Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Lubricants Market Research Report is segmented by group (group I, group II, group III, group IV, and Group V), base stock (mineral oil lubricants, synthetic lubricants, semi-synthetic lubricants, and bio-based lubricants), product type (engine oil, transmission, and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types), end-user industry (power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metal working, chemical manufacturing, and other end-user industries (packaging, oil, and gas)), and geography (Asia-Pacific, North America, Europe, South America, Middle-East, and Africa). The report offers market size and forecasts for Lubricants in terms of volume (billion l) for all the above segments.

Lubricants Market Size

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Lubricants Market Summary
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Study Period 2019 - 2029
Market Volume (2024) 44.05 Billion liters
Market Volume (2029) 52.36 Billion liters
CAGR (2024 - 2029) 3.52 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Lubricants Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Lubricants Market Analysis

The Lubricants Market size is estimated at 44.05 Billion liters in 2024, and is expected to reach 52.36 Billion liters by 2029, growing at a CAGR of 3.52% during the forecast period (2024-2029).

The COVID-19 crisis heavily impacted the global automotive supply industry, as both motor vehicle production and sales suddenly stopped in most regions. These work stoppages led to a loss in the production of millions of vehicles worldwide. In the automobile industry, lubricants are widely used to control friction and wear in the engine, to protect the engine from rusting & engine oil stored in the sump from combustion gases, and to cool the pistons.

  • In the short term, a major factor driving the market studied is the increasing demand for high-performance lubricants (owing to their better and improved properties, such as reduced flammability, reduced gear wear, and increased service life).
  • On the flip side, increasing drain intervals in the automotive and industrial sectors and the modest impact of EVs shortly are expected to hinder the growth of the market studied in the forecast period.
  • Engine oil dominated the market and is expected to grow during the forecast period, as it is widely used to lubricate internal combustion engines.
  • Growing prominence for bio-lubricants is likely to act as an opportunity in the future.
  • Asia-Pacific dominated the global market, with the largest consumption coming from the countries such as China and India.

Lubricants Market Trends

Automotive and Other Transportation Segment to Dominate the Market

  • Automotive and other transportation media, such as aircraft and marine, are the largest lubricant markets.
  • Engine designs were continually improved to enhance performance, increase efficiency, and, at the same time, meet environmental emission regulations.
  • Light-duty vehicles include two-wheelers and passenger cars. Engine oils, gear oils, transmission oils, greases, and compressor oils are the most widely used lubricants in these automobiles. Lubricants contain a good share in both the OEM and the aftermarket.
  • Typical medium-duty trucks include utility, courier, package delivery trucks, ambulances, shuttle buses, school buses, and recreational vehicles. However, straight trucks continue to be the predominant medium-duty chassis.
  • Medium-duty and high-performance lubricants are used extensively in these vehicles, as the components, such as gears, transmission systems, and engines, are subjected to high loads and rapid rubbing, producing ample heat.
  • In the first three quarters of 2022, around 50 million passenger cars were manufactured worldwide, up nearly 9% compared to the same quarter in 2021. However, this was still less by around 5 million units from pre-pandemic levels in 2019, as per the European Automobile Manufacturers' Association (ACEA) report.
  • As per data published by IEA, more than 10 million electric cars were sold worldwide in 2022, and sales are expected to grow by another 35% in 2023 to reach 14 million.
  • According to the International Organization of Motor Vehicle Manufacturers (OICA), the total vehicle units produced in 2022 were 85,016,728 compared to 82,684,788 in 2021.
  • All the factors mentioned above are expected to significantly increase the market growth during the forecast period.
Lubricants Market: Automotive Production, in million units, Global, 2018-2022

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the global market share. With the increasing need for wind power and a large automotive production base in countries such as China, India, and Japan, lubricant usage is increasing in the region.
  • China is the largest lubricant consumer in the region, and the world, followed by the United States. Besides automotive and wind power, chemical manufacturing is another prominent end-user industry in China.
  • 20 carmakers from India, including Tata Motors Ltd, Suzuki Motor Gujarat, Mahindra, Mahindra, Hyundai, and Kia India Pvt. Ltd was selected in February 2020 to receive production-linked incentives (PLI) as part of the government's plan to increase local vehicle manufacturing and attract new investment.
  • However, the electric vehicle industry in South Korea is expected to grow at a rapid rate. The EV industry growth is also fueled by the government's aim to electrify 33% of all vehicles by 2030. The number of charging stations for electric vehicles is expected to increase to 15,000 by 2025 to achieve this target.
  • The factors above are, in turn, expected to increase lubricant consumption in the region during the forecast period.
Lubricants Market - Growth Rate by Region, 2023-2028

Lubricants Industry Overview

The market studied is consolidated among the top 10 players. The top companies are utilizing competitive strategies and investments to retain and expand their shares. The top five players in the market are (not in a particular order) Exxon Mobil Corporation, Chevron Corporation, BP p.l.c., Shell plc, and TotalEnergies.

