Global Lubricants Market Size, Share, Opportunities, And Trends By Product Type (Engine Oil, Gear Oil, Hydraulic Oil, Greases, Others), By Base Stock (Mineral Oil Lubricant, Synthetic Lubricant, Semi-Synthetic Lubricant, Bio-Based Lubricant), By End-User Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, Chemical Manufacturing, Others), And By Geography – Forecast From 2024 To 2029

The Global Lubricants market is estimated at USD136.467 billion in 2024 and is anticipated to grow at a CAGR of 3.82% during the forecast period and reach USD 162.316 billion in 2029.

Lubricant refers to a chemical incorporated to control adhesion between surfaces. It can also be used to cool, drag away heat and/or wear debris, deliver additives into the contact, and transfer power.

The main determinants of lubricants include environmental factors, technological advancement, and the tastes and preferences of customers in the particular industry. These are used in many industries, such as automotive and manufacturing.

GLOBAL LUBRICANTS MARKET DRIVERS:

• Advancements in widespread industrial operations are a significant factor driving the lubricant market. Correlating the degree of industrialization and complication of the processes, the use of machinery and equipment increases.

Some industries with extensive use of mechanical equipment that requires lubricants include; mining, construction, and metallurgy industries. Mining, for instance, remains one of Australia’s most flattened industries to date. It is a major industry that contributes to the Australian economy and stood at approximately 13.6% of total GDP in 2023. The sector is almost fully export-oriented and has very limited value-addition to the product onshore. The expansion of such industries, therefore, boosts the demand for lubricants. In addition, they are used in many manufacturing activities such as cutting, drilling, and shaping and in many other services.

Nonetheless, there is a direct correlation between the level of manufacturing activities and the need for lubricants. In line with this, the manufacturing sector of India is predicted to be US$1 trillion in FY-2025-26 if it invests especially in cars, electronics, textiles, etc. in the states of Gujarat, Maharashtra, and Tamil Nadu.? Therefore, with an increase in industrialization across the world, the demand for lubricants for machines and other processes upsurges.

• Formulating lubricant types for use depending on the application and operating condition enhances the performance and reliability of machines and equipment. These formulas often provide higher fuel consumption, lower pollutant output, and longer equipment’s operational life.

For example, the European Commission set up VECTO to simulate and set out the fuel consumption and CO? emission potential of different designs of HDVs in the EU. This is aimed at helping the industry achieve new international regulations that require a cut in CO? emissions to 15% by 2025 and 30% by 2030 relative to a baseline of 2019-20.

Alongside this, Shell offers Rimula R7 AD 5W-30, which can improve fuel economy by up to 3. 9%. It has less viscosity than standard viscosity grades 3, and the entire Shell Rimula R7 line has specific OEM approvals dependent on features confirmed through various trials.

Moreover, advancements in lubricant formulation have also improved energy efficiency. In 2023, Aramco bought Valvoline. This created a strategic alliance that led to a synergy that will continue to propel product development in the market. Currently, Valvoline offers treatment for all types of engines and power trains, new, high-mileage, and heavy-duty vehicles.

In general, Specialized lubricant formulations are capable of providing longer protection and better performance than traditional lubricants, therefore causing reduced replacement and maintenance requirements.

GLOBAL LUBRICANTS MARKET SEGMENT ANALYSIS:

• By application, automotive and transportation is anticipated to be one of the fastest-growing segments in the lubricants market.

The automotive and transportation segment is one of the major factors influencing the lubricants market in the Asia Pacific region. The increase in demand for automotive lubricants is compounded mostly by the fast growth in vehicle ownership. This rise is not only in the sales of passenger automobiles but also in commercial vehicles, motorbikes, and several other automotive products, which in turn pushes demand. The automotive industry in the UK conducted a £94 billion trade in 2022 and eyed a position of £100 billion trading industry by the end of 2023. Thus, in the first half of 2023, the automotive industry contributed 11.8% of UK manufactured goods exports, with road cars being the most imported commodity.

The automobile trade is never stagnant, and as the years go by, it continues to evolve as technology develops. These improvements dawn new possibilities for manufacturers and suppliers of lubricants to develop new formulations good for specific categories of vehicles.

• Asia Pacific’s lubricants market is anticipated to grow significantly.

Several factors fuel the demand for lubricants in the Asia Pacific region in an upward trend. Thus, globalization, industrialization, and the growth of various industries in countries such as China and India contribute to it. The increase in demand for cars, especially in developing countries, is another factor that can be attributed to the market growth. Heavy vehicle is a major industry where India has a commanding position. India is the largest tractor producer, the second-largest bus producer, and the third-largest heavy truck producer in the world. The nation's annual automotive output in FY23 was 25.9 million units. India is a large market when it comes to demand in its home market as well as demand in the overseas market. In April 2024, the nation's total output of passenger vehicles, three-wheelers, two-wheelers, and quadricycles was 23,58,041.

