The global Lubricant Market is expected to gain momentum by reaching USD 133.55 billion by 2028 while exhibiting a CAGR of 1.8% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled “Lubricant Market, 2021-2028.” The report further mentions that the market stood at USD 115.86 billion in 2020.
The growing demand for synthetic lubes and the proactive nature of the companies to strengthen their footprint will propel the adoption of the product in the forthcoming years. For instance, in May 2020, Exxon Mobil Corporation announced its partnership with INNIO to work together to address the evolving demand for natural gas engine lubrication. Moreover, the companies are focusing on developing advanced engine oils to cater to the growing industrial demand.
Based on product, the market is divided into automotive oils, industrial oils, marine oils, and process oils. On the basis of grade, the market is trifurcated into mineral, synthetic, and semi-synthetic. Moreover, based on application, the market is classified into automotive, industrial, and others.
On the basis of application, the industrial segment held a global Lubricant Market share of about 26.3% in 2020 and is expected to showcase considerable growth in the forthcoming years. This is due to the increasing demand for general industrial oils that aid in increasing the efficiency of the equipment.
Lastly, based on region, the market is segmented into Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa.
What does the Report Provide?
The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Demand for Synthetic Lubricants to Promote Growth
The adoption of mineral-oil related lubes extensively in industries has an adverse effect on the workers. For instance, prolonged exposure to mineral oils is expected to lead to an increased risk of nonmelanoma skin cancer and other diseases.
However, synthetic oils are safe and provide higher efficiency, coupled with being less volatile and having higher viscosity index. Moreover, they have a greater thermal stability owing to their intrinsic chemical and physical properties. These factors are propelling the increasing adoption of synthetic lubes that will contribute to the global Lubricant Market growth during the forecast period.
Asia-Pacific – The region stood at USD 52.12 billion in 2020 and is expected to hold the highest position in the market in the forthcoming years. This is attributable to the increasing investment in industrial sectors and the high demand for passenger vehicles in countries such as India and China that will boost the demand for lubes in the region.
North America – The market in the region is expected to experience considerable growth backed by the presence of an established automotive sector. Moreover, several companies are focusing on expanding their manufacturing facilities to cater to the growing demand for lubricants from the industrial sector in the region between 2021 and 2028.
Partnership between Key Players to Brighten Their Market Prospects
The market is experiencing healthy competition amongst the companies that are focusing on partnering with other companies to expand their lubricants portfolio. Moreover, other key players are striving to maintain their presence by adopting strategies such as merger and acquisition, collaboration, and facility expansion that will bode well for the growth of the market.
List of Top Companies Profiled in the Global Lubricant Market: