Global Lubricants Market Projected to Reach USD 198.7 Billion by 2026

17-Jun-2020 | Facts and Factors

Findings from Facts and Factors report “Lubricants Market By Base Oil (Mineral Oil, Synthetic Oil, and Bio-based Oil), By Product Type (Engine Oil, Hydraulic fluid, Metalworking fluid, Gear Oil, Compressor oil, Grease Oil, Turbine Oil, and Others) and By Application (Transportation, and Industrial): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global lubricants market in 2019 was approximately USD 164.3 billion. The market is expected to grow at a CAGR of 2.7% and is anticipated to reach around USD 198.7 billion by 2026.

A lubricant is a type of material is applied to minimize friction in mutual contact between surfaces, eventually reducing the heat produced as the edges move. They also assist in transmitting forces, move foreign particles or heat or cool the surfaces

Browse the full “Lubricants Market By Base Oil (Mineral Oil, Synthetic Oil, and Bio-based Oil), By Product Type (Engine Oil, Hydraulic fluid, Metalworking fluid, Gear Oil, Compressor oil, Grease Oil, Turbine Oil, and Others) and By Application (Transportation, and Industrial): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" https://www.fnfresearch.com/lubricants-market-by-base-oil-mineral-oil-synthetic-1204

The growing automotive industry in developing regions such as India, Indonesia, China, Brazil and others is aiding the lubricant market to grow over the past few years. It is due to rising in per capita income and thereby, to live life in standards, individuals are demanding for vehicles. Moreover, rise in industrialization has raised the demand for commercial vehicles. The consistent rise in number of production of vehicles is boosting the sales of lubricants.

However, growth in the demand for hybrid vehicles coupled with increasing battery parity will hinder the global lubricant market. Furthermore, high demand for renewable energy resources is impacting the lubricants market positively. The power generation sector consumes high volumes of industrial lubricants. For power generation, the wind turbines are used recently which will require large volumes of lubricants for better operation capability. Thereby, increasing usage of lubricants in various operations will fuel the market growth in coming years.

On the basis of base oil segmentation, the market is classified into mineral oil, synthetic oil, and bio-based oil. The mineral oil segment is leading the base oil segment in lubricant market owing to its easy availability and low cost. In future years, the synthetic oil segment is anticipated to register the highest market growth due to its superior properties. In terms of product type segmentation, the market is bifurcated into engine oil, hydraulic fluid, metalworking fluid, gear oil, compressor oil, grease oil, turbine oil, and others. The engine oil holds the major market share owing to its extensive usage in the transportation industry. In terms of application segmentation, the market is bifurcated into transportation, and industrial.

The transportation segment is sub-segmented into commercial vehicles, passenger vehicles, aviation, railways, and marine. The industrial segment is also further fragmented into construction & mining, metal production, cement production, power generation, automotive, chemical, oil & gas, textile, and food processing amongst others. The transportation segment is dominating the present market over others owing to the rise in the number of vehicles on road. In coming years, rise in overall development in Asian countries will aid the market to grow rapidly.

Based on geography, the global lubricant market has been analyzed into five major regions including North America, APAC, Latin America, and Middle East & Africa. APAC region is anticipated to be the fastest growing market both in terms of volume and share owing to increasing expenditure in infrastructural and industrial activities in emerging market such as China, Indonesia and India. The regions are further analyzed into major countries including, U.S, Germany, UK, Canada, South Korea, Italy, India, Japan, Brazil, UAE, Egypt, France, China, South Africa, and Kuwait among others.

Report Scope

Some of the essential players operating in the Lubricants market, but not restricted to include

Royal Dutch Shell Plc., ExxonMobil Corporation, Chevron Corporation, BP p.l.c., Total S.A., Petrochina Company Limited, Sinopec Limited, LUKOIL, Fuchs Petrolub AG, and Idemitsu Kosan Co. Ltd. among others.

This report segments the Lubricants market as follows:

By Base Oil Segmentation Analysis

• Mineral Oil
• Synthetic Oil
• Bio-based Oil

By Product Type Segmentation Analysis

• Engine Oil
• Hydraulic fluid
• Metalworking fluid
• Gear Oil
• Compressor oil
• Grease Oil
• Turbine Oil
• Others
  • Transformer Oil
  • Refrigeration Oil
  • Textile Machinery Lubricants

By Product Type Segmentation Analysis

• Transportation
  • Commercial vehicles
  • Passenger vehicles
  • Aviation
  • Railways
  • Marine
• Industrial
  • Construction & Mining
  • Metal Production
  • Cement Production
  • Power Generation
  • Automotive (Vehicle Manufacturing)
  • Chemical
  • Oil & Gas
  • Textile
  • Food Processing
  • Others

Global Lubricants Market: Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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