Apart from this, infrastructure development projects like roads, trains, and ports require lubricants for machinery and equipment. China's 14th Five-Year Plan focuses on new infrastructure projects in transportation, energy, and water systems. According to projections, the total investment in new infrastructure during the 14th Five-Year Plan period (2021-2025) would be over 27 trillion yuan ($4.2 trillion). The new plan emphasized nine important elements for energy efficiency and green building development; it also asked to remodel over 350 million square meters of buildings and construct over 50 million square meters of net zero energy structures.  

Increased urbanization, a growing middle class, and government attempts to stimulate industrialization are all key drivers of development in the Asia Pacific lubricants industry. The region's large population and economic growth make it an attractive market for lubricant manufacturers and distributors.

Global Lubricants Market Key Developments:

• In June 2024, TotalEnergies signed off on its Quartz EV3R (passenger car) and Rubia EV3R (truck) lubricant lines. These lubricants are produced with high-quality regenerated base oils approved by vehicle manufacturers.
• In June 2024, Castrol India Limited presented a new product portfolio under the Castrol EDGE brand. This superb and advanced engine oil known for on-demand performance is composed of three versions exclusively for passenger vehicles, which corresponds to the shifting needs of automotive consumers.
• In April 2024, Shell Lubricants introduced three new products under its market-leading Shell Helix Ultra passenger vehicle motor oil brand. These products match revised industry criteria and original automobile manufacturer (OEM) requirements, allowing consumers to release more engine power.

The global lubricants market is segmented and analyzed as follows:

• By Product Type
  • Engine Oil
  • Gear Oil
  • Hydraulic Oil
  • Greases
  • Others
• By Base Stock
  • Mineral Oil Lubricant
  • Synthetic Lubricant
  • Semi-Synthetic Lubricant
  • Bio-Based Lubricant
• By End-User Industry
  • Power Generation
  • Automotive and Other Transportation
  • Heavy Equipment
  • Food and Beverage
  • Metallurgy and Metalworking
  • Chemical Manufacturing
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Rest of the Middle East and Africa
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. Growing Utilization in Various End-Use Industries

4.1.2. Advancements in Technology

4.2. Market Restraints

4.2.1. Fluctuating Crude Oil Prices

4.2.2. Environmental Regulations

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. GLOBAL LUBRICANTS MARKET BY PRODUCT TYPE

5.1. Introduction

5.2. Engine Oil

5.3. Gear Oil

5.4. Hydraulic Oil

5.5. Greases

5.6. Others

6. GLOBAL LUBRICANTS MARKET BY BASE STOCK

6.1. Introduction

6.2. Mineral Oil Lubricant

6.3. Synthetic Lubricant

6.4. Semi-Synthetic Lubricant

6.5. Bio-Based Lubricant

7. GLOBAL LUBRICANTS MARKET BY END-USER INDUSTRY

7.1. Introduction

7.2. Power Generation

7.3. Automotive and Other Transportation

7.4. Heavy Equipment

7.5. Food and Beverage

7.6. Metallurgy and Metalworking

7.7. Chemical Manufacturing

7.8. Others

8. GLOBAL LUBRICANTS MARKET BY GEOGRAPHY

8.1. Global Overview

8.2. North America

8.2.1. United States

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Rest of South America

8.4. Europe

8.4.1. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Italy

8.4.5. Spain

8.4.6. Rest of Europe

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. United Arab Emirates

8.5.3. Rest of the Middle East and Africa

8.6. Asia-Pacific

8.6.1. China

8.6.2. India

8.6.3. Japan

8.6.4. South Korea

8.6.5. Taiwan

8.6.6. Thailand

8.6.7. Indonesia

8.6.8. Rest of Asia-Pacific

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES 

10.1. Shell Global

10.2. BP India

10.3. Chevron Lubricants

10.4. China National Petroleum Corporation

10.5. ENEOS Corporation

10.6. ExxonMobil Corporation

10.7. Gulf Oil India

10.8. Indian Oil Corporation Ltd. 

10.9. Petromin Corporation

10.10. Philips 66 Lubricants

10.11. TotalEnergies

10.12. Valvoline Inc. 

Shell Global

BP India

Chevron Lubricants

China National Petroleum Corporation

ENEOS Corporation

ExxonMobil Corporation

Gulf Oil India

Indian Oil Corporation Ltd. 

Petromin Corporation

Philips 66 Lubricants

TotalEnergies

Valvoline Inc.