Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2026)

The Report Covers Global Lubricants Market Trends & Industry Growth and it is Segmented by End User (Automotive, Heavy Equipment, Metallurgy & Metalworking, Power Generation), by Product Type (Engine Oils, Greases, Hydraulic Fluids, Metalworking Fluids, Transmission & Gear Oils) and by Region (Africa, Asia-Pacific, Europe, Middle East, North America, South America)

Lubricants Market Size

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Study Period 2015 - 2026
Base Year For Estimation 2020
Market Volume (2024) 44.41 Billion Liters
Market Volume (2026) 47.22 Billion Liters
CAGR (2024 - 2026) 3.12 %
Market Concentration High

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Lubricants Market Analysis

The Global Lubricants Market size is estimated at 44.41 Billion Liters in 2024, and is expected to reach 47.22 Billion Liters by 2026, growing at a CAGR of 3.12% during the forecast period (2024-2026).

  • Largest Segment by End-user Industry - Automotive : Automotive was the largest end-user among all categories due to the high replacement cycles of lubricants used in motor vehicles compared to any other industrial application.
  • Fastest Segment by End-user Industry - Power Generation : Power generation is projected to be the fastest-growing end-user globally due to the increasing demand for low-cost energy from natural gas and wind power plants.
  • Largest Region Market - Asia-Pacific : Asia-Pacific, driven mainly by India, China, and Japan, is the major lubricant-consuming region due to high vehicle ownerships and industrial machinery than any other region.
  • Fastest Growing Region Market - Asia-Pacific : Due to rising urbanization, increased electricity use, and rising vehicle ownership in China and India, Asia-Pacific is projected to be the fastest-growing region.

Lubricants Market Trends

This section covers the major market trends shaping the Lubricants Market according to our research experts:

Largest Segment By End User : <span style="font-family: 'regular_bold';color:#0e7db3;">Automotive</span>

  • In 2020, the automotive industry dominated the global lubricants market, accounting for around half of the total lubricant consumption. During 2015-2019, lubricant consumption in the automotive industry increased by 11%  due to growth in vehicle sales and usage.
  • In 2020, COVID-19-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 10.1% during the year, followed by heavy equipment (7.66%).
  • Power generation is likely to be the fastest-growing end-user industry of the global lubricants market during 2021-2026, with a CAGR of 4.8%, followed by automotive (3.8%). The capacity additions in the renewable energy sector worldwide will likely drive lubricant consumption in the power generation industry.

Largest Region : <span style="font-family: 'regular_bold';color:#0e7db3;">Asia-Pacific</span>

  • In 2020, Asia-Pacific was the leading consumer of lubricants in the world, accounting for around 46% of the global lubricant consumption. During 2015-2019, lubricant consumption in the Asia-Pacific region increased by around 20%, driven by China, India, and Indonesia.
  • In 2020, the COVID-19 outbreak restrained the operations of several industries, thereby restraining lubricant consumption across the globe. North America was the most affected, with a 13.4% drop in its lubricant consumption, followed by Europe, with an 11.29% drop, during 2019-20.
  • Asia-Pacific is likely to be the fastest-growing lubricants market in Africa during 2021-26, with a CAGR of around 4.3%. The recovering automotive sales and usage combined with growing industrial activities in the region are likely to drive the growth of the Asia-Pacific lubricants market in the near future.

Lubricants Industry Overview

The Global Lubricants Market is fragmented, with the top five companies occupying 38.45%. The major players in this market are BP PLC (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell PLC (sorted alphabetically).

Lubricants Market Leaders

  1. BP PLC (Castrol)

  2. China National Petroleum Corporation

  3. China Petroleum & Chemical Corporation

  4. ExxonMobil Corporation

  5. Royal Dutch Shell PLC

*Disclaimer: Major Players sorted in no particular order

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Lubricants Market News

  • May 2022: TotalEnergies, NEXUS Automotive Extend Strategic Partnership for a period of five years. As part of this partnership, TotalEnergies Lubricants will be expanding its presence in the burgeoning N! community, which has seen rapid growth in sales from EUR 7.2 billion in 2015 to nearly EUR 35 billion by the end of 2021.
  • April 2022: FUCHS company introduced AGRI FARM lubricants which are especially suited for high-end agricultural machines.
  • April 2022: FUCHS Lubricants South Africa has introduced new food-grade Renolin SJL Heavy and Renolin SJL Winter lubricants for the sugar processing industry.The new lubricant offers benefits such as equipment longevity and food safety.

