Lubricant Market

Market Scenario

Lubricants are the substances which are used to reduce the force of friction between two sliding surfaces. Also, lubricants perform various functions displaying its versatility. For instance, when the frictional heat generated at the point of contact between the rubbing parts is localized at the surface peaks, lubricant or lubricating oil absorbs the heat and act as a coolant. It also reduces the frictional resistance in order to reduce the frictional resistance. Moreover, it provides protection against corrosion and cover the metal surface while preventing the attack of atmospheric corrosive environment on metal surface. It also improves the efficiency of the machine since its use minimizes the liberation of frictional heat and reduces the expansion of metal. Lubricants can be classified into types such as semi-solid, liquid, and solid lubricant. Solid lubricants exist in solid form such as graphite, soap, wax, and chalk, among others. Semi-solid lubricants are obtained by combining lubricating oil with thickening agent such as silica gel, grease, and Vaseline, among others. Liquid lubricants include sealing agent, corrosion inhibitors, and cooling medium. 

Increased consumer awareness coupled with stringent government regulations driving sale of synthetic lubricants and growing automotive industry in Asia-Pacific is likely to drive the lubricant market. The automotive across the globe has undergone a greatest change over a decade. Although North America and Europe are still the largest markets for automotive industry, Asia-Pacific is capturing an increasing share of the global vehicles sales and Asian market is expected to see a continued to see a strong growth in the long term. The region has many largest vehicle producers with their headquarters in Asia-Pacific including the countries of China, Japan, and Korea comprising just over 37 million units of production and contributes approximately 42% in the global production market. Lubricants hold a significant share among all the component of all the automobiles. All these factors are expected to drive the lubricant market during the forecast period.

Global Lubricant market has been segmented based on type, application, and region. Based on type, the market is classified into mineral oil lubricants, synthetic lubricants, bio-based lubricants, and greases. Synthetic lubricants segment is leading the market and is expected witness with highest growth rate due to its wide application in the automotive industries. Moreover, rising dependency on private vehicles and increasing consumer affordability are some of the factors which are boosting the use of these lubricants in the automotive industry as well as other industries due to increasing focus on energy efficiency and cleanliness.  

The global Lubricant market is expected to grow at ~3.50 % CAGR during the forecast period. 

Market Segmentation

Global Lubricant market

Global Lubricant market is expected to witness moderate growth during the forecast period as there are still many untapped markets within developing economies that needs to undergo a major industrial transformation. Although there are many other developing economies such as India, China, and Japan, among others which are dedicated towards industrialization. For instance, industries such as pharmaceuticals, oil & gas, and rubber & plastic, among others use various types of lubricants for extreme temperatures, non-flammability, oxygen compatibility, and longevity. These lubricants are also widely used for superior performance, less maintenance, and longer use-life. 

Key Players

The key players of global Lubricant market are Idemitsu Kosan Co. Ltd, Fuchs Petrolub AG, Lukoil, Sinopec Limited, Petrochina Company Limited, Total S.A, Chevron Corporation, BP PLC., Exxonmobil Corporation, and Royal Dutch Shell PLC, among others.