansion of the automotive sector, alongside increased industrial growth and the presence of notable automotive manufacturing companies in countries like Japan, India, and China. The region holds the second-highest growth rate in lubricants after North America. Lubricants are vital in this region, as the common use is for engine oils, greases, and hydraulic fluids.
The Europe region was a significant driver of revenue growth in 2023. It is estimated to witness substantial growth over the forecast period. The automotive sector is a significant part of the European economy, and the automotive industry contributes significantly to the global industry.
Global Lubricants Market Segmentation and Geographical Insights:
- Based on Application, the lubricants market is divided into, Industrial, Automotive, Marine, and Aerospace. The overall global industry grew 9.1% in 2023, with the automotive industry, including buses, trucks, and other public transportation vehicles, accounting for 53.4% of the growth.
- Based on Base Oil, the lubricants market is divided into, Mineral Oil, Synthetic Oil, and Bio-based Oil. Synthetic Oil is estimated to account for the largest market share and has a promising growth rate due to the oil's higher thermal stability, oxidation resistance, and extended drain interval.
- The Lubricants Market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Key Players and Competitive Landscape:
The Global Lubricants Market is characterized by the presence of several major players, including:
- ExxonMobil Corp.
- Royal Dutch Shell Co.
- BP PLC.
- Total Energies
- Chevron Corp.
- Fuchs
- Castrol India Ltd.
- Amsoil Inc.
- JX Nippon Oil & Gas Exploration Corp.
- Philips 66 Company
- Valvoline LLC
- PetroChina Company Ltd.
- China Petrochemical Corp.
- Idemitsu Kosan Co. Ltd.
- Lukoil
- Petrobras
- Petronas Lubricant International
- Quaker Chemical Corp.
- PetroFer Chemie
- Buhmwoo Chemical Co. Ltd.
- Zeller Gmelin Gmbh & Co. KG
- Blaser Swisslube Inc.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Global Lubricants Market Recent Developments and Innovations:
- In December 2024, TotalEnergies SE and Ford Trucks, a major player in the heavy-commercial truck industry in Europe, signed an international agreement to expand their strategic partnership in Europe. This five-year agreement will allow both companies to provide European Ford Trucks fleet managers with products and services of the highest quality and adapted to the needs of vehicles and local markets.
- In May 2024, ExxonMobil finalized the acquisition of Pioneer Natural Resources Company. The combined company will be an unconventional business with the highest return potential in the Permian Basin.
- In January 2024, Shell plc acquired MIDEL and MIVOLT from M&I Materials Ltd, based in Manchester, United Kingdom.
- In September 2023, TotalEnergies Lubrifiants expanded the use of recycled plastics (50% PCR high-density polyethylene) in its lubricant's bottles, in a continuation of a pilot program begun in 2021, Quartz Xtra bottles. This helps the circular economy and is helping reduce the use of virgin plastic.
- In March 2023, ExxonMobil announced it is investing approximately INR 900 crore (~USD 110 million) to construct a lubricants manufacturing plant in Raigad, Maharashtra, India. Upon commissioning, the plant's annual production capacity will be 159,000 kl of finished lubricants. This plant will serve the needs of mining, construction, power, steel, and manufacturing, among other industries.
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Frequently Asked Questions (FAQs):
- What is the forecasted market size of the Lubricants Market in 2030?
? The forecasted market size of the Lubricants Market is USD 180.21 billion in 2030. - Who are the leading players in the Lubricants Market?
? The key players in the Lubricants Market include, ExxonMobil Corp.; Royal Dutch Shell Co.; BP PLC; Total Energies; Chevron Corp.; Fuchs; Castrol India Ltd.; Amsoil Inc.; JX Nippon Oil & Gas Exploration Corp.; Philips 66 Company; Valvoline LLC; PetroChina Company Ltd.; China Petrochemical Corp.; Idemitsu Kosan Co. Ltd.; Lukoil; Petrobras; Petronas Lubricant International; Quaker Chemical Corp.; PetroFer Chemie; Buhmwoo Chemical Co. Ltd.; Zeller Gmelin Gmbh & Co. KG; and Blaser Swisslube Inc. - What are the major drivers for the Lubricants Market?
? The rapid expansion of the Lubricants Market is driven by the increasing trade of vehicles and spare parts has significantly contributed to the growing demand for automotive oils and greases. - Which is the largest region during the forecasted period in the Lubricants Market?
? The Asian market has solidified its position as a leading force in the global industry, accounting for 44.6% of total revenue share. - Which is the largest segment, by application, during the forecasted period in the Lubricants Market?
? The Automotive segment is leading the application segment with 53.4% revenue shares.
Conclusion:
The lubricants market is transforming rapidly due to improvements in base oil technologies, increasing demands for high-performance lubricants, and increasing environmental regulations. The shift towards synthetic and biobased lubricants is due to the industries that want to reduce environmental impact and have long-lasting products. Some key sectors include automotive, industrial manufacturing, marine, and aviation, where they are using advanced lubricants for performance optimization under diverse conditions. Growing industrialization in emerging economies along with the increasing adoption of electric vehicles and smart machinery is influencing the demand patterns. The technological advancements in additives and digital monitoring systems are leading to the introduction of a predictive maintenance system and monitoring. Sustainability and reliability are playing a significant role in the global industrial growth and energy efficiency objectives in various applications.
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The report from The Research Insights, therefore, provides several stakeholders- manufacturers, suppliers, distributors, end-users (such as automotive, industrial, and marine sectors), regulatory bodies, and environmental agencies-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
With projected growth to US$ 180.21 billion by 2030, the Global Lubricants Market represents a significant opportunity for private label brands, tech startups, niche formulation developers, e-commerce platforms, and sustainability-focused innovators, can position themselves for success in this dynamic and evolving market landscape.
Check out more related studies published by The Research Insights:
- Biolubricants Market: The Global Biolubricants Market is expected to reach at USD 5.04 billion by 2030, according to a new report by The Research Insights. It is projected to expand at a CAGR of 13.7% during the forecast period. The market is experiencing significant growth due to an increasing availability of high-performance, cost-competitive green base oils that meet government regulatory standards.
- Mining Lubricants Market: The Global Mining Lubricants Market is expected to reach at USD 8.96 billion by 2030, according to a new report by The Research Insights. It is projected to expand at a CAGR of 3.8% during the forecast period. This upward trend can be attributed to the increasing demand for specialized products that enhance equipment and machinery performance in mining operations.
Browse More related reports on Specialty and Chemicals Industry Market Reports - https://www.theresearchinsights.com/categories/specialty-chemicals
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