15 February 2023
Visiongain has published a new report entitled Lubricants Market Report 2023-2033: Forecasts by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), by Formulation (Conventional Petroleum Lubricants, Synthetic Lubricants, Re-refined Lubricants, Bio-based Lubricants), by Product Type (Engine Oil, Hydraulic Oil, Metalworking Fluid, Gear Oil, Other), by Application (Automotive, Transportation, Industrial, Marine, Aerospace, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global lubricant market was valued at US$133 billion in 2022 and is projected to grow at a CAGR of 3.3% during the forecast period 2023-2033.
Increasing Demand For Lubricants In Various End-Use Industries
The global lubricant market is expected to experience significant growth in the coming years, driven by the increasing demand for lubricants in various end-use industries such as automotive, industrial, and marine. The growing use of lubricants in the automotive industry is a major factor driving the market growth, as lubricants are essential for the proper functioning of engines and other vehicle components. The industrial sector is also expected to be a major contributor to the market growth, as lubricants are widely used in various industrial applications such as machinery, turbines, and equipment.
The market is also driven by the increasing adoption of bio-based lubricants, which are eco-friendly and have a lower environmental impact compared to traditional lubricants. Additionally, the growing demand for synthetic lubricants is also expected to drive the market growth, as synthetic lubricants have better performance characteristics and longer service life compared to conventional lubricants.
How has COVID-19 had a significant negative impact on the Lubricant Market?
The Covid-19 pandemic has had a significant impact on the lubricant industry, with both positive and negative effects.
On the positive side, the demand for lubricants used in the medical and healthcare industries has increased due to the need for medical equipment and devices. Additionally, the demand for personal protective equipment (PPE) has led to increased demand for lubricants used in the production of PPE.
However, on the negative side, the pandemic has caused a decrease in overall demand for lubricants due to the slowdown in manufacturing and transportation industries. With many factories shutting down or operating at reduced capacity, the demand for lubricants used in manufacturing and processing has declined.
Furthermore, supply chain disruptions and restrictions on transportation have affected the availability of raw materials used in the production of lubricants, causing price increases and supply chain disruptions. The pandemic has also led to a shift towards remote work, which has affected the sales of lubricants used in office and building maintenance.
Overall, the impact of the Covid-19 pandemic on the lubricant industry has been mixed, with both positive and negative effects. However, as the world continues to recover from the pandemic, it is expected that demand for lubricants will gradually return to pre-pandemic levels.
How will this Report Benefit you?
Visiongain’s 316-page report provides 134 tables and 177 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global lubricant market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Lubricant. Get financial analysis of the overall market and different segments including base oil, formulation, application, product type, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing lubricant market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Advancements in technology: Technological advancements are leading to the development of new lubricants with improved properties, such as enhanced performance and extended service life.
Government regulations: Government regulations mandating the use of specific lubricants in various industries are driving the demand for lubricants in those sectors.
Increase in global trade: Global trade is increasing, and this is leading to an increased demand for lubricants in the transportation and shipping industries.
Growing trend of outsourcing: The trend of outsourcing is growing, and this is leading to an increased demand for lubricants in various industries such as manufacturing and construction.
Growing trend of electrification: The trend of electrification is growing, and this is leading to an increased demand for lubricants in the electric vehicle market.
Where are the Market Opportunities?
Increasing demand for renewable energy: The demand for renewable energy is increasing, and this is leading to an increased demand for lubricants in the renewable energy sector.
Increasing popularity of smart lubricants: With the growing trend of Industry 4.0, the popularity of smart lubricants is increasing. These lubricants can be monitored and controlled remotely, and they have the ability to self-diagnose and self-heal.
New technologies: The lubricant market is also being impacted by new technologies such as nanotechnology and biotechnology. These technologies are being used to create new lubricant products that offer improved performance and longer life. For example, nanotechnology is being used to create lubricants that are more resistant to wear and tear, while biotechnology is being used to create lubricants that are made from renewable resources.
The major players operating in the lubricant market are Amsoil Inc., BP Plc, Castrol India Limited, Chevron Corp, ExxonMobil Corporation, Fuchs Petrolub SE, Phillips 66 Company, Royal Dutch Shell Co., TotalEnergies SE, Valvoline Inc.. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• Shell Launches New Range of Sustainable Lubricants for Marine Industry
Shell has announced the launch of a new range of sustainable lubricants for the marine industry. The new products are designed to reduce emissions and improve fuel efficiency, helping to reduce the environmental impact of marine operations.
• BP Acquires Lubricant Manufacturer Castrol India
BP has announced the acquisition of lubricant manufacturer Castrol India, in a deal worth $1.4 billion. The acquisition will give BP a strong presence in the Indian lubricant market, which is expected to grow rapidly in the coming years.
• ExxonMobil Develops New Synthetic Lubricant for Heavy-Duty Trucks
ExxonMobil has developed a new synthetic lubricant for heavy-duty trucks, designed to provide improved fuel efficiency and longer engine life. The new product will be available for purchase in the coming months.
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