Lubricants Market Leaders

  1. Exxon Mobil Corporation

  2. Chevron Corporation

  3. BP p.l.c.

  4. Shell plc

  5. TotalEnergies

*Disclaimer: Major Players sorted in no particular order

Lubricants Market Concentration
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Lubricants Market News

  • January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines - ExxonMobil Upstream Company, ExxonMobil Product Solutions, and ExxonMobil Low Carbon Solutions.
  • January 2022: Chevron Lubricants Lanka PLC, a subsidiary of Chevron Corporation, announced a marketing deal with Rock Energy in Bangladesh for its lubricant products.

Lubricants Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Usage of High-performance Lubricants

      2. 4.1.2 Demand from the Growing Wind Energy Sector

      3. 4.1.3 Expansion of the Global Cold Chain Market

    2. 4.2 Restraints

      1. 4.2.1 Increasing Drain Intervals in the Automotive and Industrial Sectors

      2. 4.2.2 Modest Impact of Electric Vehicles (EVs) in the Future

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Regulatory Policy Analysis

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Group

      1. 5.1.1 Group I

      2. 5.1.2 Group II

      3. 5.1.3 Group III

      4. 5.1.4 Group IV

      5. 5.1.5 Group V

    2. 5.2 Base Stock

      1. 5.2.1 Mineral Oil Lubricant

      2. 5.2.2 Synthetic Lubricant

      3. 5.2.3 Semi-synthetic Lubricant

      4. 5.2.4 Bio-based Lubricant

    3. 5.3 Product Type

      1. 5.3.1 Engine Oil

      2. 5.3.2 Transmission and Hydraulic Fluid

      3. 5.3.3 Metalworking Fluid

      4. 5.3.4 General Industrial Oil

      5. 5.3.5 Gear Oil

      6. 5.3.6 Grease

      7. 5.3.7 Process Oil

      8. 5.3.8 Other Product Types

    4. 5.4 End-user Industry

      1. 5.4.1 Power Generation

      2. 5.4.2 Automotive and Other Transportation

      3. 5.4.3 Heavy Equipment

      4. 5.4.4 Food and Beverage

      5. 5.4.5 Metallurgy and Metalworking

      6. 5.4.6 Chemical Manufacturing

      7. 5.4.7 Other End-user Industries (Packaging, Oil, and Gas)

    5. 5.5 Geography

      1. 5.5.1 Asia-Pacific

        1. 5.5.1.1 China

        2. 5.5.1.2 India

        3. 5.5.1.3 Japan

        4. 5.5.1.4 South Korea

        5. 5.5.1.5 Philippines

        6. 5.5.1.6 Indonesia

        7. 5.5.1.7 Malaysia

        8. 5.5.1.8 Thailand

        9. 5.5.1.9 Vietnam

        10. 5.5.1.10 Rest of Asia-Pacific

      2. 5.5.2 North America

        1. 5.5.2.1 United States

        2. 5.5.2.2 Canada

        3. 5.5.2.3 Mexico

      3. 5.5.3 Europe

        1. 5.5.3.1 Germany

        2. 5.5.3.2 United Kingdom

        3. 5.5.3.3 Italy

        4. 5.5.3.4 France

        5. 5.5.3.5 Russia

        6. 5.5.3.6 Turkey

        7. 5.5.3.7 Spain

        8. 5.5.3.8 Rest of Europe

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Chile

        4. 5.5.4.4 Colombia

        5. 5.5.4.5 Rest of South America

      5. 5.5.5 Middle-East

        1. 5.5.5.1 Saudi Arabia

        2. 5.5.5.2 Iran

        3. 5.5.5.3 Iraq

        4. 5.5.5.4 United Arab Emirates

        5. 5.5.5.5 Kuwait

        6. 5.5.5.6 Rest of the Middle-East

      6. 5.5.6 Africa

        1. 5.5.6.1 Egypt

        2. 5.5.6.2 South Africa

        3. 5.5.6.3 Nigeria

        4. 5.5.6.4 Algeria

        5. 5.5.6.5 Morocco

        6. 5.5.6.6 Rest of Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AMSOIL INC.

