Lubricants Market Research Report- Forecast till 2030

Lubricants Market Research Report- Information by Type (Mineral Oil, Bio-based, and Synthetic Lubricants), Application (Industrial, Automotive, Marine, Construction, and others) Region - Forecast till 2030

ID: MRFR/CnM/4003-HCR | February 2021 | Region: Global | 137 Pages         

Table of Contents

1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Research Objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

3 Market Research Methodology

3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Model

4 Market Landscape

4.1 Five Forces Analysis

4.1.1 Threat of New Entrants

4.1.2 Bargaining Power of Buyers

4.1.3 Threat of Substitutes

4.1.4 Segment Rivalry

4.2 Value Chain/Supply Chain of Global Lubricants Market

5 Industry Overview of Global Lubricants Market

5.1 Introduction

5.2 Growth Drivers

5.3 Impact Analysis

5.4 Market Challenges

6 Market Trends

6.1 Introduction

6.2 Growth Trends

6.3 Impact Analysis

7. Global Lubricants Market by Type

7.1 Introduction

7.2 Mineral Oil

7.2.1 Market Estimates & Forecast, 2020-2028

7.2.2 Market Estimates & Forecast by Region, 2020-2028

7.3 Bio-Based

7.3.1 Market Estimates & Forecast, 2020-2028

7.3.2 Market Estimates & Forecast by Region, 2020-2028

7.4 Synthetic

7.4.1 Market Estimates & Forecast, 2020-2028

7.4.2 Market Estimates & Forecast by Region, 2020-2028

8. Global Lubricants Market by Application

8.1 Introduction

8.2 Industrial

8.2.1 Market Estimates & Forecast, 2020-2028

8.2.2 Market Estimates & Forecast by Region, 2020-2028

8.3 Automotive

8.3.1 Market Estimates & Forecast, 2020-2028

8.3.2 Market Estimates & Forecast by Region, 2020-2028

8.4 Marine

8.4.1 Market Estimates & Forecast, 2020-2028

8.4.2 Market Estimates & Forecast by Region, 2020-2028

8.5 Construction

8.5.1 Market Estimates & Forecast, 2020-2028

8.5.2 Market Estimates & Forecast by Region, 2020-2028

8.6 Others

8.6.1 Market Estimates & Forecast, 2020-2028

8.6.2 Market Estimates & Forecast by Region, 2020-2028

9. Global Lubricants Market by Region

9.1 Introduction

9.2 North America

9.2.1 Market Estimates & Forecast, 2020-2028

9.2.2 Market Estimates & Forecast by Type, 2020-2028

9.2.3 Market Estimates & Forecast by Application, 2020-2028

9.2.4 US

9.2.4.1 Market Estimates & Forecast, 2020-2028

9.2.4.2 Market Estimates & Forecast by Type, 2020-2028

9.2.4.3 Market Estimates & Forecast by Application, 2020-2028

9.2.5 Mexico

9.2.5.1 Market Estimates & Forecast, 2020-2028

9.2.5.2 Market Estimates & Forecast by Type, 2020-2028

9.2.5.3 Market Estimates & Forecast by Application, 2020-2028

9.2.6 Canada

9.2.6.1 Market Estimates & Forecast, 2020-2028

9.2.6.2 Market Estimates & Forecast by Type, 2020-2028

9.2.6.3 Market Estimates & Forecast by Application, 2020-2028

9.3 Europe

9.3.1 Market Estimates & Forecast, 2020-2028

9.3.2 Market Estimates & Forecast by Type, 2020-2028

9.3.3 Market Estimates & Forecast by Application, 2020-2028

9.3.4 Germany

9.3.4.1 Market Estimates & Forecast, 2020-2028

9.3.4.2 Market Estimates & Forecast by Type, 2020-2028

9.3.4.3 Market Estimates & Forecast by Application, 2020-2028

9.3.5. France

9.3.5.1 Market Estimates & Forecast, 2020-2028

9.3.5.2 Market Estimates & Forecast by Type, 2020-2028

