Lubricants Market Emerging Emerging Trends, CAGR Status, Analysis and Forecast to 2030 Exclusive Report by Emergen Research
The global lubricants market size reached USD 129.81 Billion in 2021 and is expected to register a revenue CAGR of 3.57% during the forecast period, according to a latest analysis by Emergen Research. Lubricants are solid, semi-solid, or liquid substances used for reducing friction among motional surfaces coming in contact. It is extensively used in the automotive and aerospace industries, where lubricants are used in engines, gears, brakes, clutches, motors, and others moving components. Rising demand for high-performance engines in the automotive industry is a crucial factor driving revenue growth of the market.
Solid, semi-solid, or liquid substances are known as lubricants and are used to lessen friction between moving surfaces. It finds widespread application in the automotive and aerospace industries, where lubricants are utilised in moving parts like motors, gears, brakes, clutches, and engines. The substance prevents formation of heat due to friction, therefore avoiding heat-related wear damages. For example, greases are utilised in ball bearings to improve performance while keeping temperatures close to normal. Growing vehicle demand and production are significant drivers of rising lubricant demand, which is anticipated to support the expansion of the global lubricants market’s revenue between 2022 and 2030.
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The lubricants market in Europe is expected to register a moderate revenue growth rate between 2022 and 2030. Rising production and demand for vehicles in countries in this region, as well as increasing number of mergers and acquisitions by major companies are some of the key factors driving revenue growth in this region. Report of the International Council on Clean Transportation (ICCT) estimated that Germany accounted for the largest vehicle market, accounting for around 25% of the combined market of the European Union and the U.K. Also, the European Union was among the leading exporters of lubricating oil additives, while Germany was ranked second in the import of the product in 2021, with trade values of USD 2.05 billion and USD 671 million, respectively.
List of Top Key Companies Profiled in the Lubricants Market Valvoline Inc., PetroChina Company Limited, Exxon Mobil Corporation, JX Nippon Oil & Gas Exploration Corporation, Shell plc, British Petroleum plc, Quaker Chemical Corporation, China Petroleum & Chemical Corporation, Chevron Corporation, and TotalEnergies SE
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COVID-19 Impact :
During the COVID-19 pandemic, widespread lockdown in crucial manufacturing sectors across all regions—including metalworking, fabrication, oil & gas, chemicals, and consumer goods—led to a temporary stop in output. As a result, the industrial sector experienced a sharp decline in demand for lubricating oils. However, the industrial sector could resume certain operations as the lockdown was progressively removed. The industrial sector will take longer to operate at capacity due to the ongoing epidemic. This further decreased consumption. The global automotive industry was also significantly impacted by COVID-19. The International Organization of Motor Car Manufacturers reports a 16% decline in worldwide vehicle production. Additionally, since the majority of owners worked from home, they hardly ever used their vehicles or bicycles, which considerably reduced consumption.
Some Key Highlights in the Report :
The mineral oils segment is expected to register a moderate revenue growth rate during the forecast period. The American Petroleum Institute (API) classifies base oil into five categories, among which the first three groups; Group I, Group II, and Group III are derived from mineral oils. The three groups have the same amount of saturates (>90%), however, the percentage of sulfur and viscosity index vary. Lubricants made with Group I base oils have an operating temperature range between 32°F to 150°F, whereas Group II and Group III base oil lubricants have higher ranges due to hydrocracking method of manufacture. Antioxidation properties of Group II base oils due to hydrocrack processing are expected to further increase their demand over the coming years.
The industrial lubrication segment accounted for moderate revenue share in 2021. Processing industries, especially the food and beverages industry, cosmetic and pharmaceutical industries, and other Fast-Moving Consumer Goods (FMCG) industries that contain motional devices in their unit operations regularly use lubricants for improving performance of the devices, as well as to enhance operational life. Various lubricants, including oils, fluids, and greases are used in agitators, exhausts, ball bearings, and conveyor belt motors, which is increasing demand for lubricants in industries, therefore boosting revenue growth of this segment.
Emergen Research has segmented the global lubricants market on the basis of base oil, application, end-use, and region:
· Base Oil Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Synthetic Oils
- Mineral Oils
- Bio-Based Oils
· Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Industrial Lubrication
- Gear and Engine Oil
- Brake Fluids
- Vacuum Pumps
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Key regions covered in the report:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Some of the key questions answered in this report:
- What is the global (North America, Europe, Asia-Pacific, South America, Middle East and Africa) sales value, production value, consumption value, import and export of Lubricants Market ?
- Who are the global key manufacturers of the Lubricants Market ? How is their operating situation (capacity, production, sales, price, cost, gross, and revenue)?
- What are the Lubricants Market opportunities and threats faced by the vendors in the global Lubricants Market ?
- Which application/end-user or product type may seek incremental growth prospects? What is the market share of each type and application?
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