The report “Lubricants Market by Base Oil Type (Mineral Oil Lubricant, Synthetic Lubricants, Bio-based Lubricants), Product Type (Engine Oil, Turbine Oil, Metalworking Fluid, hydraulic Oil), End-use Industry (Transportation and Industrial) – Global Forecast to 2029″, size was USD 173.5 billion in 2024 and is projected to reach USD 198.4 billion by 2029, at a CAGR of 2.7%, between 2024 and 2029. The market is projected to grow because of rising demand for high performance engines, mounting demand from marine applications and limitations for electric vehicles. These lubricants play a crucial role in various applications in both transportation and industrial end-use industry. In addition, due to the increasing population, increasing demand from food industry and transportation, technological advancements and changing consumer preferences the demand for lubricants can increase due to various applications.
Browse
• 526 Market data Tables
• 61 Figures
• 415 Pages and in-depth TOC on “Lubricants Market – Global Forecast to 2029”
Some of the prominent key players are:
- 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)
Driver: mounting demand from marine applications across worldwide
The global demand for marine applications is boosting the lubricants market due to several factors. Increased seaborne trade is driving shipping volumes and fleet sizes, leading to higher demand for marine lubricants. Stricter environmental regulations are pushing ship operators towards eco-friendly lubricants. Marine lubricants also enhance fuel efficiency and reduce operational costs, meeting stringent regulations from the International Maritime Organization. The growing tourism sector, especially for cruise ships, is favoring demand for marine lubricants. Additionally, ongoing research and technological advancements in lubricant formulations are meeting the evolving needs of the marine industry. Overall, the rising demand for marine applications worldwide is driving the lubricants market forward, emphasizing environmental sustainability, fuel efficiency, cost-effectiveness, tourism sector growth, and technological innovation.
