The report “Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), End-Use Industry (Transportation and Industrial lubricants), Region – Global Forecast to 2027″, size is projected to reach USD 187.9 billion by 2027, at a CAGR of 2.7% from USD 164.8 billion in 2022. Rapid industrialization in Asia Pacific and the Middle East & Africa post COVID-19, coupled with the rise in process automation in most of the industries and the gradual increase in number of vehicles on-road are key factors expected to drive the global industry during the forecast period. Furthermore, the growing e-commerce industry and the demand for renewable energy act as an opportunity for the market growth. However, volatile crude oil prices and stringent environmental norms are the major challenges in the market.
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• 488 Market data Tables
• 64 Figures
• 361 Pages and in-depth TOC on “Lubricants Market – Global Forecast to 2027”
Some of the prominent key players are:
- Royal Dutch Shell Plc. (Netherlands)
- ExxonMobil Corporation (U.S.)
- Chevron Corporation (U.S.)
- BP p.l.c. (U.K.)
- TotalEnergies SE (France)
- Petrochina Company Limited (China)
- Sinopec Corp (China)
- LUKOIL (Russia)
- Fuchs Petrolub AG (Germany)
- Idemitsu Kosan Co. Ltd (Japan)
Driver: Increased demand for high performance engines
Internal combustion engine design has advanced greatly since Ford created the first mass-produced car in the early 20th century. Due to engine advancements, the interior engine components are now exposed to significantly higher stress and heat. Due to this, engines now have very high RPMs and need better grade engine oil. In addition, a vehicle's internal transmission system has improved, allowing for a top speed of 150 mph. The technology of the gear system and bearings has also advanced. Better lubricants are required as a result of all these advancements and growth. The lubricants have evolved and expanded as a result of this.
North America is estimated to be the second-largest market for lubricants, in terms of value, during the forecast period
The region is characterized by the high use of synthetic and semi-synthetic lubricants driven by OEM recommendation and consumer awareness. The OEM tie-ups with the lubricant manufacturers govern the major share of the market. Major lubricant suppliers have tie-ups with automotive companies to supply customized lubricants suiting their requirements. North America is one of the developed regions in the world. The region is very much affluent. It has one of the highest motorization rates in the world, especially in the US. However, it is expected that the lubricants market in the region will witness a shift from mineral oil-based lubricants to synthetic oil-based lubricants.
