Lubricants Market Research Report by Type (Mineral Oil, Biological and Synthetic Lubricants), by Application (Industrial, Automotive, Marine, Construction & Others) and by Region (North America, Europe, Asia-Pacific & Rest of World ) ) – Market forecast until 2030
New York, May 17, 2023 (GLOBE NEWSWIRE) — Overview of the lubricants market
According to a comprehensive research report by Market Research Future (MRFR), “Lubricants market Information by Type, Application and Region: Forecast to 2030”, the lubricants market could thrive at a rate of 5% between 2023 and 2030. The market size will reach about $146 billion by the end of 2030.
Market overview
The lubricants market is a global market that is expected to experience growth in the coming years. Lubricants are widely used in various industries such as automotive, industrial, marine and aerospace, among others.
One of the main drivers of the lubricants market is the growth of the automotive industry. With the increase in demand for vehicles, the demand for lubricants has also increased. The automotive industry relies heavily on lubricants to ensure vehicles run smoothly and efficiently. In addition, the increasing adoption of synthetic lubricants, which offer better performance and efficiency, is also contributing to the growth of the market.
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Competitive landscape of the market:
Among the rich companies in the lubricants industry are
Scope of the report:
|
Report attribute |
Details |
|
2030 market size |
146 billion dollars |
|
Compound Annual Growth Rate (CAGR) |
5.00% (2023-2030) |
|
base year |
2022 |
|
Market forecast period |
2023-2030 |
|
Historical data |
2018 and 2020 |
|
Forecast units |
Value (millions of dollars) |
|
Coverage of the report |
Revenue forecast, competitive landscape, growth factors and trends |
|
Segments covered |
By type, application and region |
|
Geographies covered |
North America, Europe, Asia-Pacific and Rest of the World (RoW) |
|
Main drivers of the market |
Growing need of the housing and accommodation sector with rapid industrialization |
Explore the in-depth market research report (137 pages) lubricants
https://www.marketresearchfuture.com/reports/lubricants-market-5449
October 2022
An agreement was signed between TotalEnergies and Valeo to collaborate on the development of a new method for cooling electric vehicle batteries.
November 2022
Valvoline developed a new motor oil called Valvoline All-Terrain, designed specifically for heavy-duty diesel engines operating in demanding off-road conditions.
USP Market Covered:
Market Drivers:
One of the drivers of the lubricants market is the growth of the automotive industry. As more and more people purchase vehicles, the demand for lubricants increases as lubricants are essential for the smooth running of automotive engines and machinery. In addition, there has been an increase in demand for high-performance lubricants that offer better fuel efficiency and longer engine life, further driving the market growth.
Market limitations:
The restraint for the lubricants market is the growing trend towards the use of electric vehicles (EVs). Unlike traditional gasoline vehicles, electric vehicles have fewer moving parts, which reduces the need for lubricants. As more consumers switch to electric vehicles, demand for traditional lubricants may decline. However, this could also lead to increased demand for specialty lubricants designed specifically for electric vehicles, such as those used to lubricate electric motors and other components.
Analysis of COVID 19
The COVID-19 pandemic has had a significant impact on the lubricants market. With the outbreak of the pandemic, many industries and businesses around the world experienced significant disruption, leading to a decrease in demand for lubricants. One of the most significant impacts was the disruption of the global supply chain, leading to shortages of raw materials and resulting in a slowdown in production. In addition, global travel restrictions imposed during the pandemic led to a decrease in demand for transportation fuels and lubricants. However, some segments of the lubricants market experienced increased demand during the pandemic. For example, with the rise of remote work, the demand for data centers and server equipment increased, leading to an increase in demand for specialty lubricants. Also, with the increase in e-commerce demand, the need for storage and cold storage facilities increased, leading to higher demand for lubricants in these industries.
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Market segmentation
By Type
Types on the market include mineral oil, bio-based and synthetic lubricants.
By Application
By application, the segment includes industrial, automotive, marine, construction and others
Regional knowledge
In North America, the market is driven by the presence of a large number of end-use industries such as automotive, industrial machinery, and marine. Growing demand for advanced lubricants with improved properties such as longer service life, better fuel efficiency and lower emissions has also contributed to the growth of the market.
In Europe, the lubricants market is driven by the growing demand for high-quality lubricants to meet strict regulations related to emissions and fuel efficiency. The automotive industry is the main consumer of lubricants in this region. Growing focus on sustainability and adoption of bio-based lubricants are some of the other factors driving the growth of the market.
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In the Asia Pacific region, the lubricants market is driven by the growth of the automotive and industrial sectors in emerging economies such as China and India. The growing demand for better quality lubricants to improve the performance and efficiency of vehicles and machinery has also contributed to the growth of the market. The adoption of advanced technologies such as synthetic lubricants and automatic transmission fluids has further fueled the market growth in this region.
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On the future of market research:
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