In terms of value, the lubricants market is estimated to grow from USD 173.5 billion in 2024 to USD 198.4 billion by 2029, at a CAGR of 2.7%. The demand for lubricants in end-use industries such as transporation and Industrial is increasing due to government regulations and fuel economy norms, mounting demand from marine applications, and extension of refinery volumes for group II and III base oil.
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Based on base oil Type, the lubricants market is segmented as mineral oil lubricants, synthetic lubricants, and bio-based lubricants. From them, mineral oil lubricants accounted for largest market share, in terms of value, in 2023. They are the most compatible with a wide variety of materials and seals commonly used in machinery and equipment. Moreover, they are typically less expensive due to low production cost. Also, they are easily available in different regions. Therefore, mineral oil lubricants accounted for largest share in lubricants market.
Based on end-use Industry, the lubricants market is segmented into two key sub-segments as transportation and industrial.
The industrial end-use industry sub-segment is projected to register the highest CAGR in terms of value, during the forecast period. This is mainly due to the rising industrial activities in construction, mining, agriculture, food industry, and others around the world as the worlds populations is increasing rapidly. Therefore, industrial end-use industry sub-segment is projected to register highest CAGR.
Based on Region, Asia Pacific is the largest market lubricants, in terms of value, in 2023 due to the due to its robust economic growth, increasing population, rapid industrialization rising disposable incomes, and  favorable government regulations. Moreover, densely populated countries such as China and India experiences high demand across various sectors, including automotive, manufacturing, construction, and agriculture. Thus, the demand for lubricants is high in Asia Pacific region. Likewise, the Asia Pacific is projected to be the fastesst growing market, in terms of value, during the forecast period 2024 to 2029.
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The key players profiled in the report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), PetroChina Company Limited (China), TotalEnergies SE (France), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, Asia Pacific, and the Middle East & Africa. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies.
Recent Developments in Lubricants Market Industry
- In January 2024, Shell plc has completed the acquisition of MIDEL and MIVOLT, from Manchester-based M&I Materials Ltd.
- In January 2021, BP p.l.c. had set up a digital hub in Pune, India. This expansion helped them grow their digital expertise and meet the changing demands by providing sustainable solutions.
- In February 2022, Chevron Corporation made an announcement that it has signed an agreement with Bunge North America, Inc. to create renewable feedstocks.
