US & Canada, Jan. 30, 2025 (GLOBE NEWSWIRE) -- As per a new comprehensive report from The Insight Partners, the global lubricants market is observing significant growth owing to the growing automotive industry and a rising demand for industrial lubricants. The report runs an in-depth analysis of market trends, key players, and future opportunities. The lubricants market analysis focuses on various industrial applications that are expected to determine the market strength in the coming years.
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Overview of Report Findings
Market Growth: The lubricants market is expected to reach US$ 236.22 billion by 2031 from US$ 171.49 billion in 2023. The market is estimated to register a CAGR of 4.3% during the forecast period. Lubricants are primarily used to reduce friction between surfaces while in contact. They reduce the heat produced due to the frictional forces and can also help in the removal of foreign particles on the surfaces. Some commonly used lubricants are hydraulic fluid, engine oil, driveline lubricants, metalworking fluids, and grease.
Growth of Automotive Industry: The global automotive sector is expected to witness high growth during the forecast period. The increase in population, rising disposable income, and easy availability of credit and financing are some of the key factors boosting automobile sales. The increasing sales of automobiles are fueling the consumption of lubricants. Manufacturers globally are investing in improving their supply chain to increase sales in developing regions. For instance, according to the Federation of Automobile Dealers Associations (FADA), in India, sales of passenger vehicles increased to 2,854,242 units in November 2023 from 2,409,535 units in November 2022.
Similarly, according to the China Association of Automobile Manufacturers (CAAM), the sales of commercial vehicles accounted for 18.3% year-on-year for September 2023 in China. The automotive industry also paved its way in Brazil and South Africa. According to the National Economic Development and Labour Council (Nedlac), the automobile production in South Africa reached 633,332 units in 2023 and generated the revenue of US$ 14.7 in the same year. The South African automotive manufacturing industry is the 22nd largest in the world in terms of several vehicles produced, and is the largest on the African continent, accounting for more than 54% of vehicles assembled on the continent in 2023.
According to the International Organization of Motor Vehicle Manufacturers (OICA), Brazil was the largest manufacturer and exporter of light and commercial vehicles in 2023 in South & Central America. The country reported production of 2.3 million vehicles in 2022. Thus, the growth of automotive industries in emerging economies is expected to create lucrative opportunities for the lubricants market.
Rapid Industrial Growth: Lubricant is very beneficial in the industrial sector, as it keeps the equipment running at peak efficiency and with maximum reliability. Mineral and synthetic lubricants, greases, compressor oils, and cutting fluids are used as lubricants in various industries, such as automotive, oil & gas, textile, glass, power generation, manufacturing, food and beverages, and pharmaceuticals. The extensive application of lubricants in various industries and a growing industrial sector are the key factors driving the demand for lubricants.
Geographical Insights: Asia Pacific led the lubricants market with a substantial revenue share in 2023, followed by North America and Europe. Further, Asia Pacific is expected to register the highest CAGR during the forecast period due to a booming automotive industry.
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Market Segmentation
- In terms of base oil, the lubricants market is segmented into mineral oil, synthetic oil, and bio-based oil. The mineral oil segment held the largest share of the market in 2023.
- Based on product type, the lubricants market is categorized into hydraulic fluid, engine oil, driveline lubricants, metalworking fluids, grease, process oils, coolants, and others. The engine oil segment accounted for the largest share of the market in 2023.
- By end-use industry, the lubricants market is divided into automotive, building and construction, power generation, mining and metallurgy, food processing, oil and gas, marine, aviation, and others. The automotive segment dominated the market in 2023.
- The lubricants market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Competitive Strategy and Development
- Key Players: Shell plc, Exxon Mobil Corp, Chevron Corporation, FUCHS, TotalEnergies, BP p.l.c., Chevron Corporation, Valvoline Inc., and SABIC are among the leading companies operating in the lubricants market.
- Trending Topics: Bio-based lubricants, polyalkylene glycol oil for lubricants, wind turbine lubricants, specialty lubricants, and others.
Global Headlines on Lubricants
- Shell Lubricants Acquired UK-based Ester Fluid Businesses MIDEL and MIVOLT, Strengthening its Product Portfolio for the Renewable Energy Sector
- TotalEnergies Launched its First Range of Lubricants with Premium Regenerated from Base Oils
- Tata Motors Announced PETRONAS as its Strategic Lubricants Partner
- FUCHS Strengthened its Specialty Business by Acquiring the Lubricants Business of Gleitmo Technik AB, Sweden
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Conclusion
The growth in the global automotive industry propels the demand for lubricants. The increasing population, rise in disposable income, and easy availability of credit and financing are the key factors boosting automobile sales. Thus, increasing sales in the automotive industry are fueling the consumption of lubricants, which propels the market growth. The increasing investment in electric vehicles is also driving the lubricants market substantially. The renewable energy industry is a key part of the power generation industry and is one of the leading consumers of industrial lubricants, especially turbine oil and transformer oil. Wind energy is one of the fastest-growing renewable energy technologies, which holds a potential share for consuming lubricant in the power industry. Therefore, the demand for lubricants from the renewable energy sector is expected to increase significantly in the upcoming years.
The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, manufacturers, distributors, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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