The Evolution of Lubricants Industry: From Traditional to High-Tech Solutions

Lubricants Industry Data Book - Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030

The global Lubricants Industry was valued at 42.49 million tons in 2022 and is anticipated to increase at a significant CAGR of 3.0% from 2023 to 2030.

Grand View Research’s Lubricants Industry database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed Industrial outlook report) and summary presentations on individual areas of research along with a statistics e-book.

Access the Global Lubricants Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Industrial Lubricants Market Growth & Trends

The global industrial lubricants market size is expected to reach USD 72.08 billion by 2030, registering a CAGR of 3.1% according to a new report by Grand View Research, Inc. Improving PMI indices across the globe and resultant rise in production capacities are anticipated to boost the demand for industrial lubricants. Moreover, rising manufacturing activities are touted to spur investments in production machinery, thereby creating a strong growth potential for industrial lubricants.

High consumption of general industrial oils generate significant revenue attributing to the growth of industrial lubricants market. Related industries, such as chemicals, unconventional energy and mining, are slated to witness considerable growth. This trend is anticipated to further boost the product demand in compressors, industrial engines, hydraulics, centrifuges, and bearings. Companies are investing heavily in R&D for the development of innovative products to gain competitive edge in the industry. There has been a shift in trend towards use of bio-based raw materials due to rising awareness regarding the need for emission reduction and energy conservation.

Order your copy of the Free Sample of “Lubricants Industry Data Book - Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Automotive Lubricants Market Growth & Trends

The global automotive lubricants market is expected to reach USD 94.87 billion by 2030, registering a CAGR of 2.8% over the forecast period, as per the new report by Grand View Research, Inc. The industry growth is majorly driven by the increasing demand for automotive oils and greases owing to the growing trade of vehicles and their spare parts across the globe.

The growth of the lubricants is driven by growing consumer focus on enhancing the performance of the vehicle along with the launch of innovative & premium product offerings. Consumers want standard and specialized lubricants for their everyday vehicles to ensure smooth operation and save long-term maintenance expenses. Automotive lubricant makers are concentrating on developing lubricants that improve engine component performance while also reducing environmental deterioration by lowering carbon emissions.

Moreover, the increasing adoption of electric vehicles is anticipated to act as a restraining factor in the growth of the market. Several countries are focusing on the adoption of e-vehicles to reduce the pollution level. For instance, around 2 billion electric cars were on the road in China in 2021. Thus, this growing use of electric vehicles will hamper the growth of the product market over the period.

Go through the table of content of Lubricants Industry Data Book to get a better understanding of the Coverage & Scope of the study

Competitive Landscape

Key players operating in the Lubricants industry are:

• ExxonMobil Corp.
• Royal Dutch Shell Co.
• British Petroleum
• Total Energies
• Chevron Corporation

Check out more Industry Data Books, published by Grand View Research

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
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Lubricants Industry Revenue is fuelled by Rapid Industrialization in Developing Countries

Lubricants Industry Data Book - Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030

Grand View Research’s Lubricants Industry database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed Industrial outlook report) and summary presentations on individual areas of research along with a statistics e-book. 

Access the Global Lubricants Industry Data Book, 2023 to 2030, compiled with details like trade data, pricing intelligence, and competitive benchmarking.

Industrial Lubricants Market Report Highlights

The global Industrial Lubricants Market size was estimated at 16.24 million tons in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.1% from 2023 to 2030.

• Product demand in Europe is expected to grow at a CAGR of 2.8% over the forecast period owing to increasing industrial activities along with modernization of industrial machinery
• Saudi Arabia accounts for a major share of the global oil reserves. Heavy investments in education & infrastructure development by the government to reduce unemployment will have a positive impact on the regional market
• Companies have undertaken strategies, such as mergers and acquisition, to enhance their product offerings and strengthen regional presence
• Manufacturers of industrial lubricants market are aiming to achieve optimum business growth by implementing other strategies including joint venture, capacity expansion, product development, and R&D investments

Automotive Lubricants Market Report Highlights

The global Automotive Lubricants Market size was estimated at 24.18 million tons in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 2.8% from 2023 to 2030.

