Rising demand from the automotive sector is projected to boost the global Lubricants Market growth

Pune, India, February 2023 /MRFR Press Release/- Market research future published a Half cooked research report on Global Lubricants Market.

Market Overview :

The global Lubricants market is projected to register healthy growth during the forecast period, 2023–2030. The market was valued at USD 116 Billion in 2022 and is projected to register a CAGR of 5.00% to reach USD 146 Billion by 2030.

Lubricants are frequently utilized in the processing industries and automobile parts, notably brakes and engines, which require lubrication to function properly. There is significant expansion or reopening activity in refineries in major parts of the world such as the United States, China, India, Saudi Arabia, and others to meet the ever-increasing demand from end-use industries for various petroleum-based products, and thus this expansion in refinery capacity will boost growth in the global lubricant market. Furthermore, the growth in demand for high-speed engines for various end-use applications such as power generation, marine and others might propel the growth in the global lubricants market in the forecast period.

Additionally, rising demand for hybrid cars due to rising environmental concerns among customers and manufacturers may limit the growth of the lubricants market over the forecast period. Furthermore, growing environmental issues related to pollution and inappropriate disposal of spent lubricants may provide a challenge in the global lubricants industry.

Competitive Landscape

Many regional and local vendors characterize the Lubricants market. The market is highly competitive, with all the players competing to gain maximum market share. The increasing Lubricants demand in automotive boosting the sales of Lubricants is the key driver of the market. The vendors compete based on cost, product quality, and the availability of the products according to the geographies. The vendors must provide cost-effective and high-quality Lubricants to compete in the market. The competitive scenario is fragmented between the tier-1, tier-2, and tier-3 companies, while tier-1 and tier-2 companies hold over 60% of the global market share. The market players' growth depends on the market and economic conditions, government regulations, and industrial development.

Thus, the players should focus on expanding the production capacity to meet the demand and enhance their services. Shell plc (UK), BP p.l.c. (UK), TotalEnergies SE (France), ExxonMobil Corporation (US), Chevron Corporation (US), PetroChina Company Limited (China), China Petrochemical Corporation (China), Idemitsu Kosan Company, Ltd. (Japan), Valvoline Inc. (US), LUKOIL, Philiips 66, Petróleo Brasileiro S.A, Indian oil corporation limited, FUCHS PETROLUB SE, and ENEOS Holdings, Inc are the major companies in the market at the present that are competing in terms of quality, price, and availability. These players are primarily focusing on the development of Lubricants. Although the international players dominate the market, regional and local players with small market shares also have a moderate presence.

Segmentation

By Base Stock

• Mineral oil: Mineral-oil-based lubricants are often used to lubricate mechanical parts with several purposes, such as bearings, chains, gears, slides, and threaded connections, whose operating temperatures normally vary from -17°C to 150°C. Mineral-oil-based lubricants can provide benefits such as improved additive solubility, improved seal compatibility, and lower cost. Mineral oils are prone to vaporizing and oxidizing within the machine's typical working temperature.


• Synthetic:synthetic fluids, which contain synthetic base stocks such as esters or polyalphaolefins, are used to continuously wet the workpiece to prevent mist and smoke, especially during the grinding process. However, one notable disadvantage of synthetic fluids is that they are less capable of avoiding corrosion and can be harsh on the tool over time. Synthetic-based lubricants can provide advantages such as increased tolerance for harsh temperatures and situations that mineral-oil-based fluids may find hostile.


• Bio-based: Soybean, rapeseed, and sunflower products are a few examples of base stock materials used in bio-based lubricants. These base stocks have favorable lubricity, flash point, and viscosity index characteristics, but their oxidation stability is frequently subpar. They have a position in some hydraulics, total-loss systems, and environmentally sensitive places, despite their limited use. These lubricants were created to overcome the technical issues that have severely restricted the use of previous biobased lubricants, including their low thermal and hydrolytic stabilities, narrow range of viscosities, and relatively high pour point temperatures.

By Type

• Hydraulic oil: Hydraulic oil is used to transfer hydrostatic power in hydraulic machinery. Common hydraulic oil, anti-wear hydraulic oil, and low-condensation point hydraulic oil are the three categories. Engineering machinery hydraulic oil is a hydraulic system-specific oil created for the demands of die-casting machines and construction machinery in real-world operating environments. Engineering machinery hydraulic oils perform better in terms of wear resistance, rust resistance, emulsification resistance, oxidation stability, hydrolysis stability, and temperature stability when compared to other hydraulic oils.


• Metalworking Fluid: MWFs aid in preventing burning and smoking by reducing heat and friction between the cutting tool and the workpiece. The metalworking fluid lubricates the cutter, eliminating chips & swarf and preventing chip whip & surface marring. Straight oils (neat or cutting oils) are versatile MWF manufactured from petroleum, vegetable, animal, or marine oils. Straight oils are undiluted and are typically utilized in heavy-duty machining procedures. To improve performance, extreme pressure agents are frequently added to plain oils.


• Engine & Gear oil: The primary function of engine oil is to lubricate the engine elements, which are constantly in contact. It, therefore, lowers friction, which tends to increase engine part wear and tear. Energy is wasted during combustion, and friction between mechanical parts raises engine temperature. Engine oil is used for on- and off-road diesel engines, over-the-road tractor-trailers, pickup trucks, construction, mining equipment, farming equipment, stationary diesel engines, generators, and irrigation pumps.


