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(Transportation-News.com, July 02, 2024 ) The report " Lubricants Market by Base Oil Type (Mineral Oil Lubricant, Synthetic Lubricants, Bio-based Lubricants), Product Type (Engine Oil, Turbine Oil, Metalworking Fluid, hydraulic Oil), End-use Industry (Transportation and Industrial) - Global Forecast to 2029 " the lubricants market is estimated to grow from USD 173.5 billion in 2024 to USD 198.4 billion by 2029, at a CAGR of 2.7% during the forecast period.
Browse in-depth TOC on "Lubricants Market”
526 - Market Data Tables
61 - Figures
415 - Pages
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Based on base oil type, synthetic lubricants is projected to register highest CAGR in lubricants market, in terms of value, during forecast period.
Synthetic lubricants is projected to be the fastest growing base oil type, in terms of value of the lubricants market, due to shifting consumer preferences towards eco-friendly and sustainable products, and rising population. With a growing awareness of the health and environmental benefits of synthetic lubricants, consumers are increasingly seeking products free from synthetic chemicals. This demand is further bolstered by stringent government regulations aimed at promoting safety and transparency regarding synthetic lubricants. Consequently, manufacturers are adapting to these changing dynamics by investing in research and development of natural alternatives, driving innovation and expansion in the synthetic lubricatns market.
Based on product type, hydraulic oil was the fourth-largest segment of lubricants market, in terms of value, in 2023.
Hydraulic oil holds the position as the fourth-largest product type in the lubricants market due to its widespread usage across diverse industries. It serves a vital role in hydraulic systems found in industrial and transportation sectors. Hydraulic oil facilitates efficient power transmission, lubricates moving parts, and ensures the smooth operation of hydraulic machinery. The increasing adoption of hydraulic equipment in heavy machinery and vehicles significantly drives the demand for hydraulic oil. Moreover, as hydraulic technology advances, the need for high-performance hydraulic oils continues to grow to maintain optimal performance and extend equipment lifespan. Thus, the versatility and essential function of hydraulic oil contribute to its prominence in the lubricants market.
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Asia Pacific was the largest and projected to be the fastest-growing region, in terms of value, during the forecast period in the lubricants market.
Asia Pacific was the largest and projected to be fastest-growing region in the lubricants market, in terms of value, during forecast period due to several factors. Increased industrialization and urbanization, particularly in countries like China and India, are impelling demand across end-use industries such as automotive, manufacturing, agriculture and construction. Rising incomes and expanding vehicle ownership rates are further driving lubricant demand in the automotive industry. Moreover, ongoing investments in transportation and infrastructure are expected to fuel significant growth in lubricant consumption in the region. In summary, the Asia Pacific's dynamic economic growth and industrial expansion position it as a key driver of growth in the lubricants market.
Lubricants Market Key Players
Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), PetroChina Company Limited (China), TotalEnergies SE (France), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and among others, these are the key manufacturers that secured major market share in the last few years.
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