According to our latest market study on “Lubricants Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Base Oil (Mineral Oil, Synthetic, Bio Based Lubricants, Others), Product type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, Others), and End Use (Oil and Gas, Industrial, Chemical, Automotive, Marine, Others),’’ the market is projected to reach US$ 190.64 billion by 2028 from US$ 148.18 billion in 2020; it is expected to register a CAGR of 2.7% from 2021 to 2028.

Lubricant is one of the major component used in industrial sector which helps to keep the equipment running at peak efficiency and with maximum reliability. There are numerous types of lubricants such as mineral and synthetic lubricants, greases, compressor oils and cutting fluids which are used across vertical of applications in industrial sector. It is uses in various industries such as automotive, oil & gas, textile, glass, power generation, paper & pulp, chemicals and petrochemicals, agriculture, manufacturing, food and beverages, pharmaceuticals and among other industries. Thus, wide scope application of lubricants in various industries along with rapid growth in industrial sector are the key factors driving the lubricants market in coming years.

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The automotive segment is expected to hold a larger portion of the lubricants market share, primarily attributed to the increase in sales of automotive vehicles, such as trucks, buses, and other forms of passenger transport. Asia Pacific is anticipated to dominate the global lubricants market due to rapid urbanization, growing population, and significant rise from end-use industries, such as chemicals, textiles, food processing, and metalworking.

Increasing investment in industrial sector is augmenting the demand for lubricants which is projected to drive the market growth. For instance, as per the data published by Trading Economics in October 2021, industrial production in China increased by 3.5% annually. In addition, in July 2021, Algoma Steel Inc., is getting a help by federal funding of worth USD 420 million to retrofit their operations and phase out coal-fired steel-making processes in Canada. Thus, retrofitting includes installation of new machines and equipment wherein synthetic oil and grease is used which helps drive market growth. For instance, The Asian Development Bank (ADB) has approved an investment of worth USD250 million loan for the development of India’s National Industrial Corridor Development Program (NICDP). The project develops 11 industrial corridors spanning across 17 states in India. Thus, significant investment prospects along with restructured business models in post pandemic scenarios are the major factors that augments the consumption of lubricants which helps drive the market growth over the forecast period.

Royal Dutch shell, Exxon Mobil Corp, Chevron Corp, BP plc, Total, Lukoil, Sinopec Lubricant Company, Fuchs, Indian Oil Corp, and Valvoline are among the key manufacturers in the global lubricants market.

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