According to 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 2030”, the global lubricants market is projected to rise from USD 178.14 billion in 2025 to USD 204.10 billion by 2030, growing at a CAGR of 2.8% over the forecast period. This growth is driven by increasing demand for high-performance engines, expanding marine applications, and limitations associated with electric vehicles. Lubricants are critical in both transportation and industrial applications, enhancing equipment performance and life. Rising industrial activity, especially in metal and mining, cement manufacturing, and maritime industries, is further fueling the need for high-efficiency lubricants.
Key Market Players:
The report identifies major companies shaping the lubricants market, including 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), and Idemitsu Kosan Co., Ltd. (Japan), among others.
Europe: The Second-Largest Lubricant Market:
Europe continues to be the second-largest region for lubricant consumption, largely due to its robust automotive and industrial base. The region’s strong presence in manufacturing—especially in the automotive, aerospace, and machinery sectors—drives consistent demand for specialized lubricants. Additionally, Europe’s emphasis on environmental sustainability and energy efficiency supports the growing need for advanced, eco-friendly lubricants. The rise of electric vehicles and consistent R&D initiatives also contribute to the evolving lubricant landscape in the region, further enabled by regulatory adaptability.
Market Dynamics Overview:
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Driver: Rising global demand from marine applications.
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Restraint: Increasing adoption of electric vehicles.
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Opportunity: Expanding use in construction, mining, and agriculture sectors.
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Challenge: Compliance with stringent environmental regulations.
