Market Size of Lubricants Industry
| 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
*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 outbreak of the COVID-19 virus caused several challenges for the global automotive industry, as vehicle production and sales suddenly stopped in many countries. These work stoppages led to a loss in the production of millions of vehicles worldwide. In the automobile industry, lubricants are used to reduce friction and wear in the engine, prevent rusting, and cool the pistons, among other functions.
- 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 are expected to hinder the growth of the market studied in the forecast period shortly.
- 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.
- The global market for lubricnats is dominated by the Asia-Pacific region.
