The lubricants market is anticipated to expand at a rapid pace owing to growing industrialization, and innovations in lubricant formulations around the world going forward.
WESTFORD, Mass., Aug 7, 2025 /PRNewswire/ -- SkyQuest Technology Consulting published a report, titled, 'Lubricants Market - Global Opportunity Analysis and Industry Forecast, 2025-2032', valued at USD 169.6 Billion in 2024. With a projected CAGR of 2.6% from 2025 to 2032, the market is expected to reach USD 208.26 Billion by the end of 2032. Growing sales of vehicles around the world and growing emphasis on improving vehicle safety are also expected to favor the sales of lubricants in the long run.
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Lubricants Market Key Growth Drivers
Increasing vehicle production, particularly in emerging economies, raises the need for engine oils, and transmission fluids to enhance performance and longevity. Simultaneously, industrial growth across sectors such as manufacturing, mining, and construction boosts usage of lubricants for machinery efficiency and equipment protection. Rising demand for fuel efficiency, reduced emissions, and longer maintenance intervals further supports lubricant innovation.
Advancements in lubricant formulations, especially the rise of synthetic and bio-based lubricants are creating new business scope for lubricant manufacturers. Synthetic lubricants offer superior thermal stability, longer service life, and improved fuel efficiency compared to traditional mineral oils. Innovations in additive technologies further enhance wear protection and corrosion resistance. These improvements are particularly attractive for high-performance engines and industrial machinery, encouraging greater adoption.
Recent Developments in Lubricants Market
- In July 2024, TotalEnergies, a top name in the petroleum and energy space from France announced the launch of its new rang of eco-friendly lubricants for automotive applications. Quartz EV3R line of lubricants was launched for passenger cars and another line of lubricants called Rubia EV3R was launched for trucks.
- In June 2024, Castrol India, a leading supplier of automotive and industrial lubricants announced the launch of new range of high-performance lubricants under the name Castrol EDGE. New lubricants are designed to offer enhanced engine performance and engine protection.
- In April 2024, Ester 5 biodegradable lubricant was launched by Savsol Lubricants. The new lubricant was created sustainably with edible oil fatty acid and is completely biodegradable to comply with modern sustainability mandates.
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Major Challenges in Lubricants Industry
Production of lubricants is highly dependent on crude oil derivatives, which makes it vulnerable to price and availability fluctuations. Unpredictable geopolitical tensions, supply chain disruptions, and production imbalances contribute to raw material cost volatility. These fluctuations directly impact manufacturing expenses and profit margins for lubricant producers. Price instability creates uncertainty for buyers and distributors, complicating long-term contracts and budgeting.
Stringent environmental regulations around emissions, waste oil disposal, and manufacturing processes pose a major restraint to the lubricants market. Many traditional lubricants contain components harmful to ecosystems if not properly managed. Regulatory bodies now demand cleaner production methods, biodegradable formulations, and responsible end-of-life disposal, increasing compliance costs for manufacturers.
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Competitive Landscape
Launching new products will be highly essential for all lubricant companies to stay competitive in this market. Targeting the after-sale channels will also be a key trend for most lubricant providers. Incorporating sustainability in the lubricants business will be a necessity for all established as well as incoming market players.
The major players in the lubricants industry include,
- Exxon Mobil Corporation (United States)
- TotalEnergies SE (France)
- Shell plc (United Kingdom)
- Chevron Corporation (United States)
- BP p.l.c. (United Kingdom)
- China National Petroleum Corp. (China)
- ENEOS Group (Japan)
- Idemitsu Kosan Co., Ltd. (Japan)
- Petroliam Nasional Berhad - PETRONAS (Malaysia)
- Fuchs Group (Germany)
- ENOC Company (United Arab Emirates)
- Petroleo Brasileiro S.A. - Petrobras (Brazil)
- PJSC Lukoil Oil Company (Russia)
- PT Pertamina Lubricants (Indonesia)
- Eni S.p.A. (Italy)
Lubricants Market Segmental Analysis
Global lubricants market is segmented by base oil, end-use industry, product type, and region. Based on base oil, the market is segmented into mineral oil lubricants, synthetic lubricants and bio-based lubricants. Based on end-use industry, the market is segmented into transportation and industrial. Based on product type, the market is segmented into engine oil, hydraulic oil, metalworking fluid, gear oil, compressor oil, grease, turbine oil and other product types.
- By base oil, the mineral oil lubricants segment dominated the global lubricants market in 2024 owing to its easy availability and low manufacturing expense.
- By product type, the engine oil segment dominated the global lubricants market in 2024 owing to implementation of stringent emission regulations for vehicles and growing automotive sales.
- By end-use industry, the transportation segment dominated the global lubricants market in 2024 as vehicle sales increased and use of lubricants through aftermarket channels also rose.
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Regional Insights
- Asia Pacific is expected to account for the highest consumption of lubricants on a global level. Presence of robust industrial and automotive sectors makes this region a leader in demand for lubricants. Surge in sales of vehicles in countries such as China, Japan, and India is also bolstering the dominance of this region.
- North America emerges as the fastest-growing region for lubricant suppliers in the future. Increasing industrial activity and presence of a robust transportation network is helping augment the sales of lubricants. Canada and the United States are slated to be the top markets in North America.
- Sales of lubricants in Europe are rising at a steady pace backed by an established automotive manufacturing industry. Presence of multiple chemical and petroleum industries in this region is also helping promote lubricant production. Demand for sustainable and biodegradable lubricants is slated to rise rapidly in this region.
- In the LAMEA region, the lubricants market is driven by marine and power generation sectors. Surge in sales of vehicles and adoption of advanced additive technologies in power generation lubricants are creating new business scope for lubricant vendors.
Extensive Ongoing Coverage of Different Market Trends and Insights:
- Agricultural Lubricants Market - https://www.skyquestt.com/report/agricultural-lubricants-market
- Synthetic Lubricants Market - https://www.skyquestt.com/report/synthetic-lubricants-market
- Food Grade Lubricants Market - https://www.skyquestt.com/report/food-grade-lubricants-market
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About SkyQuest Technology Consulting
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