According to the new report published by Zenith Market Insights, the global lubricants market is expected to grow from USD 132.73 billion in 2019 to USD 176.23 billion by 2028 at a CAGR of 3.2% over the forecast period 2020-2028.
A lubricant is a substance, generally organic, applied to reduce friction between surfaces in mutual contact, which ultimately reduces the heat produced when the surfaces move. It may also have the function of transmitting forces, transporting foreign particles, or cooling or heating the surfaces. The property of reducing friction is called lubricity. Lubricants are also used to eliminate heat and wear debris, supply additives into the contact, transmit power, protect, seal, depending on its nature. A lubricant can be in liquid, solid, gaseous or even semisolid forms. The liquid lubricants can be classified based on the base oil to mineral, synthetic/semi-synthetic, or environmentally acceptable (biodegradable) oils.
- Rising demand for high-performance engines leading the lubricants industry to grow and evolve
- Lower prices of crude oil will benefit lubricants suppliers after COVID-19
- Rise in demand for hybrid vehicles and increasing battery price parity
- Leveraging e-commerce industry to expand customer reach
- Demand for renewable energy to positively impact the lubricants market
- Strict environmental norms and continuous reforms by governments
Key Market Players:
Amsoil Inc., BP p.l.c., Chevron Corporation, ExxonMobil Corporation, Fuchs Petrolub AG, Idemitsu Kosan Co. Ltd, LUKOIL, Pennzoil, Petrochina Company Limited, Philips 66 Company, Royal Dutch Shell Plc., Sinopec Limited, Total S.A. and Valvoline LLC are some of the prominent players in the global lubricants market.
The market is segmented on the basis of below mentioned segments:
On The Basis Of Base Oil: Revenue & Volume
- Mineral oil lubricants
- Bio-based lubricants
- Synthetic lubricants
On The Basis Of Product Type: Revenue & Volume
- Engine oil
- Hydraulic oil
- Metalworking fluid
- Gear oil
- Compressor oil
- Turbine oil
On The Basis Of End Use: Revenue & Volume
On The Basis Of Region: Revenue & Volume
- North America
- Rest of Europe
- Asia Pacific
- Rest Of APAC
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
- Year Consideration
- Base year – 2019
- Historic Year-2016-2018
- Forecast year- 2020 to 2028
- The global Lubricants market will be based on revenue and volume. The study covers the market share for segments, countries, regions and players.
- The regions evaluated for the Lubricants market are Europe, North America, Asia Pacific, South America and Middle East & Africa. Furthermore, the regions are further analyzed at the country-level.
- The report provides an in-depth pricing analysis, value chain analysis, industry road map, and micro and macro factors.
- The research report further provides the attractiveness of Lubricants and regions based on their growth rate (CAGR), market size and attractiveness by analyzing present and future prospects to analyze market growth and development in future.
- Also, the study focuses on market-related driving forces, restraints, potential opportunities for the market, significant developments and advancement that serve as a key potential for investors.
- The study offers an extensive evaluation of the porter's five forces analysis, SWOT analysis and PESTEL analysis to provide data and information related to the business.
- Porter's five forces model is analyzed to understand the overall competitive scenario that prevails in the market. The SWOT analysis also identifies the positive as well as the negative characteristics of market development which influences the company growth and development to sustain and survive in the long run. The PESTEL analysis identifies the macro (external) forces affecting the organization.
- The report includes a thorough analysis of the company profiles of major companies operating in the global lubricants market and a comparative evaluation based on their business overviews, product offering, geographic presence, market share, business strategy, recent developments, product development & innovations, joint ventures, partnerships, mergers & acquisitions, expansions, SWOT analysis, and key financial information. It helps in evaluating the overall competition present in the market scenario.