Lubricants Market was estimated to be around US$ 135 billion in 2020 and is anticipated to display a CAGR of ~ 2% over the forecast period (2021-2027).
Increasing industrialization activity in developing nations like Brazil, China, India, Argentina, and Mexico among others and growing penetration of farm mechanization in agricultural sector is likely to propel the market of lubricating oil. For instance, the level of farm mechanization in India stands at about 40-45% with states such as UP, Haryana, and Punjab having very high mechanization levels, but north-eastern states having negligible mechanization. This level of farm mechanization is still low as compared to the countries such as the US (95 %), Brazil (75%) and China (57%).
Therefore, changing and improving
dynamics of agriculture sector would boost the farm mechanization market as a
result, demand for lubricants is likely to increase. Further, increasing
economic growth and improving purchasing power of consumers in developing
countries resulting in the increasing sales of automobiles and government
schemes to promote the adoption of electric vehicles is further propelling the
growth of the lubricants market. In addition, large base of metalworking industries
in countries like China, India, and Japan is boosting the demand of
metalworking fluid.
According to UnivDatos’ research report “Global Lubricants Market”, the market is expected to witness a CAGR of ~2% during the forecast period 2021-2027F. Global
demand of lubricants is growing at a moderate rate owing to saturated
industrial sector and slow growth in automotive sector. However, during the
past couple of decades automotive and industrial sectors were the key factors
for the growth of lubricating oil market owing to the increasing
industrialization across the globe and growing consumer purchasing power thus resulted in higher sales of automobiles. For
instance, production of automobiles increased to 91.7 million in 2019 compared
to 89.7 million in 2014. However, in 2020 production decreased to 77.6 million
due to manufacturing shutdown in order to curtail the spread of COVID-19.
Based on the Base Oil, the market is categorized into group I, group II, group
III, group IV, and group V. Among these, Group II base oil accounted for the
prominent market share in 2020. Group II base oil has higher efficiency and
lower emission relative to group I base oil. Further, industries are finding it
affordable as well. However, during the forecast period, group III base oil is
likely to showcase fastest growth rate primarily due to the ability to enable
better fuel efficiency, higher quality, and being cleaner and more environment
friendly.
Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/lubricants-market?popup=report-enquiry
Based on Product Type, the market is categorized into engine oil, general
industrial oil, metalworking oil, grease, transmission and hydraulic fluid oil,
gear oil, process oil, and others. Among these, engine oil category held the
significant market share owing to large base of automobiles and increasing
demand of automobiles in developing regions like Asia Pacific because of rising
purchasing power of population. Further, increasing automotive emission
regulation is expected to fuel the market of lubricants globally, as lubricant
reduce wear and tear of equipment thus improving the performance of automobiles.
Based on End Use, market is sub-segmented into automotive & other
transportation, heavy equipment, food & beverages, metallurgy &
metalworking, chemical and others. Automotive & other transportation
category held a considerable market share owing to governmental incentives
program to promote the adoption of the electric vehicles has provided
opportunity to lubricant manufacturer to launch lubricants for electric vehicle
sector. For instance, in October 2021, S-Oil launched SEVEN EV, a lubricant
product range exclusively for electric vehicles. Similarly, in the same month,
Gulf Oil International Ltd., part of the Hinduja Group, launched a new range of fluids for hybrid and
electric passenger vehicles in Indian market. The range had been launched in
international markets including Europe, the Middle East and China earlier this
year.
Asia-Pacific to Grab Lion’s
Share owing to huge manufacturing base
Large base of industries including
automotive, manufacturing, and metalworking among others couple with large and
growing demography of the region helped the region in attaining the top market position. For instance, countries such as
China, Japan, South Korea, and India are among the largest producer of
automotive worldwide. In 2020, China produces 25.2 million units of automobiles
followed by Japan, South Korea, and India with 8 million units, 3.5 million
units, and 3.4 million units, respectively. In addition, the region is the
largest producer and consumer of steel and aluminum, therefore the demand of metalworking fluid is further
propelling the lubricants market growth.
For instance, apparent steel consumption in China, India, Japan, South Korea, and
Taiwan stood around 995.0 million tons, 88.5 million tons, 52.6 million tons,
49.0 million tons, and 18.5 million tons in 2020. Further, changing and
improving environmental regulations is propelling the market of lubricants.
