LUBRICANTS MARKET ANALYSIS

Lubricants Market Size and Trends

Global lubricants market is estimated to be valued at USD 144.60 Bn in 2024 and is expected to reach USD 186.47 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.

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The demand for automotive lubricants is likely to increase due to rising production and sales of vehicles. Growing manufacturing activity along with increasing consumption of machinery and equipment across industries is expected to boost demand for industrial lubricants. Rapid industrialization and urbanization in emerging economies are further expected to create new opportunities for lubricant manufacturers over the coming years. However, stringent environmental regulations regarding carbon emissions may negatively impact the growth of the market. Innovative product development and use of bio-based and synthetic lubricants are expected to provide opportunities for sustainable growth in the global lubricants market.

Rising Automotive Industry

Global automotive industry has witnessed robust growth in the recent years with rising vehicle production and sales worldwide. According to various estimates, there were around 60 million passenger cars and commercial vehicles manufactured across major markets in 2017 alone. As vehicle fleet increases globally with higher automobile ownership, it directly leads to higher demand for various automotive lubricants. Lubricants such as engine oil, gear oil, brake fluid, grease, and others are critical components for smooth functioning as well as increasing the lifespan of different vehicle parts that are subjected to friction and wear during operations. Most vehicles require oil change and fluid check or refill at regular intervals as per manufacturer's guidelines. This recurring demand from aftermarket sustains consistent sales of lubricant products even after the sale of new vehicles. With developing countries increasingly adopting personal motorization, their vehicle parc is expected to rise exponentially in coming years.

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Majority of lubricants consumed worldwide are utilized for various industrial machinery and equipment deployed across wide-ranging sectors. Whenever there is new infrastructural construction or capacity expansion taking place in any industry, it leads to higher installation of new plants, assembly lines, mining equipment, and energy plants. All of these machinery demand application of lubricants for smooth functioning of their mechanical parts as well as to reduce friction between moving components. As globalization accelerates manufacturing activities and various emerging economies vigorously pursue industrialization, their needs for industrial lubricants proliferate concurrently. For instance, rapid growth of sectors such as power generation, steel, cement and mining in Asia Pacific nations has substantially escalated regional lubricant consumption in industrial segment. Ongoing investments in infrastructure modernization of urban centers and smart city projects also create incremental demand for lubricating specialized construction equipment and machinery engaged in these large-scale developments. Therefore, continued industrial upgrading and infrastructure growth worldwide can drive the growth of global lubricants market.