Lubricants Market Size, Share & Trends Report

Lubricants Market Size, Share & Trends Analysis Report By Product (Industrial, Automotive, Marine, Aerospace), By Region, And Segment Forecast, 2019 - 2025

  • Published Date: May, 2019
  • Base Year for Estimate: 2018
  • Report ID: 978-1-68038-123-8
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 205

Industry Insights

The global lubricants market size was valued at USD 128.51 billion in 2018 and is expected to expand at a CAGR of 3.6% during the forecast period. The demand is majorly driven by key innovations by multinational companies operational across the globe. Technological advancements in the field of product designing, marketing strategies, e-and commerce platform optimization among others, are driving the demand for lubricant through ease of accessibility.

Consumers across the globe are increasingly opting for vehicles that consume less fuel thereby contributing significantly to environmental improvement. Also, the growth of battery-operated vehicles is rising which shall drastically change the face of the industry on a global scale. The Japanese Automotive Manufacturers Association recently proposed SAE 0W-8 which shall bridge the gap between industry requirements and engine oil technology.

U S lubricants market

Also, the global aerospace lubricants market is significantly growing due to rapidly shifting consumer preferences towards saving time while travelling backed with growth in financial health. Also, aircraft manufacturers are investing heavily in establishing concurrent lubricants which shall provide maximum performance output with least fuel consumption, thereby increasing cost effectiveness across the industry.The market is observed to witness the fastest CAGR of 4.2% in terms of volumetric consumption over the forecast period.

Developing economies such as China, India, and Indonesia among others are driving the global manufacturing sector. The growth is supported by the availability of raw material and reduced infrastructure and labor cost. Owing to these factors, multiple oil and fluid manufacturers are also shifting and expanding their production units in developing nations. The overall drive in innovation and production has led to the demand for industrial lubricants such as metalworking fluids, greases, process oils, and others required for the smooth and effective functioning of machinery. The manufacturing industry is anticipated to grow significantly over the forecast period thus driving the market for its raw materials.

Currently, automotive sector is one of the major contributors to the market growth. Consumption of various lubes in manufacturing vehicles is expected to continue growing. However, the trend of electric vehicles has reduced the after sales growth for certain fluids. Consumers are looking for standard and specialized products to meet specific requirements and thus lubricant manufacturers are investing in new product developments, especially for the automotive industry. Growing competition among lube manufacturers has developed the consumer perspective for price and brand loyalty.

Application Insights

Industrial engine oils are projected to witness significant over the forecast period as these oils are designed to offset the operating and rising fuel costs. These fluids have the potential to reduce fuel consumption as they possess lower friction coefficient and also helps to keep engine components clean and fully functional thereby effectively delivering maximum combustion efficiency. Industrial engine oils broadly help in keeping piston, filters, ports, and crankcase clean for a longer period of time.

Motor oil is usually classified under two main headers which includes viscosity based (Society of Automotive Engineers) classification and performance based (European Automobile Manufacturers' Association and American Petroleum Institute) classification. According to SAE classifications, multi-grade engine oils are typically classified based on their resistance to temperatures, wherein, for a typical passenger vehicle running at temperature grounds of 32°F, the type of oil preferred are 20W-50, 10W-30, 5W-30, 10W-40 and 5W-20, whereas for vehicles operating at 0°F, the preferred oil grades are 10W-40, 5W-30, 10W-30, and 5W-20. 5W-30 and 5W-20 are preferred for temperature conditions below 0°F.

Global industrial lubricants market

Economic prosperity in Asia Pacific coupled with increasing international co-operation is driving demand from the marine industry. International trade agreements and rising environmental concerns among consumers will lead to a surge in demand for marine lubricants. The shift in trend from conventional alternatives to those containing performance boosting additives to meet stringent carbon emission regulations is also a key driving factor in Central and South America (CSA) and Middle East and Africa (MEA).

