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(Transportation-News.com, December 07, 2022 ) The global "Lubricants Market size is projected to reach USD 182.6 billion by 2025 from USD 157.6 billion in 2020, at a CAGR of 3.0% between 2020 and 2025. Lubricants are defined as various compounds like fluids, oils, and greases. Lubrication is an essential process for numerous industries as it helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines.
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Lubricants are manufactured using base oil, which is categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from petroleum crude, whereas bio-based oils are sourced from vegetable oil. The primary factor that is driving the global Lubricants Market is massive industrialization in the developing parts of the world, the increasing disposable income, and rapid urbanization in emerging countries.
Based on base oil, the market is segmented into mineral oil, synthetic oil, and bio-based oil. Synthetic oils are expected to witness the highest growth between 2020 and 2025. Synthetic-oil based lubricants can be customized according to the requirement so that it can have a controlled molecular structure with predictable properties. Furthermore, they have superior properties than mineral oil-based lubricants.
Based on product type, the lubricants market is segmented into engine oil, hydraulic fluid, metalworking fluid, gear oil, compressor oil, grease, turbine oil, and others. Metalworking fluid is expected to be the fastest-growing segment in terms of both volume and value, from 2020 to 2025. These fluids are crucial to the iron and steel industry, along with various metal-bound industries. These fluids help in the reduction of heat, provide lubrication, and remove small metal chips during cutting and grinding of metal pieces. The growing number of end-use industries of metalworking fluid is expected to drive its demand in the coming years, which is consequently expected to fuel the growth of the lubricant market.
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Browse In-Depth TOC On "Lubricants Market”
488 - Market Data Tables
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Based on the application, the lubricants market is segmented into transportation and industrial lubricants. Industrial lubricant is expected to be the fastest-growing segment from 2020 to 2025. The industrial lubricant market will be driven by the growth of the construction, mining, manufacturing, and power generation sectors. Power generation is one of the major consumers of lubricants and is also expected to grow at the highest rate during the forecast period. The commercial vehicle segment is expected to drive the transportation segment in the lubricant market.
APAC is estimated to be the largest market for lubricants during the forecast period, in terms of value and volume. Improved lifestyle due to increasing income, growing population, and growth of the industrial sector in China, India, and ASEAN is projected to propel the growth of the lubricants industry in the region. The presence of major manufacturers, such as Petrochina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), and JXTG Group (Japan), is expected to further fuel the lubricants market growth in APAC.
Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), BP PLC (U.K.), Chevron Corporation (U.S.), Total S.A. (France), Petrochina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), Fuchs Petrolub AG (Germany), Valvoline (U.S.), Lukoil (Russia), Petronas (Malaysia) and Gazprom Neft (Russia) are the leading players in the lubricants market. These players have a strong foothold in the global lubricants market as well as a strong distribution network across the globe.
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