Global Lubricants Market Report and Forecast 2023-2028
According to the report by Expert Market Research (EMR), the global lubricants market is projected to grow at a CAGR of 3.50% between 2023 and 2028. Aided by the rising demand for efficient operating machinery and the broadening applications of lubricants across various sectors, the market is expected to grow significantly by 2028.
Lubricants are substances introduced to reduce friction between surfaces in mutual contact, which ultimately reduces the heat generated when the surfaces move. They can be classified based on the raw material base as synthetic, semi-synthetic, and mineral-based lubricants. Lubricants are indispensable in industries where machinery is extensively used, as they contribute significantly to the efficient operation, longevity, and reliability of the machinery.
The escalating demand for high-performance machinery in various sectors is driving the global lubricants market growth. In the automobile industry, lubricants play a critical role in reducing friction in vehicle components, leading to better fuel efficiency and performance. They are also instrumental in prolonging the lifespan of vehicle parts, making them essential for vehicle maintenance and operations.
Lubricants have wide-ranging applications in several other industries, contributing significantly to the lubricants market development. They are employed in the manufacturing sector to guarantee the efficient operation of large equipment and tools. Lubricants are used in the marine and aviation industries to maintain the effectiveness of engines and other machinery. Lubricants are essential for the proper operation of wind turbines, another aspect of the wind energy industry.
Moreover, the development of bio-based and synthetic lubricants, which offer superior qualities such enhanced viscosity, thermal stability, and lifespan, was also facilitated by technological advances. These advancements have been driven by an increased focus on environmental sustainability and the need to reduce dependency on petroleum-based products, aiding the lubricants market growth.
Furthermore, the growing adoption of Industry 4.0, where automation and data exchange in manufacturing technologies play a critical role, has led to increased demand for high-performance lubricants. These lubricants are crucial in the maintenance of automated machinery and can reduce the frequency and cost of equipment repairs, contributing to the lubricants market expansion.
The market can be divided based on base oil, end use, and region.
Market Breakup by Base Oil
- Mineral Oil
Market Breakup by End Use
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global lubricants companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Shell Plc
- Chevron Corporation
- PetroChina Company Limited
- BP p.l.c.
- Idemitsu Kosan Co., Ltd.
- FUCHS PETROLUB SE
- Valvoline Inc.
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.