The Lubricants Market value was estimated at USD 157.6 billion during the forecast period that ended in 2019. Because of the changing market trends and the advancements in the market dynamics, the market is expected to attain a growth CAGR of 3% during the ongoing forecast period of 2021-2030.
Lubricant is a fluid which is applied in between moving parts in order to reduce the friction, generated heat and wear tear of machines. There are various functions of lubricants which are reducing the frictional resistance, reduces wear tear and surface deformation, acts as a coolant, provides protection against corrosion, and improves the efficiency of the machine. There are certain chemicals which improve the properties of lubricants when added in them. These chemicals include anti-oxidants, foam depressants, corrosion inhibitors, detergent dispensers, and oiliness improvers. Lubricants are applied in the equipment through different lubrication methods including oil can, oil gun, grease packing, wick type, bath type, and circulation.
Based on application, the Lubricant Market is segmented into transportation and industrial machinery equipment. The transportation application segment is estimated to dominate the market during the forecast period due to increasing number of passenger vehicle, commercial vehicle, and growth in the aviation and marine industries. In addition, the improved living standards in emerging economies are also contributing to the growth of the global lubricant market. Moreover, transportation accounts for almost 60% share in the global lubricant market. Smooth operation of automobiles is expected to drive the usage of lubricants in the automotive industry.
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Scope of the Report
This report provides an in-depth analysis of the global Lubricant Market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the lubricant market by its type, application, and by region.
- By Type
- Mineral Oil Lubricants
- Synthetic Lubricants
- Bio-Based Lubricants
- Greases
- By Application
- Transportation
- Industrial Machinery Equipment
- By Region
- North America
- Asia-Pacific
- Europe
- Middle East Africa
- South Africa
Key Players
The key players of the global Lubricant Market are Idemitsu Kosan Co. Ltd, Fuchs Petrolub AG, Lukoil, Sinopec Limited, Petrochina Company Limited, Total S.A, Chevron Corporation, BP PLC., Exxonmobil Corporation, and Royal Dutch Shell PLC, among others.