9.3.5.3 Market Estimates & Forecast by Application, 2020-2028

9.3.6 Italy

9.3.6.1 Market Estimates & Forecast, 2020-2028

9.3.6.2 Market Estimates & Forecast by Type, 2020-2028

9.3.6.3 Market Estimates & Forecast by Application, 2020-2028

9.3.7 Spain

9.3.7.1 Market Estimates & Forecast, 2020-2028

9.3.7.2 Market Estimates & Forecast by Type, 2020-2028

9.3.7.3 Market Estimates & Forecast by Application, 2020-2028

9.3.8 U.K

9.3.8.1 Market Estimates & Forecast, 2020-2028

9.3.8.2 Market Estimates & Forecast by Type, 2020-2028

9.3.8.3 Market Estimates & Forecast by Application, 2020-2028

9.4 Asia Pacific

9.4.1 Market Estimates & Forecast, 2020-2028

9.4.2 Market Estimates & Forecast by Type, 2020-2028

9.4.3 Market Estimates & Forecast by Application, 2020-2028

9.4.4 China

9.4.4.1 Market Estimates & Forecast, 2020-2028

9.4.4.2 Market Estimates & Forecast by Type, 2020-2028

9.4.4.3 Market Estimates & Forecast by Application, 2020-2028

9.4.5 India

9.4.5.1 Market Estimates & Forecast, 2020-2028

9.4.5.2 Market Estimates & Forecast by Type, 2020-2028

9.4.5.3 Market Estimates & Forecast by Application, 2020-2028

9.4.6 Japan

9.4.6.1 Market Estimates & Forecast, 2020-2028

9.4.6.2 Market Estimates & Forecast by Type, 2020-2028

9.4.6.3 Market Estimates & Forecast by Application, 2020-2028

9.4.7 Australia

9.4.7.1 Market Estimates & Forecast, 2020-2028

9.4.7.2 Market Estimates & Forecast by Type, 2020-2028

9.4.7.3 Market Estimates & Forecast by Application, 2020-2028

9.4.8 New Zealand

9.4.8.1 Market Estimates & Forecast, 2020-2028

9.4.8.2 Market Estimates & Forecast by Type, 2020-2028

9.4.8.3 Market Estimates & Forecast by Application, 2020-2028

9.4.9 Rest of Asia Pacific

9.4.9.1 Market Estimates & Forecast, 2020-2028

9.4.9.2 Market Estimates & Forecast by Type, 2020-2028

9.4.9.3 Market Estimates & Forecast by Application, 2020-2028

9.5 Middle East & Africa

9.5.1 Market Estimates & Forecast, 2020-2028

9.5.2 Market Estimates & Forecast by Type, 2020-2028

9.5.3 Market Estimates & Forecast by Application, 2020-2028

9.5.4 Turkey

9.5.4.1 Market Estimates & Forecast, 2020-2028

9.5.4.2 Market Estimates & Forecast by Type, 2020-2028

9.5.4.3 Market Estimates & Forecast by Application, 2020-2028

9.5.5 Israel

9.5.5.1 Market Estimates & Forecast, 2020-2028

9.5.5.2 Market Estimates & Forecast by Type, 2020-2028

9.5.5.3 Market Estimates & Forecast by Application, 2020-2028

9.5.6 North Africa

9.5.6.1 Market Estimates & Forecast, 2020-2028

9.5.6.2 Market Estimates & Forecast by Type, 2020-2028

9.5.6.3 Market Estimates & Forecast by Application, 2020-2028

9.5.7 GCC

9.5.7.1 Market Estimates & Forecast, 2020-2028

9.5.7.2 Market Estimates & Forecast by Type, 2020-2028

9.5.7.3 Market Estimates & Forecast by Application, 2020-2028

9.5.8 Rest of Middle East & Africa

9.5.8.1 Market Estimates & Forecast, 2020-2028

9.5.8.2 Market Estimates & Forecast by Type, 2020-2028

9.5.8.3 Market Estimates & Forecast by Application, 2020-2028

9.6 Latin America

9.6.1 Market Estimates & Forecast, 2020-2028

9.6.2 Market Estimates & Forecast by Type, 2020-2028

9.6.3 Market Estimates & Forecast by Application, 2020-2028

9.6.4 Brazil

9.6.4.1 Market Estimates & Forecast, 2020-2028