• The global market is estimated to advance with a compounded annual growth rate (CAGR) of 3.5% from 2023 to 2030. This is attributed to the advancing use of automobiles worldwide
• Engine oil in the product segment dominated the market with a revenue share of 54.8% in 2022. This growth is attributed to the fact that it contributes to keeping the engine corrosion-free, cool, and clean
• Gear oil is another segment witnessing growth over the forecast period. This is due to the fact that gear oil is one of the significant products in the market on account of its high viscosity, which eventually helps protect gear components and ensure smooth gear operations
• Asia Pacific region dominated the global market with a revenue share of 57.2% in 2022. This growth is due to the increasing production of automobiles in China and India. According to OICA, China produced 3.18 million commercial vehicles and 23.84 million cars in 2022, a growth of 3% as compared to 2020
• North America is another region witnessing growth in 2022. According to the International Organization of Motor Vehicle Manufacturers (OICA), the U.S. produced 10.06 million vehicles in 2022, a growth of 10% as compared to 2021
• Additionally, according to Statics Canada, approximately 1.6 million new vehicles were registered in Canada in 2021 which was 6.5% higher as compared to vehicles registered in 2020. Thus, the advancing automotive industry is further anticipated to drive the demand for products over the period

Order your copy of Free Sample of “Lubricants Industry Data Book - Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Marine Lubricants Market Report Highlights

The global Marine Lubricants Market size was estimated at 1.93 million tons in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.4% from 2023 to 2030.

• Hydraulic oils are anticipated to emerge as the fastest-growing segment over the forecast period. These are used for extending pump life under severe conditions, maintain cleanliness, and reliable air release filterability. Lubricants are also utilized in gear oil for the protection of high horsepower marine engines. The product is fortified with anti-foaming agents, which prevents cavitation at high RPM’s.
• North America is projected to remain a prominent regional market, registering a CAGR of 3.7% during the forecast period. The growth of the region can be attributed to rally of the marine sector.
• Asia Pacific is likely to remain the fastest-growing region with a 4.6% CAGR from 2023 to 2030. Some of the factors contributing to the growth of APAC are increasing number of ports, surging trade activities with the U.S. and other developed economies, and rapidly expanding shipbuilding sector.
• Major industry participants are increasingly engaging in R&D, strategic collaborations, new product launches, and other strategies in order to consolidate their positions in the market.

Go through the table of content of Lubricants Industry Data Book to get a better understanding of the Coverage and Scope of the study

Competitive Landscape

Prominent players as well as new entrants are focusing on the development of bio-based lubricants, owing to the future concerns of energy security for petroleum products. Bio-lubricants being in the immature phase have certain restrictions such as temperature resistance and oxidative stability. Companies are hence investing in the R&D activities for these products.

Key players operating in the Lubricants industry are:

• Amsoil Inc
• CASTROL LIMITED
• Philips 66 Company
• Valvoline LLC
• Idemitsu Kosan Co. Ltd
• Lukoil

Check out more Industry Data Books, published by Grand View Research

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
Follow Us: LinkedIn | Twitter

Lubricants Industry: Product Demand in Europe is Expected to Grow at a CAGR of 2.8% over the forecast period

Lubricants Industry Data Book Covers Automotive Lubricants, Industrial Lubricants, Marine Lubricants, and Aerospace Lubricants Market

The global Lubricants industry was estimated at 42.49 million tons in 2022 and is anticipated to increase at a significant CAGR of 3.0% from 2023 to 2030.

Grand View Research’s Lubricants Industry database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed Industrial outlook report) and summary presentations on individual areas of research along with a statistics e-book.

Industrial Lubricants Market Insights

The global industrial lubricants market size was valued at 16.24 million tons in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.1% from 2023 to 2030. Rapid industrialization in developing countries followed by a rise in the number of trade activities fuels the demand for industrial lubricants. Rising investments in R&D activities along with proper expansion channels help the growth of key players. Some industries slated to witness considerable growth include unconventional energy, chemicals, and mining. This trend is expected to further strengthen product demand in compressors, hydraulics, industrial engines, centrifuges, and bearings.

