Pune, April 12, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global lubricants market is expected to grow from USD 121.5 Billion in 2021 to USD 153.07 Billion by 2030, at a CAGR of 2.6% during the forecast period 2022-2030.
A Lubricant is a substance known for its functional properties such as reduced friction between contacting surfaces, resistance to corrosion of machine parts, heating or cooling of surfaces, thermal stability and corrosion resistance. All surfaces are rough in nature, at least microscopically (even at the atomic level). When two rough surfaces slide against each other, the roughness of the surfaces combine and bond with each other, sticking and creating friction. The goal of any method of lubrication is to separate the friction surfaces by a layer of lubricant, preventing (or at least minimizing) direct contact of the body parts.
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Lubricants play an important role in the normal operation of industrial processes. Lubricants possess characteristics such as high boiling point, low freezing point and high viscosity index. Typically, lubricants are formulated with 90% oil and 10% additives. Defoamers, antioxidants and viscosity index improvers are the main additives used to impart lubricant performance.
The rise in incomes of the middle class and resulting increasing demand for two- and four-wheeled vehicles is increasing the production and sales of new vehicles, which is the main reason driving the growth of the lubricant market. The increasing demand for car oil also leads to an increase in fuel prices in the market. With lubricants, however, vehicle performance and life can be improved, and as a result, customers benefit from a better return on investment. The power generation sector is the main contributor to the growth of the economy. Advances in manufacturing technology and the establishment of various power plants require lubricants for the engine to function properly. Various power generation sources including wind, solar, thermal turbines and hydroelectricity are now widely used thus increasing the demand for lubricants that are driving the lubricants market.
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Gear oils are used to lubricate motor gears, gearboxes and other components. The power generation process with wind turbines is rigorous and involves load weight, corrosion and oxidation, high temperatures and bearing wear. Improved properties of gear oils are required to improve wind turbine efficiency, hence increasing the demand for synthetic gear oils in wind turbines. Wind power generation is increasing at a rapid rate, which also requires the installation of wind turbines. Wind turbines are driving the demand for gear oils that are driving the lubricants market.
Key players operating in the global lubricants market are British Petroleum, Chevron Corp., ExxonMobil Corp., JX Nippon Oil & Energy Corp., Lukoil, Pennzoil, Philips 66 Company, Quaker Chemical Corp., Royal Dutch Shell Co., Sinopec Corp., and Total S.A among others. To enhance their market position in the global lubricants market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• SK Innovation agreed to sell a 40% stake in SK Lubricants to a state-owned IMM private equity for 1.9 trillion won in April 2021.
The engine oil segment dominated the market with a market share of around 55% and a market value of around 66.82 billion in 2021.
The type segment is divided into hydraulic fluids, engine oil, metalworking fluid, greases, gear oil, others The engine oil segment dominated the market with a market share of around 55% in and a market value of around 66.82 billion in 2021. Automotive engine oils are anticipated to dominate the global lubricants market during the forecast period. The advantage of engine oil is mainly due to its high ease of use in the transport sector compared to other grades and its demand in the construction industry, especially construction vehicles.
In terms of volume, the automotive segment led the market with a market share of 61% and a market value of around 74.1 billion in 2021.
The application segment is divided into industrial, automotive and others. In terms of volume, the automotive segment led the market with a market share of 61% and a market value of around 74.1 billion in 2020. Demand for lubricants is high in the automotive segment due to the increase in the number of vehicles circulating in developing Asia-Pacific countries such as India, China.
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Regional Segment Analysis of the Lubricants Market
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific region is anticipated to grow at the fastest CAGR over the forecast period. This is because APAC is facing a rapid expansion of the chemical, construction and automotive industries, which is driving the overall demand for lubricants. China is the largest consumer of lubricants in the region.
About the report:
The global lubricants market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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