9.6.4.2 Market Estimates & Forecast by Type, 2020-2028

9.6.4.3 Market Estimates & Forecast by Application, 2020-2028

9.6.5 Argentina

9.6.5.1 Market Estimates & Forecast, 2020-2028

9.6.5.2 Market Estimates & Forecast by Type, 2020-2028

9.6.5.3 Market Estimates & Forecast by Application, 2020-2028

9.6.6 Rest of Latin America

9.6.6.1 Market Estimates & Forecast, 2020-2028

9.6.6.2 Market Estimates & Forecast by Type, 2020-2028

9.6.6.3 Market Estimates & Forecast by Application, 2020-2028

10. Company Landscape

11. Company Profiles

11.1 Royal Dutch Shell PLC.

11.1.1 Company Overview

11.1.2 Product/Business Segment Overview

11.1.3 Financial Updates

11.1.4 Key Developments

11.2 Exxonmobil Corporation

11.2.1 Company Overview

11.2.2 Product/Business Segment Overview

11.2.3 Financial Updates

11.2.4 Key Developments

11.3 Chevron Corporation

11.3.1 Company Overview

11.3.2 Product/Business Segment Overview

11.3.3 Financial Updates

11.3.4 Key Developments

11.4 Total S.A.

11.4.1 Company Overview

11.4.2 Product/Business Segment Overview

11.4.3 Financial Updates

11.4.4 Key Developments

11.5 Sinopec Lubricant Company

11.5.1 Company Overview

11.5.2 Product/Business Segment Overview

11.5.3 Financial Updates

11.5.4 Key Developments

11.6 Petrochina Company Limited

11.6.1 Company Overview

11.6.2 Product/Business Segment Overview

11.6.3 Financial Updates

11.6.4 Key Developments

11.7 BP PLC

11.7.1 Company Overview

11.7.2 Product/Business Segment Overview

11.7.3 Financial Updates

11.7.4 Key Developments

11.8 JXTG Group

11.8.1 Company Overview

11.8.2 Product/Business Segment Overview

11.8.3 Financial Updates

11.8.4 Key Developments

11.9 Idemitsu Kosan Co. Ltd

11.9.1 Company Overview

11.9.2 Product/Business Segment Overview

11.9.3 Financial Updates

11.9.4 Key Developments

11.10 FUCHS

11.10.1 Company Overview

11.10.2 Product/Business Segment Overview

11.10.3 Financial Updates

11.10.4 Key Developments

11.11 PETRONAS

11.11.1 Company Overview

11.11.2 Product/Business Segment Overview

11.11.3 Financial Updates

11.11.4 Key Developments

12. Conclusion

LIST OF TABLES

Table 1 World Population by Major Regions (2020-2028)

Table 2 Global Lubricants Market: By Region, 2020-2028

Table 3 North America Lubricants Market: By Country, 2020-2028

Table 4 Europe Lubricants Market: By Country, 2020-2028

Table 5 Asia-Pacific Lubricants Market: By Country, 2020-2028

Table 6 Middle East & Africa Lubricants Market: By Country, 2020-2028

Table 7 Latin America Lubricants Market: By Country, 2020-2028

Table 8 Global Lubricants by Type Market: By Regions, 2020-2028

Table 9 North America Lubricants by Type Market: By Country, 2020-2028

Table 10 Europe Lubricants by Type Market: By Country, 2020-2028

Table11 Asia-Pacific Lubricants by Type Market: By Country, 2020-2028

Table12 Middle East & Africa Lubricants by Type Market: By Country, 2020-2028

Table13 Latin America Lubricants by Type Market: By Country, 2020-2028

Table14 North America Lubricants for Application Market: By Country, 2020-2028

Table15 Europe Lubricants for Application Market: By Country, 2020-2028

Table16 Asia-Pacific Lubricants for Application Market: By Country, 2020-2028

Table17 Middle East & Africa Lubricants for Application Market: By Country, 2020-2028

