Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Lubricants Market 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), and Geography (Asia-Pacific, North America, Europe, South America, Middle-East, and Africa).

Market Snapshot

Lubricants Market Overview
Study Period: 2016-2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: <2 %

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Market Overview

The lubricants market size was estimated at over 35 million ton in 2020, and the market is projected to register a CAGR of less than 2% during the forecast period (2021-2026).

The global automotive supply industry is heavily impacted by the COVID-19 crisis, as both the production and sales of motor vehicles came to a sudden halt in most of the regions. These work stoppages led to a loss in the production of millions of vehicles across the world. According to the OICA, automobile production declined by around 23% in the first nine months of 2020 compared to the same period in 2019. This negatively affected the demand for lubricants in 2020.

  • 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).
  • Engine oil dominated the market, and it 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 market across the world, with the largest consumption coming from the countries such as China and India.

Scope of the Report

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 makeup 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 lubricant, semi-synthetic lubricant, synthetic lubricant, and bio-based lubricant. By product type, the market is segmented into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types. By end-user industry, the market is segmented 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 and gas, etc. The report also covers the market size and forecasts for the lubricants market in 33 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton).

Group I
Group II
Group III
Group IV
Group V
Base Stock
Mineral Oil Lubricant
Semi-synthetic Lubricant
Synthetic Lubricant
Bio-based Lubricant
Product Type
Engine Oil
Transmission and Hydraulic Fluid
Metalworking Fluid
General Industrial Oil
Gear Oil
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)
South Korea
Rest of Asia-Pacific
North America
United States
Rest of North America
United Kingdom
Rest of Europe
South America
Rest of South America
Saudi Arabia
United Arab Emirates
Rest of the Middle-East
South Africa
Rest of Africa

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Key Market Trends

Automotive and Other Transportation Segment to Dominate the Market

  • Automotive and other transportation media, such as aircraft and marine, are the largest markets for lubricants.
  • Engine designs have been continually improved to enhance performance, increase efficiency, and, at the same time, meet the 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 have a good share in both the OEM and the aftermarket.
  • Typical medium-duty trucks include utility, courier and 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, thereby producing ample heat.
  • After an encouraging term of growth in the automotive sector during the past decade, the momentum has slowed down over the recent years. Sales of new vehicles are going down in Europe.
  • In 2020, COVID-19 severely impacted the automobile sector with lockdown implemented across all countries, which resulted in an automotive production halt. In the first nine months of 2020, automotive production witnessed a decline of around 23% compared to the same period in the previous year.
  • All the above-mentioned factors are expected to affect the market growth during the forecast period negatively.
Lubricants Market Share

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, the usage of lubricants is increasing in the region.
  • China is the largest lubricant consumer in the region, and the world, followed by the United States. Apart from automotive and wind power, chemical manufacturing is another prominent end-user industry in China.
  • The Chinese automotive manufacturing industry is the largest in the world. The industry witnessed a huge slowdown in 2018, wherein the production and sales declined. A similar trend continued in 2019, with the production witnessing a 7.5% decline in 2019. According to the China Association of Automobile Manufacturers (CAAM), automotive production witnessed a decline of around 6.7% in the first nine months of 2020.
  • In India, major automotive manufacturers, like Maruti, Tata, Honda, and Mahindra, have shut down their production facilities, owing to the unsold stock. This is expected to have a major negative impact on India’s automotive production in the future.
  • The automotive production in India has been witnessing a slowdown since the second half of 2019 until now. The reduction in sales can be accounted to the weak consumer consumption expenditure, especially in the rural areas, followed by policy uncertainty regarding the shift to a new level in the Bharat Stage (BS) standard and the electric vehicle policy, which are restraining the growth of the market studied.
  • The aforementioned factors are, in turn, expected to have a significant impact on the lubricant consumption in the region during the forecast period.
Lubricants Market Growth Rate By Region

Competitive Landscape

The market studied is consolidated among the top 10 players. The top companies have been utilizing competitive strategies and investments to retain and expand their shares. The top five players in the market are Royal Dutch Shell PLC, Exxon Mobil Corporation, BP PLC, Chevron Corporation, and Total.

Recent Developments

  • In June 2021, IOCL signed an MOU for "Investment Promotion" between the Government of Gujarat and IndianOil for setting up a Petrochemical and Lube Integration (LuPech) Project and Acrylics/Oxo Alcohol Project, along with other infrastructure projects at its Gujarat Refinery at Vadodara.
  • In April 2021, SK Innovation has agreed to sell a 40% stake in SK Lubricants to domestic firm IMM Private Equity for 1.09 trillion South Korean won (983 million USD )
  • In February 2021, the FUCHS Group announced that it has acquired 70% of the lubricant business of the specialty distributor STD & S Co. Ltd based in Vietnam.
  • In February 2021, the OTK Kart Group and ENI SpA have entered a partnership for the development of lubricants on Vortex engines, the engine division of the OTK Group.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    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. 4.2.3 Impact of COVID-19 on the Market Studied

    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


    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 Semi-synthetic Lubricant

      3. 5.2.3 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. China

        2. India

        3. Japan

        4. South Korea

        5. Philippines

        6. Indonesia

        7. Malaysia

        8. Thailand

        9. Vietnam

        10. Rest of Asia-Pacific

      2. 5.5.2 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      3. 5.5.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Russia

        6. Turkey

        7. Spain

        8. Rest of Europe

      4. 5.5.4 South America

        1. Brazil

        2. Argentina

        3. Chile

        4. Colombia

        5. Rest of South America

      5. 5.5.5 Middle-East

        1. Saudi Arabia

        2. Iran

        3. Iraq

        4. United Arab Emirates

        5. Kuwait

        6. Rest of the Middle-East

      6. 5.5.6 Africa

        1. Egypt

        2. South Africa

        3. Nigeria

        4. Algeria

        5. Morocco

        6. Rest of Africa


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

    2. 6.2 Market Share 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 PLC

      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 HPCL

      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

      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 Petronas Lubricants International

      28. 6.4.28 Phillips 66 Company

      29. 6.4.29 Repsol

      30. 6.4.30 Royal Dutch Shell PLC

      31. 6.4.31 SK Lubricants Co. Ltd

      32. 6.4.32 Veedol International Limited

      33. 6.4.33 Total

      34. 6.4.34 Valvoline LLC

    5. *List Not Exhaustive

    1. 7.1 Growing Prominence for Bio-lubricants

    2. 7.2 Other Opportunities

**Subject to Availability

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Frequently Asked Questions

The Lubricants Market market is studied from 2016 - 2026.

The Lubricants Market is growing at a CAGR of <2% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Royal Dutch Shell PLC, Exxon Mobil Corporation, Chevron Corporation, Total, BP p.l.c. are the major companies operating in Lubricants Market.

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