Over the past decade, emerging economies such as India, Japan, South Africa, China, and Brazil have witnessed a significant rise in the industrial sector. Industries such as the ones manufacturing foundry, plastics, metal consumer appliances, and more, along with mining industries have gained significant importance and thus demand high-quality industrial lubricants.

This trend has led to the increasing use of lubricants such as process oils, metalworking fluids, industrial oils, and engine oils. Stable industrial output in these markets is expected to continue to drive the demand for industrial lubricants. India has a significant market share of process oils, with over half of the total industrial lubricant demand. Rapid growth and development in power generation & distribution have driven the demand for transformer oils.

Automotive Lubricants Market Insights

The global automotive lubricants market size was estimated at 24.18 million tons in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 2.8% from 2023 to 2030. Growing demand for high-performance and lightweight vehicles in emerging economies such as India and China along with a shift in consumer preference towards sustainable lubricants is the key factor driving the market growth.

Increasing automotive production coupled with a shift in trend from heavy vehicles to lightweight vehicles is a key driving factor since the latter contributes significantly to weight savings and lower carbon emissions. A 10% reduction in the weight of an automobile results in approximately 5% to 7% fuel savings. In addition, the reduced weight also aids in controlling the emission of CO2 throughout the life cycle of the vehicle. It further helps the overall performance of the vehicle in terms of acceleration and handling. Moreover, the reduction in mass at unhinged points provides for a reduction in noise and vibration, making it a smoother ride. Thus, growing concerns regarding fuel consumption and greenhouse gas (GHG) emissions are expected to boost the demand for lubricants in commercial as well as passenger vehicles. 

The U.S. is the largest consumer of the product in North America with a revenue share of 67.7% in 2022. According to the International Trade Administration, the U.S. is the second largest market for sales and production of vehicles in 2022 with light vehicles accounting for 14.5 million units of sales. Additionally, according to the Motor & Equipment Manufacturers Association, the foreign direct investment for the automotive industry in the country amounted to USD 143.3 billion in 2019. Thus, the advancing automotive industry in the country is anticipated to be the major driving force for the product over the forecast period.

Order your copy of the Free Sample of “Lubricants Industry Data Book - Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Marine Lubricants Market Insights

The global marine lubricants market size was valued at 1.93 million tons in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.4% from 2023 to 2030. Rising demand for durable products and increasing trade activities, especially in emerging economies of Asia Pacific, are among the key trends escalating market growth. The U.S. is the largest consumer of the product in North America with a revenue share of 70.9% in 2022.

Marine engine oils are the major segment within the marine lubricants market space in the U.S. The production of finished goods that are in high demand in emerging economies is resulting in increased exports from the U.S. As air transport has its limitations, goods are transported through the sea route. Marine lubricants are widely utilized in the shipping industry to protect and enhance the efficiency of engines and equipment. These are high-performance fuels, specially designed to enable optimal performance in operations. They possess various exceptional inherent characteristics such as extending engine life and protecting components at high temperatures, improving performance and reliability of machinery, enhancing protection from mechanical wear and mitigating cold corrosion.

Extensive R&D in the global marine industry Changing needs arising from various high-performance heavy shipping industries are leading to extensive R&D activities in the global marine sector. This is prompting the development of a variety of products to offer reduced maintenance, improved oil life, and superior machine operating performance.

Go through the table of content of Lubricants Industry Data Book to get a better understanding of the Coverage & Scope of the study

Lubricants Industry Data Book Competitive Landscape

The global lubricants market is competitive markets with a large number of well diversified regional, and independent small scale and large scale manufacturers and suppliers. The small-scale companies majorly compete on the basis of price, after sales service and delivery timelines. Whereas the large scale companies focus on product development and innovations as well as marketing strategies. Some companies are also redefining their supply chain to reduce cost and customer delays.

Key players operating in the Lubricants Industry are:

• ExxonMobil Corp.
• Royal Dutch Shell Co.
• British Petroleum
• Total Energies
• Chevron Corporation
• Fuchs Group

Check out more Industry Data Books, published by Grand View Research

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. 

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
Follow Us: LinkedIn | Twitter