Lubricants Market Size, Share, Growth, Key Players, Growth, Analysis, Outlook, Report and Forecast 2024-2032
The ‘Global Lubricants Market Size, Share, Growth, Price, Report and Forecast 2024-2032’ by Expert Market Research gives an extensive outlook of the global lubricants market, assessing the market on the basis of its segments like base oils, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Lubricants Market Size, Share, Price, Growth, Trends, Industry Report, Key Players, Major Segments and Forecast
The key highlights of the report include:
- Historical Market Size (2023): More Than USD 129.38 Billion
- Forecast CAGR (2024-2032): 3.50%
Lubricants are increasingly used in industrial applications as they are critical for the proper functioning of various parts of a machine. Moving elements of machines, including revolving pieces and gears, among others, that come into contact with one another require lubrication.
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Increasing industrial activities globally is one of the major factors propelling the lubricants market demand.
The rising energy costs have compelled the industrial sector to cut energy consumption and minimise operational expenses. As engine parts are more likely to cause friction without lubrication, consequently increase fuel consumption, and add to emissions and pollution, the demand for lubricants is rising. Moreover, the increasing focus on reducing wear and tear of machinery and equipment is driving the lubricants market demand.
Lubricants Industry Definition and Major Segments
Lubricants are substances that are extensively used in many areas to build a separating layer between two surfaces that are frequently in contact with each other. They are applied to reduce the amount of friction between two components and increase their longevity. Additionally, they are frequently used as corrosion and rust inhibitors as well as demulsifying and emulsifying agents.
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On the basis of base oil, the market is segmented into:
- Mineral Oil
- Synthetic
- Bio-based
The lubricants market, based on end-use, is divided into:
- Automotive
- Marine
- Aerospace
- Industrial
The major regional market of lubricants includes:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Lubricants Market Trends
In comparison to conventional mineral-based lubricants, synthetic lubricants offer higher performance and enhanced protection as they are manufactured from chemically designed components. Thus, the increasing awareness about the availability of synthetic lubricants is favouring the lubricants market growth.
The rising demand for environmentally friendly products is another lubricants market trend. Consumers and businesses are seeking lubricants that are biodegradable and have a lesser environmental impact as they become more conscious of the effects of the negative effects of lubricants on the environment.
In the Asia-Pacific region, lubricants are widely used owing to the robust growth of the industrial sector, the growing demand for wind energy, and increasing vehicle manufacturing activities in nations like China, India, and Japan.
Key Market Players
The major players in the global lubricants market report include Shell Plc, Chevron Corporation, PetroChina Company Limited, BP p.l.c., Idemitsu Kosan Co., Ltd., FUCHS PETROLUB SE, and Valvoline Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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