Table18 Latin America Lubricants for Application Market: By Country, 2020-2028

Table 19 Global Type Market: By Region, 2020-2028

Table 20 Global Application Market: By Region, 2020-2028

Table 21 North America Lubricants Market, By Country

Table 22 North America Lubricants Market, By Type

Table 23 North America Lubricants Market, By Application

Table24 Europe: Lubricants Market, By Country

Table25 Europe: Lubricants Market, By Type

Table 26 Europe: Lubricants Market, By Application

Table 27 Asia-Pacific: Lubricants Market, By Country

Table 28 Asia-Pacific: Lubricants Market, By Type

Table 29 Asia-Pacific: Lubricants Market, By Application

Table 30 Middle East & Africa: Lubricants Market, By Country

Table 31 Middle East & Africa Lubricants Market, By Type

Table 32 Middle East & Africa: Lubricants Market, By Application

Table 33 Latin America: Lubricants Market, By Country

Table 34 Latin America Lubricants Market, By Type

Table 35 Latin America: Lubricants Market, By Application

LIST OF FIGURES

FIGURE 1 Global Lubricants Market segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Five Forces Analysis of Global Lubricants Market

FIGURE 4 Value Chain of Global Lubricants Market

FIGURE 5 Share of Global Lubricants Market in 2020, by country (in %)

FIGURE 6 Global Lubricants Market, 2020-2028,

FIGURE 7 Sub segments of Type

FIGURE 8 Global Lubricants Market size by Type, 2020

FIGURE 9 Share of Global Lubricants Market by Type, 2020-2028

FIGURE 10 Sub segments of Application

FIGURE 11 Global Lubricants Market size by Application, 2020

FIGURE 12 Share of Global Lubricants Market by Application, 2020-2028

Global Lubricants Market

The Global Lubricants Market Size is expected to cross USD 142.63 Billion by 2030 at a CAGR of 3% during the forecast period 2021-2030

Segmentation

By Type Mineral Oil Bio Based Synthetic Lubricants
By Application Industrial Automotive Marine Construction Others

Key Players

  • Royal Dutch Shell PLC. (Netherlands)
  • Exxonmobil Corporation (U.S.)
  • Chevron Corporation (U.S.)
  • Total S.A. (France)
  • Sinopec Lubricant Company (China)
  • Petrochina Company Limited (China)
  • BP PLC (UK)
  • JXTG Group (Japan)
  • Idemitsu Kosan Co. Ltd (Japan)
  • FUCHS (Germany)

Drivers

  • Increased research and development activities
  • New product launches and R&D Amongst major key Players
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Lubricants Market Overview


The Lubricants Market value was estimated at USD 157.6 billion during the forecast period that ended in 2019. Because of the changing market trends and the advancements in the market dynamics, the market is expected to attain a growth CAGR of 3% during the ongoing forecast period of 2021-2030.

The availability of raw materials and the rising preference by the target audience to make use of lubricants and their by-products will help the market grow at this rate and reach a market valuation worth USD 182.6 billion by the end of the forecast period in 2028. One of the major trends that are prevailing in the market during the period is that there is a growing need for both vehicles and their spare parts that are anticipating the demand for automotive oils and greases and in turn are pushing for the market’s global growth.


Since Ford developed the first commercial car in the early 20th century, the design of internal combustion engines has evolved significantly. The engine has internal components that are now exposed to much more tension and heat due to engine improvement. It also has led to very high RPM engines. It requires better quality engine oil. The transmission system inside a vehicle has also improved, with vehicles reaching up to 150 miles per hour. The gear system and bearing technology have also been subject to drastic changes and improvements. All these improvements and evolution necessitate better lubricants. It has led the lubricants to evolve and expand.


Lubricants lend their use to various operations. Currently, wind power generation accounts for a tiny share of the overall energy mix, but the sector is growing at a rate of 10% and has reached a capacity of 596,556 megawatts in 2018, as per the world wind energy association. Wind turbines require lubricants for optimum operability.


