by Market Overview:
Lubricants are fluids used to reduce friction between surfaces in mutual contact, which ultimately reduces wear and tear of machine parts. Lubricants have wide applications in automotive, industrial machinery and other equipment to enhance performance and increase durability.
Market key trends:
One of the major trends witnessed in the lubricants market is the growing demand for high-performance lubricants. New age vehicles require advanced lubricants that can withstand high pressures and temperatures. Automakers are focusing on improving fuel economy and power output which is raising the operating temperatures and pressures within an engine. Thus, there is an increasing need for high-performance lubricants that can resist breakdown at elevated temperatures, minimize oil consumption, improve engine power and protection, and extend service intervals. This trend is expected to continue driving innovations and new product development in the lubricants market over the forecast period.
The Global Lubricants Market Demand is estimated to be valued at US$ 178.4 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Lubricants help reduce friction and wear between components, increasing the lifespan of machinery. They provide excellent protection against corrosion and oxidation.
Weakness: Frequent change of lubricants increase operating costs. Stringent environmental regulations related to the disposal of used lubricants pose challenges.
Opportunity: Growth of the automotive and transportation industries increases the demand for lubricants. Developments of bio-based and environment-friendly lubricants present new opportunities.
Threats: Volatility in crude oil prices affects the price of petroleum-derived base oils used in lubricants. Shift towards electric vehicles reduces the demand for engine oils.
Key Takeaways
The global Lubricants Market is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing industrialization and automotive production. Machinery utilized across various industries require regular application of lubricants to ensure smooth functioning of components.
Regional analysis: North America dominates the global lubricants market, followed by Asia Pacific and Europe. China represents the fastest growing market due to the country’s huge industrial and automotive sectors. India and Southeast Asian countries are also expected to witness rapid growth in demand for lubricants owing to industrial expansion plans by their governments.
Key players operating in the Lubricants market are ExxonMobil Corp., Pennzoil, Quaker Chemical Corp., Royal Dutch Shell Co, British Petroleum, Chevron Corp., Total S.A, JX Nippon Oil & Energy Corp., Lukoil, and Philips 66 Company. Major players are focusing on product innovations, such as developing bio-based lubricants and expanding their distribution channels to strengthen market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