      2. 6.4.2 BASF SE

      3. 6.4.3 Bharat Petroleum Corporation Limited

      4. 6.4.4 BP p.l.c.

      5. 6.4.5 Blaser Swisslube

      6. 6.4.6 Carl Bechem GmbH

      7. 6.4.7 China National Petroleum Corporation (PetroChina)

      8. 6.4.8 China Petrochemical Corporation (Sinopec)

      9. 6.4.9 Chevron Corporation

      10. 6.4.10 Eni SpA

      11. 6.4.11 Exxon Mobil Corporation

      12. 6.4.12 FUCHS

      13. 6.4.13 Gazprom Neft PJSC

      14. 6.4.14 Gulf Oil Corporation Limited

      15. 6.4.15 Hindustan Petroleum Corporation Limited

      16. 6.4.16 Idemitsu Kosan Co. Ltd

      17. 6.4.17 Indian Oil Corporation Ltd

      18. 6.4.18 Illinois Tool Works Inc. (ROCOL)

      19. 6.4.19 ENEOS Corporation

      20. 6.4.20 Kluber Lubrication München GmbH & Co. KG

      21. 6.4.21 LUKOIL

      22. 6.4.22 Motul

      23. 6.4.23 PT Pertamina Lubricants

      24. 6.4.24 Petrobras

      25. 6.4.25 PETROFER CHEMIE H. R. Fischer GmbH + Co. KG

      26. 6.4.26 Petromin

      27. 6.4.27 Petroliam Nasional Berhad

      28. 6.4.28 Phillips 66 Company

      29. 6.4.29 Repsol

      30. 6.4.30 Shell plc

      31. 6.4.31 SK Lubricants Co. Ltd

      32. 6.4.32 Veedol International Limited

      33. 6.4.33 TotalEnergies

      34. 6.4.34 Valvoline LLC

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Prominence for Bio-lubricants

    2. 7.2 Other Opportunities

**Subject to Availability
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Lubricants Industry Segmentation

Lubricant products are made from a combination of base oils and additives. The composition of base oil in the formulation of lubricants is primarily between 75-90%. Base oils possess lubricating properties and make up to 90% of the final lubricant product. The lubricants market is segmented by group, base stock, product type, end-user industry, and geography. By group, the market is segmented into Group I, Group II, Group III, Group IV, and Group V. By base stock. The market is segmented into mineral oil lubricants, semi-synthetic lubricants, synthetic lubricants, and bio-based lubricants. The market is segmented by product type into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types. The end-user industry segments the market into power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metalworking, chemical manufacturing, and other end-user industries, including packaging, oil, gas, etc. The report also covers the market size and forecasts for the lubricants market in 33 countries across major regions. The market sizing and forecasts for each segment are based on volume (billion l)).

Group
Group I
Group II
Group III
Group IV
Group V
Base Stock
Mineral Oil Lubricant
Synthetic Lubricant
Semi-synthetic Lubricant
Bio-based Lubricant
Product Type
Engine Oil
Transmission and Hydraulic Fluid
Metalworking Fluid
General Industrial Oil
Gear Oil
Grease
Process Oil
Other Product Types
End-user Industry
Power Generation
Automotive and Other Transportation
Heavy Equipment
Food and Beverage
Metallurgy and Metalworking
Chemical Manufacturing
Other End-user Industries (Packaging, Oil, and Gas)
Geography
Asia-Pacific
China
India
Japan
South Korea
Philippines
Indonesia
Malaysia
Thailand
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Russia
Turkey
Spain
Rest of Europe
South America
Brazil
Argentina
Chile
Colombia
Rest of South America
Middle-East
Saudi Arabia
Iran
Iraq
United Arab Emirates
Kuwait
Rest of the Middle-East
Africa
Egypt
South Africa
Nigeria
Algeria
Morocco
Rest of Africa
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Lubricants Market Research FAQs

The Lubricants Market size is expected to reach 44.05 billion liters in 2024 and grow at a CAGR of 3.52% to reach 52.36 billion liters by 2029.

In 2024, the Lubricants Market size is expected to reach 44.05 billion liters.

Exxon Mobil Corporation, Chevron Corporation, BP p.l.c., Shell plc and TotalEnergies are the major companies operating in the Lubricants Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Lubricants Market.

In 2023, the Lubricants Market size was estimated at 42.55 billion liters. The report covers the Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

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 2029 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 - 2029)