According to Future Market Insights' most recent market analysis, the worldwide market for high-performance lubricants will reach US$ 2,347.7 million in 2023. Sales of high-performance lubricants are anticipated to increase steadily at a pace of 3.2% and reach US$ 3,215.5 Million by 2033.
| Attributes | Details |
|---|---|
| Market Size 2023 | US$ 2,347.7 Million |
| Market Size 2033 | US$ 3,215.5 Million |
| Value CAGR (2023 to 2033) | 3.2% |
| Collective Value Share: Top 3 Countries (2023E) | 35% to 40% |
High-performance lubricants are intended to provide superior efficiency and protection than conventional lubricants. They are created with superior base oils and cutting-edge additives to increase their thermal stability, wear protection, and corrosion resistance. They also help to optimize the equipment's maintenance and repair cycle by using the right oils and greases. This makes manufacturing procedures more economically viable.
High-performance lubricants are classified into two types Synthetic Lubricants and Bio-based Lubricants. Synthetic lubricants are produced via chemical methods. The main objective of developing synthetic lubricants was to create a product that would perform better than conventional petroleum-based lubricants. Bio-based lubricants are produced using renewable resources including vegetable oil and animal fats. Bio-based lubricants are eco-friendly and biodegradable compared to synthetic lubricants.
There is an increasing necessity for high-performance lubricants due to industrialization and automation continue to advance globally. High-performance lubricants are essential in numerous end-use sectors, including automotive and transportation, heavy industrial and equipment, power generation, and others. The demand in the heavy machinery and equipment sector is driven by the need for improved performance and increased efficiency. High-performance lubricants may improve machine performance by reducing wear and friction. They are used in the production of electricity in nuclear, gas, coal, and renewable energy sources.
Sales of high-performance lubricants increased at a CAGR of 2.8% between 2018 and 2023. Market sales have significantly grown from 2018 to the mid of 2019 as a consequence of the thriving demand for High-performance Lubricants from numerous end-use sectors including automotive, food and beverage, power generation, and others. The market has seen a dent at the time of Covid-19 as the market is recovered from the global halt of corona outbreak the market is anticipated to grow swiftly and contribute to the growing High-Performance Lubricants Market size during the projection period.
It is anticipated that the market is forecasted to grow at a CAGR of 3.2% during the anticipated period. The automotive industry is growing quickly in the global market for high-performance lubricants as a result of the considerable lubricant applications for automobiles, machinery, and other products, such as hydraulic fluids, engine oil, greases, and others. the industry is growing as a result of increased vehicle production, which is also increasing demand for high-performance lubricants.
Thriving demand from the Oil & Gas Sector to boost the sales of High-Performance Lubricants
High-performance lubricants consisting polyalphaolefins and other materials are often used in mud pumps, fracking, oil drilling, and natural gas operations in the oil and gas sector. The oil and gas industry is expanding rapidly as a result of increased oil and gas production and exploration activities, rising crude oil and natural gas consumption.
According to The Indian Brand Equity Foundation (IBEF), India's crude oil consumption will increase at an anticipated CAGR of 4.6% to 500 MMTPA by the year 2040. The need for High-Performance Lubricants for key applications in the rigging, oil wells, and other areas of the oil and gas sector is increasing as a result of the industry's strong expansion and escalating exploration operations. The market for high-performance lubricants has been spurred by the booming demand from the oil and gas sector, which is also providing significant opportunities for growth.
Significant market traction for investment in the Building and construction sector to augment the growth of High-Performance Lubricants.
High-Performance Lubricants, which include hydraulic fluids, engine oil, compressor oils, and others, are produced by polyalphaolefins and others have numerous applications for industrial construction equipment, residential construction sites, and commercial Machineries like excavators, bulldozers, lift trucks, and scrapers as well as commercial machinery, residential sites, and others.
The construction industry is expanding quickly as a result of the rapid expansion and development of building and construction projects throughout the world. The government's increased investments in housing programs, infrastructure development projects, and burgeoning residential construction operations are all drivers of the industry’s tremendous growth. According to the United States Census Bureau, the first three months of 2022 witnessed US$376.6 billion in construction expenditure, an increase of 12% over the same time in 2021. Due to the worldwide expansion and development of building and construction projects, the construction sector is growing swiftly. Due to the rising need for High-Performance Lubricants for various applications in machinery and construction equipment, the market for High-Performance Lubricants is being driven by this demand and is experiencing substantial expansion.
Volatility in crude oil prices to slump the demand for High-Performance Lubricants
Synthetic base oil is produced using crude oil. Fluctuation in the price of crude oil is a serious issue since they constrain market usage and limit production. According to projections from the USA Energy Information Administration (EIA), a barrel of crude oil costs a refiner US$ 55.83 in May 2019, US$ 20.04 in May 2020, US$ 42.64 in January 2021, and US$ 62.51 in October 2021. which signifies the price volatility of crude oil which has a substantial impact on the production and cost of base oil, which shifts the financial strain to the final product. As a result, the High-Performance Lubricants sector is experiencing a downturn and serious difficulties.
