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

The 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

Study Period:

2016 - 2026

Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific


2 %

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Market Overview

The market for lubricants is expected to register a CAGR of around 2% during the forecast period. The 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). However, increasing drain intervals in the automotive and industrial sectors are expected to hinder the growth of the market studied.

  • 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 market across the world, with the largest consumption coming from the countries, such as China and India.

Scope of the Report

The scope of the lubricants market report includes:

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 Middle-East
South Africa
Rest of Africa

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Key Market Trends

Engine Oil Segment to Dominate the Market

  • Engine oils are widely used to lubricate internal combustion engines and are generally composed of 75-90% base oils and 10-25% additives.
  • They are typically used for applications, such as wear reduction, corrosion protection, and smooth operation of engine internals. They function by creating a thin film between the moving parts for enhancing the transfer of heat and reducing tension during the contact of parts.
  • High-mileage engine oils are in demand lately, owing to the properties that help in the prevention of oil leaks and reduction of oil consumption.
  • Most of the light and heavy vehicle diesel and gasoline engines use 10W40 and 15W40 viscosity-grade oils, whereas, multi-grade oils, like 15W50 and 20W50, are used for aircraft engines.
  • The light motor vehicle segment records the highest consumption rate of engine oils among all the segments. Owing to the technological improvements and government-mandated requirements for fuel economy, the automakers have been manufacturing lighter vehicles with tighter tolerances (which make the vehicles more durable).
  • Owing to the increased engine oil change intervals, technological advancements are imposing a threat to the growth of the engine oil segment, in terms of volume consumption.
  • However, with the growing automotive fleet on road, the consumption of engine oil is projected to increase, but at a slower pace, during the forecast period.

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Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the global market share. With growing automotive fleet and the increasing need for wind power 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.
  • Many major companies in the market have their chemical plants in China. These companies have increased their production capacities, which, in turn, may increase the consumption of lubricants. India was the world’s fifth-largest and sixth-largest producer of commercial vehicles and passenger cars, respectively and the automotive sector accounts for the largest share of the lubricant consumption in India. This can be majorly attributed to the diverse aftermarket sales of lubricants in the country.
  • Major OEM manufacturers rely on agreements with different lubricant producers during production, as well as the aftermarket service. Apart from the existing tie-ups, recent tie-ups made by few manufacturers in the sector are expected to boost the lubricants supplied through this route in India.
  • The aforementioned factors in China and India are contributing to the increasing demand for lubricant consumption in the region, during the forecast period.

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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, namely, Royal Dutch Shell PLC, Exxon Mobil Corporation, BP PLC, Chevron Corporation, and Total, account for about 38% of the market studied. China National Petroleum Corporation (PetroChina), IdemitsuKosan Co. Ltd, Sinopec, and FUCHS are some of the other big players who enjoy a healthy presence in the market.

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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. 4.3 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 Consumers

      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 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 AG

      6. 6.4.6 Carl Bechem GmbH

      7. 6.4.7 China National Petroleum Corporation (PetroChina)

      8. 6.4.8 China Petroleum & Chemical Corporation (Sinopec)

      9. 6.4.9 Chevron Corporation (Including Caltex)

      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 JX Nippon Oil & Energy Corporation

      20. 6.4.20 Kluber Lubrication

      21. 6.4.21 Lukoil Lubricants Company

      22. 6.4.22 Motul

      23. 6.4.23 PT Pertamina (Persero)

      24. 6.4.24 Petrobras

      25. 6.4.25 Petrofer Chemie HR Fischer GmbH + Co. KG

      26. 6.4.26 Petromin Corporation

      27. 6.4.27 Petronas Lubricants International

      28. 6.4.28 Phillips 66 Lubricants

      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 Lubricants

      34. 6.4.34 Valvoline LLC

  7. *List Not Exhaustive

    1. 7.1 Growing Prominence for Bio-Lubricants

    2. 7.2 Other Opportunities

** Subject to Availability

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