Aerospace lubricants are used to provide reliability and long-lasting lubrication for critical components to operate efficiently in high vacuum and extreme temperature. They undergo regular scrutiny with increasing regulatory intervention and specific military standards. Increasing air passenger traffic coupled with significant rise in defense budgets across the globe are anticipated to remain the key driving factors for market growth over the forecast period. Countries including U.S., Germany, India, and Brazil have made substantial increase in defense spending resulting in boost to overall aerospace industry.

Regional Insights

Lubricants are widely utilized in energy, textile, chemical, construction, and infrastructure sectors for engine oil, hydraulic oil, bearings, and wire rope applications across the industrial sector. Constant R&D by multinationals operational in the region to formulate bio-based counterparts is projected to drive the market due to shifting trend towards reducing environmental degradation. Europe is one of the major leaders in the global shipping industry.

Around 40% of the world‘s shipping fleet is controlled by European ship owners. Europe has an extensive network of inland waterways especially in the Central European countries. Further development of inland waterways and their growing importance for trade as well as passenger travel is expected to drive consumption of marine oils. China has a huge potential for textile sector and has remained strong owing to high demand for nonwoven, technical, and other textiles in the domestic and well as foreign trade markets. The region is home to several large textile manufacturers, who are increasingly adopting sustainable lubricants to foster shorter lead times and improved productivity.

The North America market is characterized by high demand generation from end-use industries such as textiles, industrial, medical textiles, packaging, and household. Recovery of automotive industry in U.S. coupled with increasing automotive sales in Mexico are the major factors driving the market growth in the region. Slow but steady industrial output in the region, primarily driven by Mexican manufacturing sector, is expected to further complement the regional growth in near future.

Resurgence in industrial activities along with modernization of industrial machinery are the key driving factor determining European lubricants consumption over the next eight years. The region is characterized by presence of countries such as France, Russia, and Spain with well-established and developed industrial sectors. Increasing demand for high performance grease and low viscosity fluids in modern machinery is expected to propel the overall market scenario. Rebound of overall economy post-recession along with significant demand for metalworking fluids from industrial applications is expected to remain a key driving force for the growth of the sector growth over the forecast period.

Asia Pacific is expected to emerge as the fastest growing region in terms of consumption due to rapidly growing demand for base oil, burgeoning population, growing industrialization, and urbanization coupled with rising chemicals, textiles, metalworking, and food processing industries in the region. The regional market has wide scope for innovative lubricant companies to tap into the sector and formulate new products to cater niche applications.

Lubricants Market Share Insights

The market is a highly fragmented which entails a large number of highly innovative players. The competition is intense as the participants engage in maintaining customer base to have a competitive edge over each other. This has resulted in competitive pricing. The competitive pricing has been a boon for price-sensitive consumers across different geographies such as Asia Pacific.

Companies are adopting collaborative business strategy owing to key factors such as, to increase their productivity, to provide highly regarded products to consumers, and to expand their regional presences. Market leaders have a robust lubricant business structure which helps customers to get stable supply of the product. Increasing consumption of innovative engine oils in electric vehicle has created a lucrative opportunity for the industry participants.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Volume in Kilo Tons, revenue in USD Million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Canada, Mexico, Germany, U.K., Switzerland, France, Russia, China, India, Japan, Brazil, Argentina and Saudi Arabia

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global lubricants market report on the basis of application and region:

  • Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

    • Industrial

      • Process Oils

      • General Industrial Oils

      • Metalworking Fluids

      • Industrial Engine Oils

      • Greases

      • Others

    • Automotive

      • Engine Oils

      • Gear Oils

      • Transmission Fluids

      • Brake Fluids

      • Coolants

      • Greases

    • Marine

      • Engine Oil

      • Hydraulic Oil

      • Gear Oil

      • Turbine Oil

      • Greases

      • Others

    • Aerospace

      • Gas Turbine Oils

      • Piston Engine Oils

      • Hydraulic Fluids

      • Others

  • Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • Switzerland

      • France

      • Russia

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • Saudi Arabia

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