The global lubricants market size was estimated at USD 139.44 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2030. This is attributed to the growing demand for automotive oils and greases due to the growing trade of vehicles and spare parts. Lubricants are an essential part of rapidly expanding industries. They are used between two relatively moving machinery parts to reduce friction and wear & tear. They can be either petroleum-based or water-based and are essential for proper machinery functioning. Lubricants also decrease operational downtime and eventually increase overall productivity. Lubricants are extensively used in processing industries and automobile parts, especially brakes and engines, which need lubrication for continuous smooth functioning.

The increasing imports and exports of piston engine lubricants are contributing to market growth. The product demand is driven by the rising focus of consumers on enhancing vehicle performance coupled with the introduction of innovative & premium product offerings. Future growth will be highly dependent on motor vehicle production and the miles covered by each vehicle. Furthermore, consumers are looking for standard and specialized lubricants for their regular vehicles to ensure the smooth functioning of their vehicles and reduce long-term maintenance costs.

Gather more insights about the market drivers, restrains and growth of the Global lubricants market

Lubricants Market Segments Highlights:

• The automotive segment dominated the global industry in 2023 with the largest revenue share of 53.4%. This is attributed to the increased sales of consumer automobiles, such as buses, trucks, and other forms of passenger transport.
• The industrial segment held the second-largest share in 2023 due to the high industrial production in emerging markets.
• Asia Pacific dominated the industry with a revenue share of 44.6% in 2023. The growth is attributed to the rapid growth of the automotive industry along with industrial development and the presence of automotive manufacturing industries in countries, such as Japan, India, and China.
• Lubricants market in India is anticipated to register a growth rate of 5.2% across the forecast period. The marine industries in India, China, and Singapore are anticipated to emerge as international port operators over the forecast period.
• Europe accounted for a significant revenue share in 2023 and is predicted to register a considerable CAGR over the forecast period. The automotive industry in the European Union (EU) is one of the largest industries across the globe, forming a crucial part of its economy.

Browse through Grand View Research's Petrochemicals Industry Research Reports.

• Ethylene Oxide Market: The global ethylene oxide market size was valued at USD 36.10 billion in 2023 and is projected to grow at a CAGR of 4.6% from 2024 to 2030.
• Aerospace Lubricants Market: The global aerospace lubricants market size was valued at USD 2.13 billion in 2023 and is projected to grow at a CAGR of 5.0% from 2024 to 2030.

Lubricants Market Segmentation

Grand View Research has segmented the global lubricants market on the basis of application, base oil, and region:

Lubricants Application Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• Industrial
  • Process Oils
  • General Industrial Oils
  • Metalworking Oils
  • Industrial Engine Oils
  • Greases
  • Others
• Automotive
  • Engine oil 
    • 0W-20
    • 0W-30
    • 0W-40
    • 5W-20
    • 5W-30
    • 5W-40
    • 10W-60
    • 10W-40
    • 15W-40
    • Others
  • Gear oil
  • Transmission fluids
  • Brake fluids
  • Coolants
  • Greases
• Marine
  • Engine oil
  • Hydraulic oil
  • Gear oil
  • Turbine oil
  • Greases
  • Others
• Aerospace
  • Gas turbine oil
  • Piston engine oil
  • Hydraulic fluids
  • Others

Lubricants Base Oil Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• Mineral Oil
• Synthetic Oil
• Bio-based Oil

Lubricants Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Switzerland
  • France
  • Russia
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • South East Asia
  • Oceania
  • Kyrgyzstan
• Central & South America
  • Brazil
  • Argentina
  • Chile
  • Colombia
• Middle East & Africa
  • Middle East
  • Africa

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