Hydraulic and transmission fluids have a significant market share in the High-performance Lubricants market, and expansion is predicted throughout the forecasted period. Hydraulic fluids are widely used by cranes, excavators, loaders, and other construction machinery. This is due to the improved performance of the hydraulic system, increased performance, and mechanical stress resistance of the machinery.
The construction sector is witnessing a sharp increase in the demand for hydraulic and transmission fluids. The market is being driven by an increase in infrastructure and development projects. For instance, according to the Indian National Investment Promotion & Facilitation Agency, the construction industry in India is expected to reach US$1.4 trillion by 2025. The USA Census Bureau reports that construction spending in the USA decreased to US$1,730.5 billion in March 2022 from US$1,728 billion in February 2022. With the flourishing construction sector, the demand for High-performance lubricants such as hydraulic and transmission fluid is growing for various applications in construction during the forecast period.
The Automotive and transportation industry is the primary end-use sector for high-performance lubricants. High-performance lubricants are required in this industry owing to the demand for greater fuel economy and lower emissions. High-performance lubricants can help to improve fuel economy by lowering wear and friction in engine components. They can also help to reduce pollution by providing fuel that burns more cleanly. In the automotive sector, high-performance lubricants are used in engines, brake systems, high-speed bearings, and gears.
The market is being spurred by the swift global expansion of the automotive industry's output as a result of rising customer preferences for affordable, fuel-efficient vehicles and automotive technological advancements. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of automobiles raised by 4% in the United States, 12% in Brazil, 30% in India, and 3% in China in 2021, owing to the growth in the manufacture of the automobile, demand for lubricants such as hydraulic fluids, motor oil, and other lubricants has witnessed nimble growth. It is estimated that during the forecast period, high-performance lubricants for the automobile industry will see a spike in demand.
The booming demand across key sectors has an impact on the strong growth of High-Performance Lubricants in India. Due to the superior qualities of High-Performance Lubricants, such as binding, protection from damage, improve performance, and improved machinery life, the demand for these products is primarily in the automotive industry. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), domestic sales of passenger vehicles in India increased from 2,711,457 units in 2020 to 21 to 3,069,499 units in 2021 to 22.
On the other hand, the market is expected to flourish as a result of India's rising infrastructure and residential building activities. For instance, the Ministry of Housing and Urban Construction (MoHUA) has allotted US$6.8 billion and US$3.5 billion in funds for the development and completion of India's housing projects that have stagnated under the National 2021 Budget, respectively. These factors have significantly boosted the high-performance lubricants industry in India.
The Key Players are putting their attention into enhancing their production facilities to increase their market share and meet the increased demand for high-performance lubricants. A wide range of market prospects has been created by the numerous technological advancements and the key competitors' intensified efforts to develop through acquisitions, joint ventures, and partnerships.
For Instance,
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 3.2% from 2023 and 2033 |
| Base Year for Estimation | 2023 |
| Historical Data | 2018 to 2023 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ Million for Value, Volume in Tons, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Source, Product Type, End-Use, Region |
| Regions Covered | North America(USA, Canada); Latin America(Brazil, Mexico, Argentina, Rest of Latin America); East Asia(South Korea, China, Japan); South Asia and Pacific(India, ASEAN, Australia and New Zealand, Rest of SAP); Western Europe(Germany, France, Spain, Italy, BENELUX, Nordics, United Kingdom, Rest of Western Europe); Eastern Europe(Poland, Hungary, Romania, Czech Republic, Rest of Eastern Europe); Central Asia; Russia and Belarus; Balkan and Baltic Countries; Middle East and Africa(King of Saudi Arabia; Türkiye; Northern Africa; South Africa; Israel; Rest of MEA) |
| Key Companies Profiled | Shell PLC; Exxon Mobil Corporation; Chevron Corporation; Indian Oil Corporation Limited; LUKOIL; FUCHS; The Chemours Company; Total Lubricants; Telko Ltd; BP PLC; Idemitsu Kosan Co. Ltd.; Gulf Oil Corporation Limited; Petro China Company Limited; Gazprom Neft PJSU |
| Customization and Pricing | Available upon Request |
The High-performance lubricants market has reported a US$ 2,273.9 Million size in 2022.
The Global market of High-performance lubricants is estimated to reach a valuation of US$ 2,346.7 Million in 2023.
The High-performance lubricants demand is anticipated to witness a growth rate of 3.2% over the forecast period of 2023 and 2033 in terms of value.
The chemical palliatives for the dust suppression market are projected to reach US$ 3,215.5 Million by the end of 2033.
The market for High-performance lubricants experienced a value CAGR of 2.9% over the last 4 years.
Explore Similar Insights
High Performance Lubricants Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
