Lubricants Industry Data Book - Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030
The economic value generated by the lubricants industry was estimated at approximately USD 134.65 billion in 2022. This economic output is an amalgamation of basic lubricant product categories namely, industrial, automotive, marine, and aerospace lubricants.
Lubricants Industry Data Book Coverage -
Lubricants Industry Data Book Coverage Snapshot
Markets Covered | |
Lubricants Industry USD 42.49 million tons in 2022 3.0% CAGR (2023-2030) | |
Industrial Lubricants Market Size USD 16.24 million tons in 2022 3.1% CAGR (2023-2030) | Automotive Lubricants Market Size USD 24.18 million tons in 2022 2.8% CAGR (2023-2030) |
Marine Lubricants Market Size USD 1.93 million tons in 2022 3.4% CAGR (2023-2030) | Aerospace Lubricants Market Size USD 0.14 million tons in 2022 4.2% CAGR (2023-2030) |
Access the Global Lubricants Industry Data Book, 2023 to 2030, compiled with details like market sizing information forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies.
Industrial Lubricants Market Growth Trends
The global industrial lubricants market size is expected to reach USD 71.73 billion by 2025 registering a CAGR of 4.5%, according to a new report by Grand View Research, Inc. Improving PMI indices across the globe and resultant rise in production capacities are anticipated to boost the demand for industrial lubricants. Moreover, rising manufacturing activities are touted to spur investments in production machinery, thereby creating a strong growth potential for industrial lubricants.
High consumption of general industrial oils generate significant revenue attributing to the growth of industrial lubricants market. Related industries, such as chemicals, unconventional energy and mining, are slated to witness considerable growth. This trend is anticipated to further boost the product demand in compressors, industrial engines, hydraulics, centrifuges, and bearings. Companies are investing heavily in RD for the development of innovative products to gain competitive edge in the industry. There has been a shift in trend towards use of bio-based raw materials due to rising awareness regarding the need for emission reduction and energy conservation.
Marine Lubricants Market Growth Trends
The global marine lubricants market size is expected to reach USD 9.32 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% during the forecast period. Growing concerns regarding oceanic pollution caused by improper engine function and subsequent demand for fuel-efficient engines are estimated to trigger the growth of the market.
Marine lubricants are widely utilized in the shipping industry to help protect engines and equipment as well as enhance efficiency. These are essential high-performance additives for engines, specially designed to enable optimal performance in marine operations.
Growth in international trade, removal of trade barriers being the principal reason, is encouraging developing countries to concentrate more on the improvement of their infrastructure, such as roads, airports, and seaports, which play a vital role in the development of the economy. Product storage, along with the capacity to move large shipments, has placed the shipping industry in a very advantageous position.
Global shipping majors, just like other segments of the conventional transport industry, are increasingly getting integrated with emerging global logistics and supply chain activities, owing to both external and internal dynamics. These factors have aided industry participants in substantially consolidating their market position and supplementing their ocean freight income, subsequently stoking the demand for marine lubricants.
Engine oils dominated the market with about 46.0% volume share in 2016. These products are widely used in high, medium, and slow speed marine engines to extend service life and protect interior components from high temperatures pressure. Some lubricants even offer additive protection against crankcases, camshaft areas, under-crowns, and ring belts.
Aerospace Lubricant Market Growth Trends
The global aerospace lubricant market is expected to reach USD 998.1 million by 2022, according to a new report by Grand View Research, Inc. Rising number of trade activities in Asia Pacific and Middle East region has resulted in need for expansion of aviation capacity further driving lubricant demand.
Fuel economy improvement, supportive regulatory policies and fuel emission norms have been creating additional demand for lubricant. At the same, these factors have also been pushing producers to invest in RD and formulate usage specific products with higher serviceability and viscosity.
Increasing air passenger traffic as a result of rapidly developing civil aviation sectors in high growth Asian markets coupled with reduced airfares as a result of high competition from aviation companies is a key factor driving aircraft utilizations and miles. This is further expected to complement the global industry growth.
Gas turbine oil was the leading product segment and accounted for 45.0% of total market volume in 2014. High oxidative stability, water contamination resistance, and reduction of downtime are factors that are driving base oil development to meet increasing aircraft specifications.
Order your copy of the Free Sample of “Lubricants Industry Data Book - Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
Competitive Landscape
Key players operating in the lubricants industry are –
- ExxonMobil Corp.
- Royal Dutch Shell Co.
- British Petroleum
- Total Energies
- Chevron Corporation
- Fuchs Group
- Amsoil Inc
- CASTROL LIMITED
- Philips 66 Company
- Valvoline LLC
- Idemitsu Kosan Co. Ltd
- Lukoil
- PetroChina Company Limited
- Petrobras
Grand View Research’s Lubricants Industry data book is a collection of market sizing information forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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