Lubricants Market Overview, Growth, Share, and Research Report 2024-2032
- aryan rawat
- Mar 20, 2024
- 3 min read
According to IMARC Group latest report titled “Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on lubricants market overview. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global lubricants market size reached US$ 136.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 197.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032.
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Factors Affecting the Growth of the Lubricants Industry:
Automotive Industry Growth: The lubricants market is strongly driven by the expansion of the automotive industry. As vehicle production increases globally, there is a corresponding rise in the demand for lubricants for engine oils, transmission fluids, and other automotive applications. The need for lubricants to ensure smooth operation, reduce friction, and prolong engine life continues to propel market growth.
Industrialization and Manufacturing Activities: The lubricants market benefits from industrialization and the growth of manufacturing activities across various sectors. Machinery and equipment in industries such as manufacturing, construction, mining, and agriculture require lubricants to maintain optimal performance and prevent wear and tear. As industrial activities expand, the demand for lubricants for machinery maintenance and operation increases correspondingly.
Focus on Equipment Efficiency and Longevity: There is a growing emphasis on improving equipment efficiency and longevity across industries. Lubricants play a critical role in reducing friction, heat, and wear in machinery and equipment, thus enhancing their performance and lifespan. As companies seek to optimize operational efficiency and reduce maintenance costs, the demand for high-quality lubricants with advanced formulations and properties continues to rise.
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Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players operating in the market.
AMSOIL Inc.
BP p.l.c.
Chevron Corporation
China National Petroleum Corporation
China Petrochemical Corporation
ENEOS Corporation
ExxonMobil Corporation
Fuchs Petrolub SE
Phillips 66 Company, Saudi Arabian Oil Co.
Shell plc
TotalEnergies SE.
Lubricants Market Report Segmentation:
Our report has categorized the market based on region, product type, base oil and end use industry.
By Product Type:
Engine Oil
Transmission/Hydraulic Fluid
Metalworking Fluid
General Industrial Oil
Gear Oil
Grease
Process Oil
Others
Engine oil exhibited a clear dominance in the market.
By Base Oil:
Mineral Oil
Synthetic Oil
Bio-based Oil
Mineral oil exhibited a clear dominance in the market.
By End Use Industry:
Power Generation
Automotive and Other Transportation
Heavy Equipment
Food and Beverage
Metallurgy and Metalworking
Others
Automotive and other transportation exhibited a clear dominance in the market.
Regional Insights:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, South Korea, Others)
Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
Asia Pacific exhibited a clear dominance in the market due to the growing energy demand.
Global Lubricants Market Trends:
The lubricants market is experiencing notable trends that reflect industry responses to evolving consumer needs and global dynamics. There's a growing emphasis on sustainability and eco-friendly formulations. With increasing environmental awareness, lubricant manufacturers are investing in research and development to produce bio-based and environmentally friendly lubricants.
These alternatives aim to reduce the ecological impact of traditional lubricants, catering to the rising demand for sustainable solutions in various industries.
The lubricants market is witnessing a shift towards digitalization and predictive maintenance. IoT (Internet of Things) technologies are being integrated into lubrication systems, allowing real-time monitoring of equipment conditions. This trend enhances predictive maintenance capabilities, enabling companies to optimize lubrication schedules, reduce downtime, and extend the lifespan of machinery. The convergence of digital technologies with lubrication practices marks a significant advancement in the industry's approach to efficiency, cost-effectiveness, and equipment reliability.
Key Highlights of the Report:
Market Performance (2018-2023)
Market Outlook (2024-2032)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
About US:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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