The Lubricants Market size is estimated at 44.05 Billion liters in 2024, and is expected to reach 52.36 Billion liters by 2029, growing at a CAGR of 3.52% during the forecast period (2024-2029).
The COVID-19 crisis heavily impacted the global automotive supply industry, as both motor vehicle production and sales suddenly stopped in most regions. These work stoppages led to a loss in the production of millions of vehicles worldwide. In the automobile industry, lubricants are widely used to control friction and wear in the engine, to protect the engine from rusting & engine oil stored in the sump from combustion gases, and to cool the pistons.
The market studied is consolidated among the top 10 players. The top companies are utilizing competitive strategies and investments to retain and expand their shares. The top five players in the market are (not in a particular order) Exxon Mobil Corporation, Chevron Corporation, BP p.l.c., Shell plc, and TotalEnergies.
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