The main use of lubricants is for the reduction of friction among the surfaces as thus further, helps in reducing the amount of heat generated. Lubricants possess some excellent and vibrant qualities like having a high boiling point, corrosive prevention, offer thermal stability, emulsification, alongside lubricity. Growth in economic growth is majorly increasing the number of vehicles that are present on the road, hence, the market trends are soaring high during the forecast period that ends in 2030.


COVID 19 Analysis


All the markets and business units that are functional across various global locations are suffering because of the arrival of the pandemic. However, the appearance of the pandemic is changing how the organizations lead their creation, production, manufacturing, and manufacturing units. Because of the pandemic, individuals are witnessing a deficiency of assets to meet the production requirements, and consequently, this is causing major havoc to meet the inventory requirements of the market. The situation is forcing development limitation and lockdowns that is further adding to the inaccessibility of work to skilled labor. This is further hampering the working of the organizations and is adding to the level of helplessness to satisfy the rising market needs. There is a constant battle to stay aware of the market patterns and emerging situations.


The need of the hour for the organizations is to focus on their target audience by expanding the comfort and convenience for clients. With large information and knowledge, the market companies are investing in the research and development departments that give rise to new products and services to introduce to the global target audience. The key market players are increasing their investment and spreading data that will give rise to opportunities for the global lubricants market value during the period.


Market Dynamics


Drivers


The lubricants industry has heavily been impacted by the arrival of the pandemic that occurred in 2020. The high-performance lubricants have better and improved properties like reduction inflammability, reduced gear wear along, and increased service life are likely to promise great market attributes to the lubricants market trends for the forecast period ending in 2028. Also, bio-lubricants, as a part of the market are witnessing the growing prominence in demand across various locations in the globe that promise the largest consumption is likely to be emerging in major regional markets of countries like India and China, that belong to the APAC region.


Restraints


The lubricants market trends show that there were many restraints introduced in the market since the pandemic hit the global borders and international markets. The work witnessed stoppage which led to a loss in the production of million vehicles across the global market. Based on the OICA, automobile production was declined by a global figure of 23% in the first 9 months of the pandemic year of 2020. Hence, the demand for lubricants declined in the year.


Technology Analysis


The lubricants market value is enhancing as the market producers and manufacturers are opting for product engine designs that are on the way to improvements that promise enhanced performance followed by increased efficiency and further, meet the environmental emission regulations during the forecast period that will end in 2028. The Chinese automotive manufacturing industry is growing due to the huge employment of technological advancements that hold positive attributes for the market revenue during the forecast period. In the Indian subcontinent, major market players like Tata, Honda, Mahindra, and Maruti, are witnessing a slowdown since 2019 and they are being forces to shift to a new level of Bharat Stage (BS) standard. But, the technology is helpful and hence, the market has major attributes for growing during the forecast period ending in 2028. 


Study Objectives



  • To study the impact of the coronavirus outbreak on the market operations and understand the market dynamics in the form of drivers, challenges, and restraints that will help the market cover the losses and earn a significant market revenue during the forecast period of 2021-2028.

  • To project the revenue potential of the global market and its segmentation that will have an impact on the market’s ability to reach the forecasted growth figures by the end of the ongoing period in 2028.

  • To analyze the rising degree of competition in the market based on the performance of the market players and study the recent developments of the market to have an idea about the players that can emerge as dominant players in the international market.


Segment Overview


The lubricants market size has been segmented based on the following:


Based on group


The market includes groups I, II, III, IV, V.


Based on base stock


The base stock includes bio-based lubricants, semi-synthetic lubricants, and synthetic lubricants, along with mineral oil lubricants.


Based on product type


The product type of the market deals in engine oils, gear oil, general industrial oil, process oil, grease, metalworking fluids, transmission, and hydraulic fluid amongst other product types.


Based on market end-users


The market end-users are power generation, automotive, heavy equipment, food and beverage, metallurgy, metalworking, chemical manufacturing, and oil and gas, amongst others.