Lubricants Market Report - Table of Contents

  1. 1. Executive Summary & Key Findings

  2. 2. Introduction

    1. 2.1 Study Assumptions & Market Definition

    2. 2.2 Scope of the Study

    3. 2.3 Research Methodology

  3. 3. Key Industry Trends

    1. 3.1 Automotive Industry Trends

    2. 3.2 Manufacturing Industry Trends

    3. 3.3 Power Generation Industry Trends

    4. 3.4 Regulatory Framework

    5. 3.5 Value Chain & Distribution Channel Analysis

  4. 4. Market Segmentation

    1. 4.1 By End User

      1. 4.1.1 Automotive

      2. 4.1.2 Heavy Equipment

      3. 4.1.3 Metallurgy & Metalworking

      4. 4.1.4 Power Generation

      5. 4.1.5 Other End-user Industries

    2. 4.2 By Product Type

      1. 4.2.1 Engine Oils

      2. 4.2.2 Greases

      3. 4.2.3 Hydraulic Fluids

      4. 4.2.4 Metalworking Fluids

      5. 4.2.5 Transmission & Gear Oils

      6. 4.2.6 Other Product Types

    3. 4.3 By Region

      1. 4.3.1 Africa

        1. Egypt

        2. Morocco

        3. Nigeria

        4. South Africa

        5. Rest of Africa

      2. 4.3.2 Asia-Pacific

        1. China

        2. India

        3. Indonesia

        4. Japan

        5. Malaysia

        6. South Korea

        7. Thailand

        8. Vietnam

        9. Rest of Asia-Pacific

      3. 4.3.3 Europe

        1. France

        2. Germany

        3. Italy

        4. Russia

        5. Spain

        6. United Kingdom

        7. Rest of Europe

      4. 4.3.4 Middle East

        1. Iran

        2. Qatar

        3. Saudi Arabia

        4. Turkey

        5. UAE

        6. Rest of Middle East

      5. 4.3.5 North America

        1. Canada

        2. Mexico

        3. United States

        4. Rest of North America

      6. 4.3.6 South America

        1. Argentina

        2. Brazil

        3. Rest of South America

  5. 5. Competitive Landscape

    1. 5.1 Key Strategic Moves

    2. 5.2 Market Share Analysis

    3. 5.3 Company Profiles

      1. 5.3.1 Behran Oil Company

      2. 5.3.2 BP PLC (Castrol)

      3. 5.3.3 Carl Bechem GmbH

      4. 5.3.4 Chevron Corporation

      5. 5.3.5 China National Petroleum Corporation

      6. 5.3.6 China Petroleum & Chemical Corporation

      7. 5.3.7 Coperative Soceite des petroleum

      8. 5.3.8 ENEOS Corporation

      9. 5.3.9 Eni SpA

      10. 5.3.10 ExxonMobil Corporation

      11. 5.3.11 FUCHS

      12. 5.3.12 Gazprom

      13. 5.3.13 GS Caltex

      14. 5.3.14 Gulf Oil International

      15. 5.3.15 Hindustan Petroleum Corporation Limited

      16. 5.3.16 Idemitsu Kosan Co. Ltd

      17. 5.3.17 Indian Oil Corporation Limited

      18. 5.3.18 Lukoil

      19. 5.3.19 Motul

      20. 5.3.20 Petromin Corporation

      21. 5.3.21 Petronas Lubricants International

      22. 5.3.22 Phillips 66 Lubricants

      23. 5.3.23 PT Pertamina

      24. 5.3.24 PTT Lubricants

      25. 5.3.25 Rosneft

      26. 5.3.26 Royal Dutch Shell PLC

      27. 5.3.27 Terpel

      28. 5.3.28 TotalEnergies

      29. 5.3.29 Valvoline Inc.

      30. 5.3.30 YPF

  6. 6. Appendix

    1. 6.1 Appendix-1 References

    2. 6.2 Appendix-2 List of Tables & Figures

  7. 7. Key Strategic Questions for Lubricants CEOs

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Lubricants Industry Segmentation

By End User
Heavy Equipment
Metallurgy & Metalworking
Power Generation
Other End-user Industries
By Product Type
Engine Oils
Hydraulic Fluids
Metalworking Fluids
Transmission & Gear Oils
Other Product Types
By Region
South Africa
Rest of Africa
South Korea
Rest of Asia-Pacific
United Kingdom
Rest of Europe
Middle East
Saudi Arabia
Rest of Middle East
North America
United States
Rest of North America
South America
Rest of South America
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Lubricants Market Research FAQs

The Global Lubricants Market size is expected to reach 44.41 billion Liters in 2024 and grow at a CAGR of 3.12% to reach 47.22 billion Liters by 2026.

In 2024, the Global Lubricants Market size is expected to reach 44.41 billion Liters.

BP PLC (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell PLC are the major companies operating in the Global Lubricants Market.

In the Global Lubricants Market, the Automotive segment accounts for the largest share by end user.

In 2024, Asia-Pacific accounts for the largest share by region in the Global Lubricants Market.

In 2023, the Global Lubricants Market size was estimated at 42.99 billion Liters. The report covers the Global Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Lubricants Market size for years: 2024, 2025 and 2026.

Lubricants Industry Report

Statistics for the 2024 Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Lubricants analysis includes a market forecast outlook to 2026 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2026)