Lubricants Market (By Type: Mineral Oil, Synthetic Oil, Bio-based Oil; By Application: Industrial [Process oils, General industrial oils, Metal working fluids, Industrial engine oils], Automotive [Heavy-duty engine oils, Hydraulic & transmission fluids, Gear oil, Grease]) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027
![Lubricants Market (By Type: Mineral Oil, Synthetic Oil, Bio-based Oil; By Application: Industrial [Process oils, General industrial oils, Metal working fluids, Industrial engine oils], Automotive [Heavy-duty engine oils, Hydraulic & transmission fluids, Gear oil, Grease]) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027](assets/images/format-png.png "Lubricants Market (By Type: Mineral Oil, Synthetic Oil, Bio-based Oil; By Application: Industrial [Process oils, General industrial oils, Metal working fluids, Industrial engine oils], Automotive [Heavy-duty engine oils, Hydraulic & transmission fluids, Gear oil, Grease]) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027")
The global lubricants market is anticipated to grow at a CAGR of around 3.5% during the forecast period 2020 to 2027 and to reach around US$ 165.3 Bn by 2027.
Market Dynamics
Rapid industrialization in developing countries, increasing number of manufacturing units across the globe, and rising passenger vehicle sale in emerging economies are major factors expected to drive the growth of global market. In addition, increasing demand for grease from various end use industries is another factor expected to further support the growth of target market.
Major players operating in the country are focused on business expansion through strategic merger and acquisition which is expected to help the company to enhance the product portfolio which is another important factor expected to further augment the growth of target market.
- In 2016, RelaDyne acquired the Hollingsworth Oil Company (HOCL), company’s division of lubricants fully operating in Tennessee and Alabama. This is expected to help the company to enhance the customer base and increase the profit ratio.
- In 2020, GP Global acquired Grand Petroleum’s a Nigeria-based lubricant company. This acquisition is expected to help the company to enhance the customer base in Nigeria and West Africa.
- In 2018, Brenntag acquired B&M Oil Company a regional lubricants distributor engaged in the sale, marketing and distribution of lubricants to automotive, industrial, commercial construction, and agricultural consumers in US. This is expected to help the company to enhance the customer base and increase the product portfolio.
- In 2019, Shell Lubricants launched a next-generation services platform for B2B sectors. The portfolio gives customers a comprehensive set of technologically advanced solutions to optimize performance across industry-wide value chains. This is expected to help the company to strengthen its position in the global market.
However, factors such as rising environment regulation resulting in stringent government regulation related to product approval and swift inclination towards adoption of synthetic lubricants are major factors expected to hamper the growth of global lubricants market. In addition, fluctuation in raw material prices is another factor expected to challenge the growth of target market.
High investment for R&D activities by the major players and introduction of bio-based lubricants that are environment friendly are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, players inclination towards adoption of e-commerce sales channel for better reach to the consumers is another factor expected to support the revenue traction of target market.
Lubricants Market Segment Analysis, 2019
The global lubricants market is segmented into product and application. The application segment is further bifurcated into industrial and automotive. Among product the bio-based segment is expected to witness faster growth in the global market over the forecast period.
Segment Analysis by Region
The market in North America is expected to account for significant revenue share owing to rising demand for advanced lubricants from oil & gas sector. In addition, high investment by major players for R&D activities, coupled with business development activities in order to enhance the customer base are among other factors expected to support the growth of target market.
Asia Pacific is expected to witness faster growth in the near future owing to high demand from automotive industry. In addition, major players are inclining towards developing countries in order to enhance the business presence due to easy availability of raw material and low cost labor this is another factor expected to further support the growth of target market.
Competitive Landscape
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
|
Market |
Global Lubricants Market |
|
Analysis Period |
2016 – 2027 |
|
Base Year |
2019 |
|
Forecast Data |
2020 – 2027 |
|
Market Stratification |
Type, Application and Geography |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
The market research study on “Lubricants Market (Type: Mineral Oil, Synthetic Oil, and Bio-based Oil; Application: Industrial and Automotive) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global lubricants market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global lubricants market segment by type, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global lubricants market size and segment markets by type, application and geography along with the information on companies operating in the market. The lubricants market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report Fuchs Group, Pennzoil, Amsoil Inc., Kendall, Valvoline, Castrol, PetroChina, Sinopec Corp., Idemitsu Oil & Gas Co. Ltd., Luk Oil, Nippon Oil, Petrobras, Petronas, ExxonMobil, Shell, British Petroleum, Total, Chevron, Quaker Chemical Corporation.
Market Segmentation
Market By Type
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
Market By Application
Industrial
- Process oils
- General industrial oils
- Metal working fluids
- Industrial engine oils
Automotive
- Heavy-duty engine oils
- Hydraulic & transmission fluids
- Gear oil
- Grease
Market By Region
North America
- US
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest if Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Meddle East & Africa
Frequently Asked Questions
Which factor expected to drive the growth of lubricants market?
Rapid industrialization in developing countries, increasing number of manufacturing units across the globe, and rising passenger vehicle sale in emerging economies are major factors expected to drive the growth of global market.
What will be the market size of global lubricants market in 2027?
The global lubricants market in 2027 is expected to be above US$ 165.3 Bn.
What is the CAGR of the global lubricants market?
The CAGR of the global lubricants market from 2020-2027 is above 3.5%.
Who are the key players in the market?
The key players operating in lubricants markets are Fuchs Group, Pennzoil, Amsoil Inc., Kendall, Valvoline, Castrol, PetroChina, Sinopec Corp., Idemitsu Oil & Gas Co. Ltd., Luk Oil, Nippon Oil, Petrobras, Petronas, ExxonMobil, Shell, British Petroleum, Total, Chevron, Quaker Chemical Corporation.
Which segment is growing faster in application segment?
In application segment the automotive segment is growing at faster pace.
Which region is expected to grow faster?
In the global market the Asia Pacific region is expected to grow faster.
Which insight provides on the lubricants market?
The report provides insights on global lubricants market segment by type, application, and major geographic regions.
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