Regional Analysis


The lubricants market revenue is likely to be the maximum in the APAC region as there has been an increased need for wind power and an expanded and large automotive production base which is based in major countries like India, China, and Japan. The usage of lubricants and their groups is increasing at a significant rate in the region. China is emerging as the largest lubricant consumer in the region and holds the second global position following the US. chemical manufacturing is also emerging as a prominent end-user industry in the domestic Chinese borders.


Competitive Landscape


The market report aims to help potential investors and market buyers grasp a major understanding of the market operations. The report covers the competitive market degree that is prevailing amongst the market players. Also, the performance of the players helps to have an idea about the market attempts to grow as per the predictions for the forecast period of 2021-2028. The prominent players of the market are as follows:



  • Royal Dutch Shell PLC (The Netherlands)

  • Idemitsu Kosan Co. Ltd. (Japan)

  • Lukoil (Russia)

  • ExxonMobil Corporation (US)

  • Fuchs Petrolub AG (Germany)

  • Petrochina Company Limited (China)

  • British Petroleum Plc ((UK)

  • Sinopec Limited (China)

  • Chevron Corporation (US)

  • Total SA (France)


Recent Developments



  • Royal Dutch Shell is one of the globally leading producers of lubricants. The company has undertaken numerous steps to expand its growth strategy in the lubricants market. The company opened its first lubricant laboratory in India, and its laboratory will serve as a service provider for the growing demand for innovative lubricant products in automotive segments.

  • ExxonMobil is ranked second as it offers hydraulic fluid, compressor oil, metalworking fluid, gear oil, and other lubricants such as turbine oil. It focuses on new product launches and agreements to remain competitive in the globally functional lubricants market. Growth in Industrialization in the Asia Pacific and, the Middle East & Africa post-COVID-19, coupled with the rise in process automation in most industries and the gradual increase in the number of vehicles on-road, are key factors helping to drive the global lubricants industry.

  • The global market players are witnessing a high degree of competition and are thus, focusing on innovations and product developments for the target audience. Innovations are creating a mushrooming environment for new entrants and startups that further, will help in international collaborations and mergers during the period.

  • Owing to the future concerns related to energy security for petroleum products, the main focus of the market players in the South American regions is on lubricants which will enhance its operations by promising good growth in the market during the forecast period that will end in 2028. Also, for better product development, the global players are largely investing in research and development initiatives. 


Intended Audience


The lubricants industry has the following target audience:



  • Market investors

  • Manufacturers, producers, exporters, and importers

  • Research and development firms

  • Member group and associations


Report Overview


The Lubricants industry report discusses the impact of the novel coronavirus on the functions of the market that affect the market dynamics for predicted global growth during the forecast period of 2021-2028. The market report deals in qualitative market insights that will help in understanding the lubricants market segmentation and the factors that will help give rise to the regional and international market growth. The market report also discusses the working of the prominent market players and the efforts and recent developments undertaken by them during the period.



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: USD 142.63 Billion
  CAGR   2.5% CAGR (2020-2030)
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type and application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Royal Dutch Shell PLC. (the Netherlands), Exxonmobil Corporation (U.S.), Chevron Corporation (U.S.), Total S.A. (France), Sinopec Lubricant Company (China), Petrochina Company Limited (China), BP PLC (UK), JXTG Group (Japan), Idemitsu Kosan Co. Ltd (Japan), FUCHS (Germany), PETRONAS (Malaysia)
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers   Increased research and development activities to mitigate the harmful effect of synthetic lubricants on the environment results in the development of bio-based lubricants


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Frequently Asked Questions (FAQ) :

The APAC region is expected to dominate the market operations during the period ending in 2028.

The market is expected to grow at a CAGR of 3% during the period.

The market is expected to reach a valuation of USD 182.6 billion by the end of the forecast period in 2028.

Lubricant’s properties to reduce heat and wear of two contacting surfaces would increase its intake across several industries and propel growth for the lubricants market. Other than that demulsibility, rust & corrosion protection, and the ability to provide extended equipment life can inspire a better growth rate.