The global lubricants market size is expected to reach USD 180.21 billion by 2030, registering a CAGR of 3.8% over the forecast period, according to a new report by Grand View Research, Inc. Growth in demand for biobased lubes owing to their eco-friendly characteristics is poised to pave way for higher demand over the coming years. Furthermore, the manufacturers are shifting and expanding their production units in developing nations owing to various factors, such as availability of raw materials and reduced infrastructure & labor costs. This, in turn, is anticipated to boost the market growth over the forecast period. Typical oil manufacturers use crude oil, CBM, tight oil, and other additives to formulate all types of lubricants.
Gather more insights about the market drivers, restrains and growth of the Global Lubricants Market
Medical was the largest application for PEG, accounting for more than 40% of market share in 2022. Superior blending, hygroscopicity, and non-toxic properties of PEG have resulted in high demand for the chemical in numerous pharmaceutical products such as tablets and ointments. Increasing pharmaceutical expenditure, particularly in emerging economies of India, China, and Brazil, is expected to boost PEG market over the forecast period. Growing demand for paints & coatings coupled with the increasing use of PEG as a solvent due to its low VOC emissions is anticipated to fuel market growth over the next six years.
Economic growth in emerging markets, such as China, India, and Brazil, has led to the betterment of public transportation in these regions. This trend is expected to further strengthen commercial automotive lubricant demand. The Asia Pacific automotive industry is anticipated to witness a high growth rate over the forecast period owing to rapid economic development, mega construction projects, and the introduction of various favourable policies by the government, such as 100% FDI and “Smart Cities”. Rapid industrial development and growing demand for high-performance luxurious passenger cars have also attracted heavy investments from international automotive players.
Lubricants Market Report Highlights
• The market is estimated significantly due to the increasing demand for automotive oils and greases on account of the growing trade of vehicles and their spare parts
• Lubricants are majorly used as diesel engine oils, gearbox lubricants, and transmission oils in passenger cars, commercial vehicles, and motorcycle segments of the automotive sector. As per OICA, global motor vehicle production reached 85, 016,728 in 2022, which is anticipated to drive the product demand
• Gas turbine oil is a high-performance oil created to help gas turbines run more efficiently and reliably while also enhancing the safety and productivity of power plant operations
• Asia Pacific dominated the market with a revenue share of 44.6% in 2023. A rising number of consumers is demanding advanced technological products with superior performance characteristics. This factor is conducive to market growth.
Browse through Grand View Research's Petrochemicals Industry Research Reports.
• The global ground calcium carbonate market size was valued at USD 30.7 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030.
• The Netherlands metalworking fluids market size was valued at USD 105.42 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2023 to 2030.
Segments Covered in the Report
Grand View Research has segmented the global lubricants market on the basis of application, base oil, and region:
Lubricants Application Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)
- Industrial
Process Oils
General Industrial Oils
Metalworking Oils
Industrial Engine Oils
Greases
Others - Automotive
Engine oil
0W-20
0W-30
0W-40
5W-20
5W-30
5W-40
10W-60
10W-40
15W-40
Others
Gear oil
Transmission fluids
Brake fluids
Coolants
Greases - Marine
Engine oil
Hydraulic oil
Gear oil
Turbine oil
Greases
Others - Aerospace
Gas turbine oil
Piston engine oil
Hydraulic fluids
Others
Lubricants Base Oil Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
Lubricants Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)
- North America
U.S.
Canada
Mexico - Europe
Germany
U.K.
Switzerland
France
Russia
Italy
Spain
Netherlands - Asia Pacific
China
India
Japan
South Korea
South East Asia
Malaysia
Indonesia
Vietnam
Oceania
Australia
New Zealand
Kyrgyzstan - Central & South America
Brazil
Argentina
Chile
Colombia - Middle East & Africa
Middle East
Iran
Oman
UAE
Qatar
Kuwait
Saudi Arabia
Africa
South Africa
Angola
Nigeria
Order a free sample PDF of the Lubricants Market Intelligence Study, published by Grand View Research.