Lubricants Market Size Analysis, Growth, Opportunities, Top Manufacturers, Trends, Key Segmentation, Regional Analysis, and Forecast to 2029

Lubricants Market Size Analysis, Growth, Opportunities, Top Manufacturers, Trends, Key Segmentation, Regional Analysis, and Forecast to 2029

“Browse 526 market data Tables and 61 Figures spread through 415 Pages and in-depth TOC on “Lubricants Market””
The Lubricants Market thrives on demand from the automotive, industrial machinery, and aerospace sectors, emphasizing efficiency, durability, and environmental standards. Asia-Pacific and North America lead regional growth, buoyed by industrial expansion and technological advancements.

In terms of value, the lubricants market is estimated to grow from USD 173.5 billion in 2024 to USD 198.4 billion by 2029, at a CAGR of 2.7%. The demand for lubricants in end-use industries such as transporation and Industrial is increasing due to government regulations and fuel economy norms, mounting demand from marine applications, and extension of refinery volumes for group II and III base oil.

Download PDF Brochure: 

Based on base oil type, the lubricants market is segmented as mineral oil lubricants, synthetic lubricants, and bio-based lubricants. From them, mineral oil lubricants accounted for the largest market share, in terms of value, in 2023. They are the most compatible with a wide variety of materials and seals commonly used in machinery and equipment. Moreover, they are typically less expensive due to low production costs. Also, they are easily available in different regions. Therefore, mineral oil lubricants accounted for the largest share in the lubricants industry.

Based on end-use industry, the lubricants market is segmented into two key sub-segments as transportation and industrial.

The industrial end-use industry sub-segment is projected to register the highest CAGR in terms of value, during the forecast period. This is mainly due to the rising industrial activities in construction, mining, agriculture, food industry, and others around the world as the worlds populations is increasing rapidly. Therefore, industrial end-use industry sub-segment is projected to register highest CAGR.

Request Sample Pages: 

Based on region, Asia Pacific is the largest market lubricants, in terms of value, in 2023 due to the due to its robust economic growth, increasing population, rapid industrialization rising disposable incomes, and  favorable government regulations. Moreover, densely populated countries such as China and India experiences high demand across various sectors, including automotive, manufacturing, construction, and agriculture. Thus, the demand for lubricants is high in Asia Pacific region. Likewise, the Asia Pacific is projected to be the fastesst growing market, in terms of value, during the forecast period 2024 to 2029.

The key players profiled in the largest market report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), PetroChina Company Limited (China), TotalEnergies SE (France), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, Asia Pacific, and the Middle East & Africa. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies.

Request Customization: 

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States