Market Reports

Market for lubricants to reach $187.9 billion by 2027, at a 2.7% CAGR

Published: April 27, 2023
Author: DIGITAL MEDIA EXECUTIVE
According to a new market research report, the 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.

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  • 488 Market data Tables
  • 64 Figures
  • 361 Pages and in-depth TOC on “Lubricants Market – Global Forecast to 2027″

This report also provides a comprehensive analysis of the companies listed below:

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), and Idemitsu Kosan Co. Ltd (Japan), among others.

The growth is largely driven by factors such as high demand from automotive, marine, aviation, construction and mining industries. The rising demand for commercial and passenger vehicles in developing regions is also fueing the lubricants market.

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“Industrial segment projected to be the fastest growing end-use industry, in terms of value, during the forecast period”

The varying temperatures and high friction involved in industrial processes necessitate the use of lubricants. Lubricant enables the effective functioning of machinery and equipment. The use of lubricants helps increase the life of machinery and equipment. The demand for lubricants from the industrial sector is projected to witness higher growth during the forecast period. This is owed to rapid industrialization and economic development.

“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.

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