Lubricants Market Segmentation, Parameters and Prospects 2024 to 2030 Industry Research Report

 

Lubricants Industry Overview

The global lubricants market size was estimated at USD 139.44 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2030.

This is attributed to the growing demand for automotive oils and greases due to the growing trade of vehicles and spare parts. Lubricants are an essential part of rapidly expanding industries. They are used between two relatively moving machinery parts to reduce friction and wear & tear. They can be either petroleum-based or water-based and are essential for proper machinery functioning. Lubricants also decrease operational downtime and eventually increase overall productivity. Lubricants are extensively used in processing industries and automobile parts, especially brakes and engines, which need lubrication for continuous smooth functioning.

Gather more insights about the market drivers, restrains and growth of the Lubricants Market

The increasing imports and exports of piston engine lubricants are contributing to market growth. The product demand is driven by the rising focus of consumers on enhancing vehicle performance coupled with the introduction of innovative & premium product offerings. Future growth will be highly dependent on motor vehicle production and the miles covered by each vehicle. Furthermore, consumers are looking for standard and specialized lubricants for their regular vehicles to ensure the smooth functioning of their vehicles and reduce long-term maintenance costs.

Lubricant manufacturing requires crude oil, tight oil, and other additives to formulate all lubricant types. There are multiple additives incorporated in lubricants to enhance their functionality and properties. These include antioxidants, extreme pressure additives, rust- & corrosion-prevention additives, detergents, viscosity index improvers, anti-wear agents, and dispersants. Lubricants are 90% base oil and 10% additives, wherein base oils include petrochemical fractions, such as fluorocarbons, esters, polyolefin, and silicones. Base oils increase the viscosity of the lubricants and reduce wear & tear. Paraffinic and naphthenic are the two essential base oils used in lubricant formulations.

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• The global naphtha market size was valued at USD 189.5 billion in 2023 and is projected to grow at a CAGR of 4.3% from 2024 to 2030.

• The global diesel exhaust fluid market size was valued at USD 36.66 billion in 2023 and is projected to grow at a CAGR of 7.9% from 2024 to 2030.

Key Lubricants Company Insights

The global lubricants market is competitive with a large number of well diversified regional, and independent small scale and large scale manufacturers and suppliers. The small-scale companies majorly compete on the basis of price, after sales service and delivery timelines. Whereas the large scale companies focus on product development and innovations as well as marketing strategies.

Some of the key players operating in the market include Exxon Mobil Corp, Shell, and TotalEnergies

ExxonMobil Corp. is a global manufacturer & supplier of synthetic lubricants. The company mainly deals in three business segments that include upstream (oil & gas, E&P, shipping and wholesale operations), downstream (refining, marketing and retail operations) and chemicals. ExxonMobil owns 37 oil refineries in 21 countries with refining capacity of 6.3 million barrels per day.

Shell is a global leader as a group of petrochemical and energy companies, with presence across 70 countries and over 90,000 employees. The group provides fuels, car services, oils, and is also engaged in production, exploration, and refining of petroleum products. The group offers lubricants for industrial and transport businesses along with lubrication process and services.

Total Energies. is oil & gas integrated company. The company has its business segments in upstream, refining & specialty chemicals, and marketing & services. Total Oil India Private Ltd. is an entirely owned subsidiary of TOTAL. It has exploration and production activities in more than 50 countries. The company has a broad catalogue of lubricants for various markets such as agriculture, vehicles, aviation, energy, and chemicals, among others.

Key Lubricants Companies:

The following are the leading companies in the lubricants market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these lubricants companies are analyzed to map the supply network.

·         ExxonMobil Corp.

·         Royal Dutch Shell Co.

·         BP PLC.

·         Total Energies

·         Chevron Corp.

·         Fuchs

·         Castrol India Ltd.

·         Amsoil Inc.

·         JX Nippon Oil & Gas Exploration Corp.

·         Philips 66 Company

·         Valvoline LLC

·         PetroChina Company Ltd.

·         China Petrochemical Corp.

·         Idemitsu Kosan Co. Ltd.

·         Lukoil

·         Petrobras

·         Petronas Lubricant International

·         Quaker Chemical Corp.

·         PetroFer Chemie

·         Buhmwoo Chemical Co. Ltd.

·         Zeller Gmelin Gmbh & Co. KG

·         Blaser Swisslube Inc

Recent Developments

In January 2024, Shell U.K. Limited acquired MIDEL and MIVOLT from M&I Materials Ltd. The products of the latter two will be produced and distributed as part of Shell’s Lubricants portfolio. The acquisition will help Shell to strengthen its position in Transformer Oils, which finds use in offshore wind parks, utility companies, and power distribution.

From September 2023, TotalEnergies Lubrifiants accelerated the inclusion of recycled plastics (50% PCR high-density polyethylene) in its lubricants bottles, following a pilot project launched in 2021 called Quartz Xtra bottles. This aims at contributing to a circular economy and in decline of usage of virgin plastic.

In March 2023, ExxonMobil announced investing around INR 900 crore (~USD 110 million) for constructing a lubricants production plant in Raigad, Maharashtra, India. Upon completion, plant’s annual production capacity is expected to be 159,000 kl of finished lubricants. This plant will cater to growing demand from industries such as mining, construction, power, steel, and manufacturing, among others.

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