Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global lubricants market is witnessing significant developments as the uptake of lubricants across industries increases in tandem with economic growth. According to an upcoming report by Fairfield Market Research, the market will be driven by the green revolution that has taken hold of lubricant manufacturers. Investments in bio-based lubricants and increased expenditure on vehicle maintenance are expected to be key factors shaping the global lubricants market. The growing focus on reducing vehicular emissions has pushed manufacturers to produce improved lubricants that minimize friction, leading to reduced power consumption. In many indirect ways, lubricants contribute to achieving sustainability targets.

Energy Crisis Urges Industries to Invest in Lubricants to Reduce Costs

As energy costs continue to rise, corporations are reevaluating machinery maintenance to reduce expenses. Energy consumption analysis has become a crucial part of company audits, creating a demand for energy-saving solutions. Engines and machinery that lack proper lubrication experience increased friction, resulting in higher energy consumption. This not only impacts the environment but also exposes companies to penalties. These factors have compelled companies to invest in better lubricants to reduce emissions and save on energy consumption. Even a small reduction in friction can have a significant impact on curbing energy consumption, leading to substantial savings. Fairfield Market Research predicts that these factors will drive growth in the global lubricants market between 2021 and 2025.

Synthetic Lubricants Lead the Market as Users Seek Enhanced Performance

In recent years, there has been a significant surge in demand for synthetic lubricants as consumers seek higher performance and improved efficiency. While mineral lubricants have traditionally been the most preferred due to their affordability and widespread availability, synthetic lubricants have gradually taken the lead. Analysts anticipate that the demand for synthetic and semi-synthetic lubricants will continue to rise as they offer longer-lasting performance, low volatility, and enhanced thermal stability. The increasing importance of environmentally sustainable solutions is expected to propel revenue growth in the synthetic lubricants segment during the forecast period.

Unprecedented Automobile Sales in Asia Pacific Drive Demand for Lubricants

The Asia Pacific region is expected to witness the highest demand for lubricants due to the dramatic rise in automobile sales. The region's rapid industrialization and motorization, particularly in India and China, are expected to play a critical role in the development of the regional lubricants market. As of 2018, the Asia Pacific lubricants market accounted for 45% of the global market share. With the region continuing to be a hub for automotive and manufacturing activities, the demand for lubricants is expected to fuel market growth from 2021 to 2025.

Sustainability Remains a Key Focus Area for Lubricant Manufacturers

The competitive landscape in the global lubricants market is intense, driving manufacturers to focus on developing greener solutions to set new industry standards. For instance, in 2019, Shell launched Shell Omala S5 Wind 320, a carbon-neutral wind turbine oil. This oil, backed by a decade-long warranty for reducing machinery wear and tear, exemplifies the industry's commitment to sustainability.

Key players profiled in this research report include ExxonMobil, Shell, Total, Chevron, BP, and Sinopec.

The global lubricants market continues to witness growth, fueled by the green revolution, investments in bio-based lubricants, and the demand for energy-saving solutions. The market presents lucrative opportunities for industry players, investors, and professionals aiming to capitalize on the evolving landscape of lubricant technologies.Please note: the PDF e-mail from publisher version of this report is for a global site license.