Lubricants Industry
The global lubricants market was valued at USD 139.44 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2030. This growth is largely driven by the increasing demand for automotive oils and greases, which are essential due to the expanding trade of vehicles and spare parts worldwide. Lubricants play a critical role in many rapidly growing industries, especially in sectors where machinery is in constant use. These lubricants, whether petroleum-based or water-based, are applied between moving parts to minimize friction and reduce wear and tear. This, in turn, ensures the efficient functioning of machines, reducing operational downtime and enhancing overall productivity across industries.
Lubricants are extensively used in both industrial processing and the automotive sector, particularly in vital components such as brakes and engines, where continuous lubrication is necessary for smooth and long-term operation. The market is also benefiting from the increasing global trade of piston engine lubricants, which further boosts the industry's growth. This rise in demand is driven by consumers' growing focus on improving vehicle performance, coupled with the availability of innovative and premium lubricant products that cater to specific needs.
Looking ahead, the market's future growth will be closely linked to motor vehicle production and the number of miles driven by each vehicle. As more vehicles are produced and operated, the need for lubricants will continue to rise. Additionally, consumers are increasingly seeking both standard and specialized lubricants to maintain the smooth operation of their vehicles and reduce long-term maintenance costs, highlighting the importance of lubricants in ensuring vehicle efficiency and durability.
Gather more insights about the market drivers, restrains and growth of the Lubricants Market
Regional Insights
- The Asia Pacific region dominated the lubricants industry in 2023, accounting for a substantial revenue share of 6%. This significant growth can be attributed to the rapid expansion of the automotive industry, alongside overall industrial development, particularly in major automotive manufacturing countries such as Japan, India, and China. In this market, the most commonly used lubricants include automotive engine oils, greases, and hydraulic fluids.
- The regulatory landscape in the Asia Pacific has begun to mirror that of the American and European systems, prompting countries like Japan and South Korea to place greater emphasis on eco-labeled lubricants. This shift towards environmentally friendly products indicates a growing awareness and commitment to sustainable practices within the industry.
- Additionally, the Asia Pacific region maintains a dominant position in the global marine industry, attributed to the presence of a large number of ports and increasing trade activities with the S. and other developed economies. This maritime growth further enhances the demand for lubricants.
- In India, the lubricants market is projected to register a growth rate of 2% during the forecast period. The marine industries in India, China, and Singapore are anticipated to emerge as significant international port operators, which is expected to contribute to an increase in lubricant consumption across various marine applications.
- China stands out as the largest and most mature market within the Asia Pacific, hosting over 55,000 participating businesses in the lubricants sector. According to the Society of Tribologists and Lubrication Engineers, around 65% of the global newly added chemical material capacity in 2020 was located in China. This rapid industrialization is likely to drive an increase in product demand throughout the forecast period.
- In 2023, China also experienced an 6% increase in vehicle production to meet the rising demand in the automotive sector, further illustrating the country’s significant role in the global lubricants market.
- Europe accounted for a considerable revenue share in 2023 and is predicted to register a significant compound annual growth rate (CAGR) over the forecast period. The automotive industry within the European Union (EU) is one of the largest globally, representing a critical component of the region's economy. During the first three quarters of 2023, the EU produced more than 9 million cars, reflecting a 14% increase compared to the previous year.
- According to the European Commission, this automotive sector employs approximately 6 million people directly involved in vehicle manufacturing, which represents around 8.5% of the total manufacturing employment across the EU. This substantial workforce highlights the importance of the automotive industry within the region.
- Moreover, Europe stands as one of the world's leading producers of motor vehicles, bolstered by governmental support in the form of funding and technological harmonization aimed at facilitating research and development (R&D) activities in automation. This supportive environment is likely to have a positive impact on the growth trajectory of the lubricants industry within Europe.
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