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.
• 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)
Opportunity: Demand for renewable energy to positively impact the lubricants market
Turbine oil and transformer oil are few of the industrial lubricants that the power sector uses extensively. Numerous operations make use of lubricants. The potential subsegment of the power generation market is the renewable energy sector. In terms of the total energy mix, wind power generation now makes up a very small portion, but according to the world wind energy association, the industry is expanding at a 10% annual pace and had a capacity of 596,556 megawatts in 2018. Lubricants are necessary for the optimal operation of wind turbines.
Synthetic oil was the second-largest base oil in the global lubricants market, in terms of value, in 2021
Changing automotive norms and growing environmental concerns are also some of the important factors which are likely to help the growth of the synthetic oil-based lubricants market. Another factor for the growth of synthetic lubricants is their better performance. These lubricants can operate under extreme conditions, have high viscosity, and can withstand high temperatures without oxidizing. The average drain interval of a vehicle also increased 3 to 4 times. This is a huge difference compared to mineral oil-based lubricants.
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.