Emerging Trends and Growth Prospects in the Lubricants Industry 2023-2030
Lubricants Industry Data Book | Forecast 2030
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 market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Automotive Lubricants Market Report Highlights
The global automotive lubricants market is expected to reach USD 94.87 billion by 2030, registering a CAGR of 3.5% over the forecast period
- 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 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
Industrial Lubricants Market Report Highlights
The global industrial lubricants market size is expected to reach USD 72.08 billion by 2030, registering a CAGR of 3.9%.
- 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
Marine Lubricants Market Report Highlights
The global marine lubricants market size is expected to reach USD 10.27 billion by 2030, registering a CAGR of 4.2% over the forecast period.
- 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 & Scope of the study
Aerospace Lubricant Market Report Highlights
The global aerospace lubricant market is expected to reach USD 998.1 million by 2022.
- The global aerospace lubricant market demand exceeded 90 kilo tons in 2014 and is expected to reach 133.8 kilo tons by 2022, growing at a CAGR of 4.8%from 2015 to 2022
- Civil aviation emerged as the largest end-use segment with demand share exceeding 65% in 2014. The sector is expected to generate high demand for lubricating oil particularly engine oil as a result of increased trans-continental travel, domestic air passenger traffic rise in Asian markets and strong preference towards aviation from locomotives in developing markets.
- Asia Pacific was the leading consumer and accounted for 39.0% of global volume in 2014. Growing civil aviation sector as a result of reduced airfares, increased presence of aircraft operators and rising consumer income particularly in China, India, Thailand, and Indonesia is expected to drive the regional market over the forecast period.
- Aerospace lubricant market is characterized by the presence of integrated companies who are involved in additive and base oil production as well. In regions such as China, there is a huge presence of independent blenders which leads to fragmentation.
- Key companies in the industry include Exxon Mobil, Shell, British Petroleum, Total Lubricant, Chevron Corporation, Fuchs Group, Phillips 66, Castrol, Sinopec, Petrobras, Quaker Chemical Corporation and Aerospace Lubricant, Inc.
Competitive Insights
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.
Global as well as regional players are developing direct sales channels, especially for automotive lubricant users at their local service centers. Some companies also participate in annual events of their end users and showcase their products at offer prices. Direct sales through such platforms reduces the dependability towards retailers and wholesalers at the same time offering better margins and operational costs. Such sales also develop a strong database of customers which enables the manufacturer to develop a better understanding about the demands.
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