• Industrial oil (incl. compressor oils): Compressor oil lubricates all moving parts, allowing them to move around one another without binding or wearing, and it also serves as a cooling medium, transporting heat away as the oil cycles. Standard compressor oil is created from a mineral base and is less expensive than synthetic compressor oil. Industrial lubricants must be kept at predetermined purity levels, and the lubrication systems must be kept at predetermined pressures and temperatures. This is frequently used in the automotive and marine industries.


• Dielectric fluids: Dielectric fluids are used to insulate, cool, and lubricate high-voltage electrical equipment. Dielectric fluids have the properties of keeping the workpiece at a constant temperature, extending the life of the cutting tip by lubricating the working edge and decreasing tip welding, and preventing corrosion on machine parts and cutters. These are used in the building & construction industry.


• Others (incl. process oils, grease, others): These mineral oil-based greases typically function well in most industrial applications. Grease with synthetic base oil provides higher stability in temperature extremes (low or high). Grease is less difficult to contain than oil. Oil lubrication can necessitate a costly system of circulating machinery and complicated retention systems. Grease, on the other hand, due to its stiffness, can be easily contained using simpler, less expensive retention mechanisms.

By End-Use

• Automotive & Transportation: Engine oil & gear oil, grease, penetrating lubricant, and dry lubricants are used in automotive. In automotive, agricultural machinery, and other vehicles, gear oil is designed for use in a variety of gear units, including bevel, standard, and helical gearboxes, transmissions, and differentials. A variety of pressure and temperature situations across a range of autos are addressed in the specifically designed high-grade gear oil. Gear oil has a higher viscosity than conventional motor oil and additives that make it more pressure-resistant.


• Building & Construction: Hydraulic fluid, engine oil, gear oil, automatic transmission fluid (ATF), grease, and compressor oil are the primary categories of construction lubricants. As a lubricant and medium for the transmission of energy or power, hydraulic fluid serves several roles. Hydraulic fluids or hydraulic oils are fluids used in numerous types of machinery, equipment, and throughout sectors. Base oils for construction lubricants come in both synthetic and mineral oil varieties.


• Metal & Mining: Mining wire rope lubricants are used to provide a thick layer that shields draglines and drag ropes from corrosion. They typically fall into the penetrating and coating groups. While coating lubricants protect the outside of the cable with a thick film to prevent wear and corrosion, penetrating lubricants carry the lubricant to the core before evaporating, lubricating each strand in the process.


• Power generation (incl. cogeneration): Coal power plant lubricants are designed to function even under the most difficult circumstances, such as high temperatures and heavy loads in wet, dusty environments. Equipment used in the production of energy, such as steam turbines, gas turbines, generators, boiler feed pumps, ball mills, rod mills, and bowl mills, uses turbine oils, open gear lubricants, enclosed gear lubricants, and other industrial lubricants. Windmills and their component elements, including their generators, gears, shafts, and wires, are maintained to perform well whether they are positioned on or off-shore, and wind turbines are quickly becoming a significant component.


• Oil & Gas: For oil drilling and natural gas operations, engine oil, gear oil, hydraulic oil, and other lubricant solutions help equipment tackle a variety of problems, such as wear, heat, heavy loads, contamination from water and dirt, oil leakage, foam, sludge, and rust. Additional challenges include pound-out and wash-out grease point issues. These difficulties might result in more downtime, less output, shorter equipment, and engine oil lubricant lives, and costly part replacement if not addressed.


• Marine: Marine lubricants are frequently used in the shipping sector to increase engine efficiency and safeguard other equipment. In addition to preserving components from high temperatures and improving engine life, they also lessen equipment wear. They allow for long maintenance intervals, provide wear protection, and extend the lifespan of ship parts, port infrastructure, and harbor cranes. Greases, turbine oil, gear oil, and industrial lubricants are used in the marine industry for lubrication.


• Aerospace: Lubricants minimize the amount of maintenance needed in commercial, corporate, and military aircraft applications, increase safety and dependability and adhere to a variety of MIL-SPECs. Additionally, the absence of the necessity for part relubrication reduces equipment downtime and lengthens service intervals, both of which serve to contain overall operating costs.


• Fuel Storage: Fuel and diesel oil received in bulk following bunkering are stored in bunker tanks. On a ship, there are settling tanks that are a component of the bulkhead of the engine room. The settling tank receives oil from the bunker tank. Base oil, a viscosity modifier, and an additive package that contains antioxidants, detergents, and dispersants make up fuel storage lubricants. The lubricant's viscosity is by far its most significant characteristic.


• Others: Others include the pharma, food, and textile industry. Lubricants are used in the pharmaceutical business to improve powder flow by lowering interparticle friction. The pharmaceutical industry's most popular lubricants are magnesium stearate and stearic acid. Lubricants in the pharmaceutical industry help to guarantee that tablets are ejected cleanly and without breaking or cracking by reducing friction between the tablet and the die metal surface.

By Region

• North America: North America was the second largest, with a share of 28.06% in 2021, sized at USD 36.89 billion; it is projected to exhibit a CAGR of 3.81%.


• Europe The European market has been segmented into Germany, Russia, Italy, France, the UK, Spain and the rest of Europe. Europe was the third largest, with a share of 22.17%in 2021; it is projected to exhibit a CAGR of 3.21%.


• Asia Pacific: Asia-Pacific dominated the market with a share of 37.50%, accounting for USD 49.30 billion in 2021; it is expected to register the highest CAGR of 3.34% from 2022 to 2030.


• Latin America: The Latin American market is divided into Brazil, Mexico, and Argentina are the major contributors in the region; it is projected to exhibit a CAGR of 54%.


• Middle East & Africa: In the Middle East & Africa, GCC countries are the leading in the region followed by South Africa, it is projected to exhibit a CAGR of 92%.