The global lubricants market size was valued at USD 127.80 billion in 2019 and is anticipated to grow at a CAGR of 4.22% during the forecast period. A lubricant is a substance used to control friction and heat generation between two surfaces. Lubricants offer enhanced smoothness between two moving surfaces while reducing wear and tear, corrosion, and overheating. They are also used for transmitting power, sealing gases, and removing contaminants and debris. The different types of lubricants include oils, greases, dry lubricants, and gases. Lubricants are used in varied applications such as antioxidants and antifoaming agents, emulsifying and demulsifying agents, engine oils, compressor oils, gear oils, piston oils, hydraulic brakes & gear box fluids, and soap & paint industries among others.
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The increasing automation of processes, and growing manufacturing industry drive the growth of the market. Rapid industrialization, rising automobile production, and modernization of industrial machinery further boost the growth of the market. Increasing applications of lubricants in mining activities, and rising need for use of high quality industrial lubricants are factors expected to support market growth during the forecast period. However, stringent government regulation, and high prices of bio-based and synthetic lubricants restrict the growth of the market to a certain extent. Growing demand from emerging economies, and increasing trend of bio-based lubricants are factors expected to provide numerous growth opportunities in the coming years.
The global Lubricants market is segmented on the basis of type, application, and region. Based on type, the market is segmented into synthetic lubricants, mineral oil lubricants, bio-based lubricants, greases, and others. On the basis of application, the market is segmented into industrial, automotive, and others. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia-Pacific accounted for the largest share in the Global Lubricants market in 2019.
The leading players in the market include Exxonmobil Corporation, Idemitsu Kosan Co. Ltd, Sinopec Limited, Royal Dutch Shell PLC., Chevron Corporation, BP PLC., Amsoil Inc., Nippon Oil, Quaker Chemical Corporation, Fuchs Petrolub AG, Total S.A., and Luk Oil among others. These leading players in the market are introducing innovative products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.