According to the new market research report “Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), Application (Transportation and Industrial lubricants), Region – Global Forecast to 2024″, The global lubricants market size is projected to reach USD 188.0 billion by 2024, at a CAGR of 2.7% from USD 164.3 billion in 2019.
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The global lubricants market size is projected to reach USD 188.0 billion by 2024 from USD 164.3 billion in 2019, at a CAGR of 2.7% between 2019 and 2024. Lubricants are defined as various compounds like fluids, oils, and greases. Lubrication is an essential process for numerous industries as it helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines.
Lubricants are manufactured using base oil, which is categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from petroleum crude, whereas bio-based oils are sourced from vegetable oil. The primary factor that is driving the global lubricants market is massive industrialization in the developing parts of the world, the increasing disposable income, and rapid urbanization in emerging countries.
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The global lubricants market size is projected to reach USD 188.0 billion by 2024 from USD 164.3 billion in 2019, growing at a CAGR of 2.7%, in terms of value during the forecast period. The growing economies are helping the lubricant demand growth. The demand for lubricants in countries such as China, India, Japan, Brazil, Russia, ASEAN, and South Korea from both the transport and the industrial sector is expected to fuel the growth of lubricants market in the region.
The lubricants market is evolving, with major players playing a crucial role in the development of new and advanced products. Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (U.S.), BP P.L.C. (U.K.), and Total S.A. (France) are the major players in this market.
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Royal Dutch Shell PLC (Netherlands) is focused on expansions, new product launches, and agreements to meet the growing demand in the lubricants market. In May 2019, the company opened its first lubricant laboratory in India. The laboratory will serve as a service provider for the increasing demand for innovative lubricant products both in automotive and industrial segments. In May 2019, the company launched e-fluids for electric vehicles. The products include e-transmission fluids, e-thermal fluids, and e-greases, which will help improve the performance of EVs and other battery-operated vehicles. In May 2018, Shell Lubricants and Aggreko renewed their supply contract, which helped Shell become the largest lubricant supplier to Aggreko in Russia, APAC, and Americas. The expansion helped the company to meet the growing demand for lubricants.
ExxonMobil (US) is focused on new product launches and expansions to meet the growing demand for lubricants. In June 2019, the company completed the expansion plans of its Singapore refinery. The facility will strengthen the supply for group II EHC base oil, which is used for manufacturing premium grade lubricants. In January 2019, the company launched and commercialized EHC50 and EHC120 grade products from its Rotterdam Refinery. This will help the company to improve its market position in the group II oil-based lubricant market, as the company manufactures base oil as well as finished products. In December 2018, the company completed the expansion of its Rotterdam refinery, which saw an increase in the production of Group II base oil for lubricants. This has helped the company to become the world’s largest producer of group I and group II base oils. ExxonMobil is also focusing on renewable power generation to expand its lubricant offerings.
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