Increasing industrialization activity in developing nations like Brazil, China, India, Argentina, and Mexico among others and growing penetration of farm mechanization in agricultural sector is likely to propel the market of lubricating oil. For instance, the level of farm mechanization in India stands at about 40-45% with states such as UP, Haryana, and Punjab having very high mechanization levels, but north-eastern states having negligible mechanization. This level of farm mechanization is still low as compared to the countries such as the US (95 %), Brazil (75%) and China (57%).  

Therefore, changing and improving dynamics of agriculture sector would boost the farm mechanization market as a result, demand for lubricants is likely to increase. Further, increasing economic growth and improving purchasing power of consumers in developing countries resulting in the increasing sales of automobiles and government schemes to promote the adoption of electric vehicles is further propelling the growth of the lubricants market. In addition, large base of metalworking industries in countries like China, India, and Japan is boosting the demand of metalworking fluid.

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According to UnivDatos Market Insights (UMI)’ research report “Global Lubricants Market”, the market is expected to witness a CAGR of ~2% during the forecast period 2021-2027F. Global demand of lubricants is growing at a moderate rate owing to saturated industrial sector and slow growth in automotive sector. However, during the past couple of decades automotive and industrial sectors were the key factors for the growth of lubricating oil market owing to the increasing industrialization across the globe and growing consumer purchasing power thus resulted in higher sales of automobiles. For instance, production of automobiles increased to 91.7 million in 2019 compared to 89.7 million in 2014. However, in 2020 production decreased to 77.6 million due to manufacturing shutdown in order to curtail the spread of COVID-19.  

Based on the Base Oil, the market is categorized into group I, group II, group III, group IV, and group V. Among these, Group II base oil accounted for the prominent market share in 2020. Group II base oil has higher efficiency and lower emission relative to group I base oil. Further, industries are finding it affordable as well. However, during the forecast period, group III base oil is likely to showcase fastest growth rate primarily due to the ability to enable better fuel efficiency, higher quality, and being cleaner and more environment friendly. 

Based on Product Type, the market is categorized into engine oil, general industrial oil, metalworking oil, grease, transmission and hydraulic fluid oil, gear oil, process oil, and others. Among these, engine oil category held the significant market share owing to large base of automobiles and increasing demand of automobiles in developing regions like Asia Pacific because of rising purchasing power of population. Further, increasing automotive emission regulation is expected to fuel the market of lubricants globally, as lubricant reduce wear and tear of equipment thus improving the performance of automobiles.

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Based on End Use, market is sub-segmented into automotive & other transportation, heavy equipment, food & beverages, metallurgy & metalworking, chemical and others. Automotive & other transportation category held a considerable market share owing to governmental incentives program to promote the adoption of the electric vehicles has provided opportunity to lubricant manufacturer to launch lubricants for electric vehicle sector. For instance, in October 2021, S-Oil launched SEVEN EV, a lubricant product range exclusively for electric vehicles. Similarly, in the same month, Gulf Oil International Ltd., part of the Hinduja Group, launched a new range of fluids for hybrid and electric passenger vehicles in Indian market. The range had been launched in international markets including Europe, the Middle East and China earlier this year.

Asia-Pacific to Grab Lion’s Share owing to huge manufacturing base

Large base of industries including automotive, manufacturing, and metalworking among others couple with large and growing demography of the region helped the region in attaining the top market position. For instance, countries such as China, Japan, South Korea, and India are among the largest producer of automotive worldwide. In 2020, China produces 25.2 million units of automobiles followed by Japan, South Korea, and India with 8 million units, 3.5 million units, and 3.4 million units, respectively. In addition, the region is the largest producer and consumer of steel and aluminum, therefore the demand of metalworking fluid is further propelling the lubricants market growth.

For instance, apparent steel consumption in China, India, Japan, South Korea, and Taiwan stood around 995.0 million tons, 88.5 million tons, 52.6 million tons, 49.0 million tons, and 18.5 million tons in 2020. Further, changing and improving environmental regulations is propelling the market of lubricants. They reduce friction and so reduce fuel consumption, which in turn reduces emissions and supports compliance with strict fuel consumption regulations. Therefore, to meet the net zero emission, lubricant can also play a role.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Lubricants Market include Chevron Corporation, British Petroleum Plc., PetroChina Company Limited, Royal Dutch Shell Plc., Total S.A., Idemitsu Kōsan kabushiki geisha, China Petroleum & Chemical Corporation, JX Nippon Oil & Gas Exploration Corporation, Fuchs Petrolub SE. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions. These companies are investing heavily on lubricants production & technology to increase their customer base.

Some recent developments and collaborations are as follows: -

  • In December 2021, Saudi Aramco entered into the Kingdom’s domestic lubricants market with the launch of a new line of products.
  • In October 2021, TotalEnergies specialties US partners with hyperfuels to distribute complete line of TotalEnergies Automotive Lubricants Nationwide. 

“Global Lubricants Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.      

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Market Segmentation:

  1. By Base Oil (Group I, Group II, Group III, Group IV, and Group V)
  2. By Product Type (Engine Oil, General Industrial Oil, Metalworking Oil, Grease, Transmission and Hydraulic Fluid Oil, Gear Oil, Process Oil, and Others)
  3. By End Use (Automotive & Other Transportation, Heavy Equipment, Food & Beverages, Metallurgy & Metalworking, Chemical, and Others)
  4. By Region (North America, Europe, Asia-Pacific, and Rest of World)
  5. By Company (Chevron Corporation, British Petroleum Plc., PetroChina Company Limited, Royal Dutch Shell Plc., TotalEnergies SE, Idemitsu Kōsan kabushiki geisha, China Petroleum & Chemical Corporation, JX Nippon Oil & Gas Exploration Corporation, Fuchs Petrolub SE)

Key questions answered in the study:

  1. What are the current and future trends of the global lubricants industry?
  2. How the industry has been evolving in terms of base oil, product type, and end use?
  3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
  4. What are the key growth drivers and challenges for the global lubricants industry?
  5. What is the customer orientation, purchase behavior, and expectations from the global lubricants suppliers across various countries? 

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL LUBRICANTS MARKET COVID-19 IMPACT

6 GLOBAL LUBRICANTS MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY BASE OIL

8 MARKET INSIGHTS BY PRODUCT TYPE

9 MARKET INSIGHTS BY END USE

10 MARKET INSIGHTS BY REGION

11 LUBRICANTS MARKET DYNAMICS

12 LUBRICANTS MARKET OPPORTUNITIES

13 LUBRICANTS MARKET TRENDS

14 LEGAL & REGULATORY FRAMEWORK

15 DEMAND AND SUPPLY SIDE ANALYSIS

16 VALUE CHAIN ANALYSIS

17 COMPETITIVE SCENARIO

18 COMPANY PROFILED

19 DISCLAIMER

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