Lubricants Industry
The global lubricants market was valued at USD 139.44 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2030. This growth is largely driven by the increasing demand for automotive oils and greases, which are essential due to the expanding trade of vehicles and spare parts worldwide. Lubricants play a critical role in many rapidly growing industries, especially in sectors where machinery is in constant use. These lubricants, whether petroleum-based or water-based, are applied between moving parts to minimize friction and reduce wear and tear. This, in turn, ensures the efficient functioning of machines, reducing operational downtime and enhancing overall productivity across industries.
Lubricants are extensively used in both industrial processing and the automotive sector, particularly in vital components such as brakes and engines, where continuous lubrication is necessary for smooth and long-term operation. The market is also benefiting from the increasing global trade of piston engine lubricants, which further boosts the industry's growth. This rise in demand is driven by consumers' growing focus on improving vehicle performance, coupled with the availability of innovative and premium lubricant products that cater to specific needs.
Looking ahead, the market's future growth will be closely linked to motor vehicle production and the number of miles driven by each vehicle. As more vehicles are produced and operated, the need for lubricants will continue to rise. Additionally, consumers are increasingly seeking both standard and specialized lubricants to maintain the smooth operation of their vehicles and reduce long-term maintenance costs, highlighting the importance of lubricants in ensuring vehicle efficiency and durability.
Gather more insights about the market drivers, restrains and growth of the Lubricants Market
Application Segmentation Insights
Automotive Segment Dominance (53.4% Revenue Share in 2023):
- The automotive segment led the global lubricants industry with the largest revenue share of 53.4% in 2023.
- This growth is driven by increased sales of consumer automobiles, including buses, trucks, and other forms of passenger transportation.
Economic Growth in Emerging Markets:
- Emerging markets such as China, India, and Brazil have experienced significant economic growth, leading to improvements in public transportation systems.
- As a result, there is a strengthened demand for commercial automotive lubricants in these regions, supporting the overall growth of the automotive segment.
Rising Sales of Commercial and Construction Vehicles:
- The increasing sales of commercial vehicles, particularly heavy-duty trucks, as well as construction-related automotive like cranes, bulldozers, and concrete mixers, are expected to drive further growth in the lubricants market.
- This trend is particularly expected to boost the lubricants market in the Middle East & Africa region over the forecast period.
Industrial Segment's Contribution (Second-Largest Share in 2023):
- The industrial segment held the second-largest share of the global lubricants market in 2023.
- This is due to the high level of industrial production in emerging markets, which drives demand for lubricants across various industrial sectors.
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