Lubricants Market Size To Reach $180.21 Billion By 2030

Lubricants Market Growth & Trends

The global lubricants market size is expected to reach USD 180.21 billion by 2030, registering a CAGR of 3.8% over the forecast period, according to a new report by Grand View Research, Inc. Growth in demand for biobased lubes owing to their eco-friendly characteristics is poised to pave way for higher demand over the coming years. Furthermore, the manufacturers are shifting and expanding their production units in developing nations owing to various factors, such as availability of raw materials and reduced infrastructure & labor costs. This, in turn, is anticipated to boost the market growth over the forecast period. Typical oil manufacturers use crude oil, CBM, tight oil, and other additives to formulate all types of lubricants.

Medical was the largest application for PEG, accounting for more than 40% of market share in 2022. Superior blending, hygroscopicity, and non-toxic properties of PEG have resulted in high demand for the chemical in numerous pharmaceutical products such as tablets and ointments. Increasing pharmaceutical expenditure, particularly in emerging economies of India, China, and Brazil, is expected to boost PEG market over the forecast period. Growing demand for paints & coatings coupled with the increasing use of PEG as a solvent due to its low VOC emissions is anticipated to fuel market growth over the next six years.

Economic growth in emerging markets, such as China, India, and Brazil, has led to the betterment of public transportation in these regions. This trend is expected to further strengthen commercial automotive lubricant demand. The Asia Pacific automotive industry is anticipated to witness a high growth rate over the forecast period owing to rapid economic development, mega construction projects, and the introduction of various favorable policies by the government, such as 100% FDI and “Smart Cities”. Rapid industrial development and growing demand for high-performance luxurious passenger cars have also attracted heavy investments from international automotive players.

Companies, such as ExxonMobil and Chevron, are directly involved in the production of lubricants for specific applications, these companies are further involved in supply agreements with major end-users to ensure steady sales of lubricants. Companies, such as Total, Shell, Amsoil, and Castrol, have entered into exclusive supply agreements with Tata Motors & Vestas Wind Systems to supply their lubricant brands. Global as well as regional industry 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.

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Lubricants Market Report Highlights

• The market is estimated significantly due to the increasing demand for automotive oils and greases on account of the growing trade of vehicles and their spare parts

• Lubricants are majorly used as diesel engine oils, gearbox lubricants, and transmission oils in passenger cars, commercial vehicles, and motorcycle segments of the automotive sector. As per OICA, global motor vehicle production reached 85, 016,728 in 2022, which is anticipated to drive the product demand

• Gas turbine oil is a high-performance oil created to help gas turbines run more efficiently and reliably while also enhancing the safety and productivity of power plant operations

• Asia Pacific dominated the market with a revenue share of 44.6% in 2023. A rising number of consumers is demanding advanced technological products with superior performance characteristics. This factor is conducive to market growth.

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

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • U.K.

  • Switzerland

  • France

  • Russia

  • Italy

  • Spain

  • Netherlands

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • South East Asia

    • Malaysia

    • Indonesia

    • Vietnam

  • Oceania

    • Australia

    • New Zealand

  • Kyrgyzstan

• Central & South America

  • Brazil

  • Argentina

  • Chile

  • Colombia

• Middle East & Africa

  • Middle East

    • Iran

    • Oman

    • UAE

    • Qatar

    • Kuwait

    • Saudi Arabia

  • Africa

    • South Africa

    • Angola

    • Nigeria

List of Key Players of Lubricants Market

• ExxonMobil Corp.

• Royal Dutch Shell Co.

• BP PLC.

• Total Energies

• Chevron Corp.

• Fuchs

• Castrol India Ltd.

• Amsoil Inc.

• JX Nippon Oil & Gas Exploration Corp.

• Philips 66 Company

• Valvoline LLC

• PetroChina Company Ltd.

• China Petrochemical Corp.

• Idemitsu Kosan Co. Ltd.

• Lukoil

• Petrobras

• Petronas Lubricant International

• Quaker Chemical Corp.

• PetroFer Chemie

• Buhmwoo Chemical Co. Ltd.

• Zeller Gmelin Gmbh & Co. KG

• Blaser Swisslube Inc.