Lubricant And Grease Market By Type (Heavy Duty Engine Oils (HDEO), Hydraulic fluids, Passenger Car Motor Oil (PCMO), Turbine oils, Gear Oil, Greases, Compressor oil, Others), By Application (Power Generation, Automotive, Heavy Equipment, Food and Beverage, Chemical Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global lubricant and grease market was valued at $123.8 billion in 2021, and is projected to reach $168.2 billion by 2031, growing at a CAGR of 3.2% from 2022 to 2031.
Lubricant & grease is a material that lowers friction between two surfaces in contact, lowering amount of heat generated while the surfaces operate. It may have the potential to transfer forces, move foreign particles, and cool or heat surfaces. Lubricity is a quality that helps to reduce friction.
One of the key drivers of the lubricant and grease market is increased demand from end-use industries. Lubricants are utilized in construction equipment, owing to their characteristics, including anti-wear and resistance to corrosion. Hydraulic fluids are used in earthmoving equipment such as crawler excavators and mini excavators, owing to their high energy transmission capacity. In addition, lubricants and grease are utilized to improve equipment drain/re-greasing intervals, improve lubricating efficacy, enhance friction pair wear resistance, and prolong equipment lifespan. Lubricants and grease are used as hydraulic fluids and compressor oils in the steel industry for various applications. Lubricants are required for equipment, including blast furnaces and continuous castings to decrease downtime, and improve operational effectiveness. Such factors are expected to boost the market growth during the forecast period.
Growing Demand For Bio-Based Lubricants
A variety of lubricants manufactured from vegetable oils, such as canola, rapeseed, sunflower, palm, coconut, and soybean, as well as animal fat are referred to as bio-based lubricants, bio-lubes, or bio-lubricants. By using bio-based lubricants, storm water pollution caused by brake line, engine, and hydraulic system leaks is considerably reduced. As a result, many European nations have made the use of bio-based lubricants mandatory, particularly in areas with fragile ecosystems. When compared to petroleum-based lubricants, bio-based lubricants perform better and stay longer because they evaporate more slowly and adhere better to metal surfaces. Penalties imposed on the operator in the event of spills or leaks into the environment are substantially lower than those associated with petroleum-based lubricants. These factors have been influencing the adoption of bio-based lubricants across a variety of industries including oil & gas, mining, metalworking, power production, and metalworking. The introduction of various tax incentives supporting the use of bio-based lubricants has been significant in industrialized nations, and developing nations like India and China are expected to follow the trend.
The lubricant and grease market is segmented on the basis of type, application, and region. Depending on type, type, the market is classified into heavy-duty engine oils (HDEO), passenger car motor oil (PCMO), gear oil, hydraulic fluids, turbine oils, greases, compressor oil, and others. On the basis of application, it is categorized into power generation, automotive, heavy equipment, foods & beverages, chemical manufacturing, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East.
Major players operating in the lubricant and grease market include, Armor Lubricants, Total, Petromin, Aljomaih And Shell Lubricating Oil Company Limited, Behran Oil Co., FUCHS, Exxon Mobil Corporation, GULF OIL Middle East Limited (GULF OIL International), Emarat, and Idemitsu Kosan Co., Ltd. To understand the market, drivers, restraints, and opportunities are explained in the report. Furthermore, key strategies adopted by potential market leaders, such as expansion, mergers, and acquisition to facilitate effective planning are discussed under the scope of the report.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the lubricant and grease market analysis from 2021 to 2031 to identify the prevailing lubricant and grease market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the lubricant and grease market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global lubricant and grease market trends, key players, market segments, application areas, and market growth strategies.
COVID-19 impact analysis on the lubricant and grease market
As a result of the COVID-19 outbreak in China and its global expansion, manufacturing in the industrial sectors was suspended, which also affected the production of lubricants and grease. The COVID-19 epidemic presented difficulties with the purchase of raw materials as well.
The automotive industry's demand for grease greatly impacts the grease market. During the projection period, the expansion of the OEM and RMO sectors in the automotive sector is anticipated to directly affect the need for greases. The International Organization of Motor Vehicle Manufacturers (OICA) estimates that 80.15 million vehicles were produced in 2021, a 3% increase over 2020. In 2021, the main hub for car manufacturing Asia-Pacific witnessed a general increase of around 6%.
Key Market Segments
By Type
Turbine oils
Gear Oil
Greases
Compressor oil
Others
Heavy Duty Engine Oils (HDEO)
Hydraulic fluids
Passenger Car Motor Oil (PCMO)
By Application
Power Generation
Automotive
Heavy Equipment
Food and Beverage
Chemical Manufacturing
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East
Iran, Islamic Republic Of
Saudi Arabia
UAE
Kuwait
Bahrain
Qatar
Rest Of Middle East
Key Market Players
Armor Lubricants
, Total S.A.,
petromin corporation
aljomaih and shell lubricating oil company limited
Behran Oil Co.
FUCHS
Exxon Mobil Corporation
GULF OIL Middle East Limited (GULF OIL International)
Emarat
Idemitsu Kosan Co., Ltd.
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