Press release
Lubricants Market Size Worth US$ 153.07 Billion by 2030 | Growth Rate and Forecast Report
Leading companies in the industry include British Petroleum, Chevron Corp., ExxonMobil Corp., JX Nippon Oil & Energy Corp., Lukoil, Pennzoil, Philips 66 Company, Quaker Chemical Corp., Royal Dutch Shell Co., Sinopec Corp., and Total S.A among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
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The type segment is divided into hydraulic fluids, engine oil, metalworking fluid, greases, gear oil, others. The engine oil segment dominated the market with a market share of around 55% in 2021. Automotive engine oils are anticipated to dominate the global lubricants market during the forecast period. The advantage of engine oil is mainly due to its high ease of use in the transport sector compared to other grades and its demand in the construction industry, especially construction vehicles. The application segment is divided into industrial, automotive and others. On volume front, the automotive segment dominated the market with a share of more than 61% in 2021. Demand for lubricants is high in the automotive segment due to the increase in the number of vehicles circulating in developing Asia-Pacific countries such as India, China
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The global growth in marine trade coupled with an increase in tourism activities with a tangible boom in recreational sports will drive the growth in demand for marine lubricants in the market. In addition, the growth of offshore drilling operations to meet the increased demand for crude oil and petroleum products from the chemical and refining industries will contribute to the increased demand for lubricants. Also, Gear oils are used to lubricate motor gears, gearboxes and other components. The power generation process with wind turbines is rigorous and involves load weight, corrosion and oxidation, high temperatures and bearing wear. Improved properties of gear oils are required to improve wind turbine efficiency, hence the increasing demand for synthetic gear oils in wind turbines. Wind power generation is increasing at a rapid rate, which also requires the installation of wind turbines. Wind turbines are driving the demand for gear oils that are driving the lubricants market.
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