They reduce friction and so reduce fuel consumption, which in turn reduces
emissions and supports compliance with strict fuel consumption regulations.
Therefore, to meet the net zero emission, lubricant can also play a role.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the
Global Lubricants Market include Chevron Corporation, British Petroleum Plc., PetroChina Company Limited, Royal Dutch Shell Plc., Total S.A., Idemitsu Kōsan kabushiki geisha, China Petroleum & Chemical Corporation, JX
Nippon Oil & Gas Exploration Corporation, Fuchs Petrolub SE. Several M&A’s along with partnerships have been
undertaken by these players to boost their presence in different regions. These
companies are investing heavily on lubricants production & technology to
increase their customer base.
Click here to view the Report Description & TOC: https://univdatos.com/reports/lubricants-market
Some recent developments and
collaborations are as follows: -
In December 2021, Saudi Aramco
entered into the Kingdom’s
domestic lubricants market with the launch of a new line of products.
In October 2021, TotalEnergies specialties US partners with hyperfuels to distribute complete line of TotalEnergies Automotive
Lubricants Nationwide.
“Global Lubricants Market” provides comprehensive qualitative and quantitative insights
on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities
available for the market players. Moreover, the report also encompasses the key
strategic imperatives for success for competitors along with strategic
factorial indexing measuring competitor's capabilities on different parameters.
This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
By Base Oil (Group I,
Group II, Group III, Group IV, and Group V)
By Product Type (Engine Oil,
General Industrial Oil, Metalworking Oil, Grease, Transmission and Hydraulic
Fluid Oil, Gear Oil, Process Oil, and Others)
By End Use (Automotive
& Other Transportation, Heavy Equipment, Food & Beverages, Metallurgy
& Metalworking, Chemical, and Others)
By Region (North
America, Europe, Asia-Pacific, and Rest of World)
By Company (Chevron
Corporation, British Petroleum Plc., PetroChina Company Limited, Royal Dutch Shell Plc., TotalEnergies SE, Idemitsu Kōsan kabushiki geisha, China
Petroleum & Chemical Corporation, JX Nippon Oil & Gas Exploration
Corporation, Fuchs Petrolub SE)
Key questions answered in the
study:
What are the current and future trends of the global lubricants industry?
How the industry has been evolving in
terms of base oil, product type, and end use?
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
What are the key growth drivers and challenges for the global lubricants
industry?
What is the customer orientation, purchase behavior, and expectations
from the global lubricants suppliers across
various countries?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR
ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 GLOBAL LUBRICANTS MARKET
COVID-19 IMPACT
6 GLOBAL LUBRICANTS MARKET REVENUE
(USD BN), 2019-2027F
7 MARKET INSIGHTS BY BASE OIL
8 MARKET INSIGHTS BY PRODUCT TYPE
9 MARKET INSIGHTS BY END USE
10 MARKET INSIGHTS BY REGION
11 LUBRICANTS MARKET DYNAMICS
12 LUBRICANTS MARKET OPPORTUNITIES
13 LUBRICANTS MARKET TRENDS
14 LEGAL & REGULATORY FRAMEWORK
15 DEMAND AND SUPPLY SIDE ANALYSIS
16 VALUE CHAIN ANALYSIS
17 COMPETITIVE SCENARIO
18 COMPANY PROFILED
19 DISCLAIMER
Browse Other Related Research
Reports from UnivDatos -
Market to exceed US$ 1.2 Billion by 2027 Globally | CAGR: 2.6%
Market to exceed USD 28 Billion by 2027 Globally |CAGR: 8%
Market to exceed US$ 4.7 Billion by 2027 Globally |CAGR: 34%
Market to exceed US$ 18.9 Billion by 2027 Globally |CAGR: 4.7%
About Us:
UnivDatos is a passionate market research firm and a subsidiary of
Universal Data Solutions. Rigorous secondary and primary research on the market
is our USP, hence information presented in our reports is based on facts and
realistic assumptions. We have worked with 200+ global clients, including some
of the fortune 500 companies. Our clientele praises us for quality of insights,
