Visiongain has released a new report titled lubricant 2023-2033. Includes lubricants market segment profiles and forecasts by base oil, (mineral oil, synthetic oil, bio-based oil) market segment by formulation, (conventional petroleum lubricants, synthetic lubricants, refined lubricants, bio-based lubricants) segment Market by Product Type, (Engine Oil, Hydraulic Oil, Metal Fluid, Gear Oil, Other Product Type) Market Segment by Application, (Automotive, Transportation, Industrial, Marine, Aerospace, Other Application) more COVID-19 impact analysis and recovery pattern analysis (“V-shaped, “W”-shaped”, “U-shaped”, “L-shaped”), Profiles of leading companies , region and country.
The global lubricants market was valued at US$ 133 billion in 2022 and is expected to grow at a CAGR of 3.3% during the forecast period 2023-2033.
Increased demand for lubricants in various end-use industries
The global lubricants market is expected to witness significant growth in the coming years, driven by the growing demand for lubricants in various end-use industries such as automotive, industrial, and marine. The increasing use of lubricants in the automotive industry is a major factor driving the growth of the market as lubricants are essential for the smooth functioning of engines and other vehicle components. The industrial sector is also expected to contribute greatly to the growth of the market as lubricants are widely used in various industrial applications such as machinery, turbines, and equipment.
The market is also driven by the growing adoption of bio-based lubricants, which are eco-friendly and have a lower environmental impact compared to traditional lubricants. In addition, increasing demand for synthetic lubricants is also expected to drive the market growth as synthetic lubricants have better performance characteristics and longer service life as compared to conventional lubricants.
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How has COVID-19 had a significant negative impact on the lubricants market?
The Covid-19 pandemic has had a significant impact on the lubricants industry, with both positive and negative effects.
On the positive side, the demand for lubricants used in the medical and healthcare industries has increased due to the need for medical equipment and devices. In addition, demand for personal protective equipment (PPE) has led to greater demand for lubricants used in the production of PPE.
However, on the downside, the pandemic has led to a decline in global demand for lubricants due to a slowdown in the manufacturing and transportation industries. With many factories closed or operating at reduced capacity, demand for lubricants used in manufacturing and processing has declined.
In addition, supply chain disruptions and transportation restrictions have affected the availability of raw materials used in the production of lubricants, leading to price increases and supply chain disruptions. The pandemic has also led to a shift towards remote working, which has affected sales of lubricants used in office and building maintenance.
Overall, the impact of the Covid-19 pandemic on the lubricants industry has been mixed, with both positive and negative effects. However, as the world continues to recover from the pandemic, demand for lubricants is expected to gradually return to pre-pandemic levels.
How will this report benefit you?
Visiongain’s 316-page report offers 134 tables and 177 graphs/charts. Our new study is suitable for anyone who needs in-depth business analysis for the global lubricants market, along with detailed market segment analysis. Our new study will help you assess the global and regional lubricants market. Get financial analysis of the global market and different segments such as base oil, formulation, application, product type and company size and get a bigger market share. We believe there are great opportunities in this fast-growing lubricants market. See how to use the existing and future opportunities in this market for income benefits in the near future. In addition, the report will help you improve your strategic decision-making, allowing you to frame growth strategies, strengthen the analysis of other market players and maximize company productivity.
What are the current market drivers?
Advances in technology: Advances in technology are leading to the development of new lubricants with improved properties such as improved performance and longer service life.
Government regulations: Government regulations mandating the use of specific lubricants in various industries are driving the demand for lubricants in these sectors.
Increase in world trade: Global trade is increasing, and this is leading to greater demand for lubricants in the transportation and shipping industries.
Growing trend of outsourcing: The trend towards outsourcing is growing, and this is leading to higher demand for lubricants in various industries such as manufacturing and construction.
Growing trend of electrification: The trend towards electrification is growing, and this is leading to a greater demand for lubricants in the electric vehicle market.
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Where are the market opportunities?
Increase in demand for renewable energy: Demand for renewable energy is increasing, and this is causing greater demand for lubricants in the renewable energy sector.
Increasing popularity of smart lubricants: With the growing trend of Industry 4.0, the popularity of smart lubricants is increasing. These lubricants can be monitored and controlled remotely, and have the ability to self-diagnose and self-heal.
New technologies: The lubricants market is also affected by new technologies such as nanotechnology and biotechnology. These technologies are being used to create new lubricant products that offer improved performance and longer service life. For example, nanotechnology is used to create lubricants that are more resistant to wear, while biotechnology is used to create lubricants that are made from renewable resources.
Competitive landscape
The major players operating in the lubricants market are Amsoil Inc., BP Plc, Castrol India Limited, Chevron Corp, ExxonMobil Corporation, Fuchs Petrolub SE, Phillips 66 Company, Royal Dutch Shell Co., TotalEnergies SE, Valvoline Inc.. These major actors operating in this market have adopted various strategies including M&A, R&D investment, collaborations, partnerships, regional business expansion and new product launches.
Recent developments
Shell has announced the launch of a new range of sustainable lubricants for the marine industry. The new products are designed to reduce emissions and improve fuel efficiency, helping to reduce the environmental impact of marine operations.
BP has announced the acquisition of lubricants maker Castrol India, in a deal worth $1.4 billion. The acquisition will give BP a strong presence in the Indian lubricants market, which is expected to grow rapidly in the coming years.
ExxonMobil has developed a new synthetic lubricant for heavy-duty trucks, designed to provide better fuel efficiency and longer engine life. The new product will be available for purchase in the coming months.
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