Lubricants Market was estimated to be around US$ 135 billion in 2020 and is anticipated to display a CAGR of ~ 2% over the forecast period (2021-2027).

Over the years mechanization of industries played a pivoted role in building up the market of lubricants as they improve the equipment life and aids in maintaining efficiency for a longer time due to its properties which helps in reducing the friction, heat, and wear between the mechanical components that are in contact with each other. 

Refining of crude oil using different techniques such as solvent refining, hydrotreating or hydrogenation produce mineral base oils whereas other process which do not

require refining of crude oil provides synthetic base oil. These base oils then blend with

specific additives to produce lubricants. In 2019, the oil refinery throughput

stood at 82,954 thousand barrel per day compared to 77,925 thousand barrel per

day, this shows the increasing demand of crude oil refines products as a

result demand of lubricants is also increasing. However, oil refinery

throughput declined in 2020 to 75,512 thousand barrel per day owing to the

COVID thus affected the market of lubricants in 2020. 

However, oil

refinery throughput declined in 2020 to 75,512 thousand barrel per day owing to

the COVID thus affected the market of lubricants in 2020. Further, decline

in sales of automobiles by approximately 16% in 2020 and halted operations of

industries had reduced the demand of lubricants. 

Based on base oil,

the market is categorized into group I, group II, group III, group IV, and

group V. Among these, Group II base oil accounted for the lucrative market share in

2020 and is likely to retain its position

during the forecast period owing to its higher efficiency and lower emission

relative to group I base oil. Further, industries are finding easy to transit

from group I base oil to group II base oil by changing in work techniques, work with new base oil manufacturers, and changing equipment. As

a result, penetration of lube oil has been increased in the industries. 

Based on product type, the market is categorized into engine oil, general

industrial oil, metalworking oil, grease, transmission and hydraulic fluid oil,

gear oil, process oil, and others. Among these, engine oil category held the significant market share owing to large base of

automobiles and increasing demand of automobiles in developing regions like

Asia Pacific because of rising purchasing power

of population. Further,

increasing automotive emission regulation is expected to fuel the market of

lubricants globally, as lubricant reduce wear and tear of equipment thus

improving the performance of automobiles.  

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On the basis of end use, market is sub-segmented

into automotive & other transportation, heavy equipment, food &

beverages, metallurgy & metalworking, chemical and others. The automotive and other transportation category held the leading

position in the market for lubricants, based on end use. This was due to the

surging vehicle sales on account of the rising per capita income of people

worldwide. According to the International Organization of Motor Vehicle

Manufacturers, around 44.4 million were sold in first half of 2021 compared to 34.3 million vehicles in the same

period of 2020. Moreover, the expanding mobility services sector is amplifying

vehicle sales, thereby boosting the consumption of lubricants. 

Additionally, the report provides detailed initiatives that are being

taken in the field of lubricants. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia-Pacific held the dominating position in the global

lubricants market and is expected to showcase exponential growth rate during

the forecast period. This can be mainly attributed to the large and growing demand of automobiles and

increasing industrial activities in countries like China, India, and ASEAN

region. 

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Global Lubricants Market Segmentation 

Market Insight, by Base Type                

Group I              

Group II                 

Group III           

Group IV               

Group V 

Market Insight, by Product Type         

Engine Oil               

Transmission and Hydraulic Fluid Oil               

Gear Oil          

General Industrial Oil         

Grease          

Metalworking Oil    

Process Oil            

Others 

Market Insight, by End Use              

Automotive & Other Transportation              

Heavy Equipment             

Food & Beverages      

Metallurgy & Metalworking             

Chemical        

Others 

Market Insight, by Region       

North America      

Europe              

Asia Pacific              

Rest of World 

Top Company Profiles            

Chevron Corporation             

British Petroleum Plc.           

Exxon Mobil

Corporation         

PetroChina Company

Limited             

Royal Dutch Shell Plc.               

TotalEnergies SE        

Idemitsu Kōsan kabushiki geisha     

China Petroleum &

Chemical Corporation       

JX Nippon Oil &

Gas Exploration Corporation        

Fuchs Petrolub SE 

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