Lubricant Market Outlook from 2024 to 2034

The lubricant market is valued at USD 174.94 billion in 2024 and is projected to reach USD 271.68 billion by 2034, exhibiting a modest CAGR of 4.50% over the forecast period.

Attributes Key Statistics
Lubricant Market Value (2024) USD 174.94 billion
Anticipated Market Value (2034) USD 271.68 billion
Estimated Growth (2024 to 2034) 4.50% CAGR

Key Market Drivers

The lubricant market generated an estimated revenue of USD 134.35 billion in 2019. In the five years, the market grew at a 5.42% CAGR and added a staggering revenue of USD 40.59 billion. Several reasons can be attributed to this growth:

  • Increasing industrial activities worldwide contribute to the heightened demand for lubricants in machinery and manufacturing processes.
  • The growing global automotive industry fuels the need for lubricants due to increased vehicle production and maintenance requirements.
  • Growing awareness of the importance of preventive maintenance and lubrication enhances machinery lifespan and performance.
  • Ongoing innovations in lubricant technology, such as high-performance formulations, enhanced efficiency, and extended product lifecycles drive market growth.
  • Increased international trade and transportation activities escalate the demand for lubricants in the shipping and logistics sectors.
  • Robust growth in construction and infrastructure projects necessitate lubricants for heavy machinery and equipment in countries like India, China, and the United States.
  • The growing exploration and extraction activities in the energy sector, including oil and gas, in the United States, Russia, Saudi Arabia, Canada, Brazil, etc., are also driving market growth.
  • The expanding renewable energy sector, such as wind and solar power, requires lubricants for the maintenance and efficient operation of equipment, thus fueling product demand.

Consumption Analysis of the Lubricant Market

  • The automotive industry is increasingly adopting lubricants, especially car manufacturers, service stations, and individual vehicle owners. These consumers use lubricants for engines, transmissions, and other vehicle components.
  • Sales of lubricants are also rising in the manufacturing and processing industries. These entities utilize lubricants for machinery and equipment to ensure smooth operations and minimize friction.
  • Lubricants are also experiencing increasing demand from aircraft manufacturers and operators. These companies use specialized lubricants for engines, gears, and other critical components in aviation.
  • Exploration and production companies in the oil and gas industry are also opting for lubricants for drilling equipment and machinery used in extraction processes.
  • The growing adoption of lubricants is also observed in shipping companies and maritime operations, where they are used for engines and various marine equipment to ensure optimal performance.
  • The sales of lubricants for engines and various marine equipment to ensure optimal performance are also touching the skies in the agriculture sector.

Restraining Factors Adversely Affecting the Lubricant Market

The market is anticipated to surpass a global valuation of USD 271.68 billion by the year 2034, with a growth rate of 4.50% CAGR. While the market is expected to experience remarkable growth, several restraining factors could adversely affect its development:

  • The increasing adoption of electric vehicles reduces the demand for traditional lubricants in EVs. This is posing a significant challenge to the market, especially in the automotive sector.
  • The growing popularity of synthetic lubricants, due to their superior performance characteristics, is adversely affecting the market for traditional mineral-based lubricants.
  • The trend toward maintenance-free systems and components in various industries may reduce the need for regular lubrication, impacting the demand for lubricants.
  • War-like situations in the Middle Eastern countries and the European region have heavily impacted the global supply chain for lubricant raw materials and finished products. This has substantially slowed down the market for lubricants.

Category-wise Insights

Adoption of Synthetic Lubricants Due to their Superior Performance

Attributes Details
Leading Base Oil Type Synthetic
Market Share in 2024 39.43%

Depending on the base oil, the market is bifurcated into bio-based, synthetic, and mineral oil. The synthetic segment is anticipated to hold a share of 39.43% of the lubricant market.

  • Synthetic lubricants have seen a surge in adoption due to their expanding range of applications across various industries, such as automotive, aerospace, and industrial machinery.
  • Industries are also increasingly preferring synthetic lubricants for their superior performance characteristics, such as higher viscosity index, better thermal stability, and enhanced resistance to oxidation and degradation.
  • The automotive sector has witnessed a significant rise in the use of synthetic lubricants, due to the need for improved fuel efficiency, extended oil change intervals, and enhanced engine protection.

Automotive Oil to Become the Next Big Thing in Lubricant Industry

Attributes Details
Top Product Type Automotive Oil
Market Share 36.54%

The market is categorized by product type into automotive, hydraulic, gear, compressed oil, etc. The automotive oil segment dominates the market and is anticipated to hold a market share of 36.54%.

  • In the last few decades, there has been a noticeable shift in consumer and industry preference toward automotive oil due to its capability to provide superior engine protection and fuel efficiency.
  • The ability of automotive oil to perform effectively in extreme conditions, such as high temperatures and heavy loads, is another key factor driving its adoption in the lubricant industry.

Country-wise Insights

The section provides an analysis of the lubricant market by country, including Germany, China, the United States, India, and Australia. The table presents the CAGR for each country, indicating the expected growth of the market in that country through 2034.

Countries CAGR through 2034
Australia 6.8%
India 6.8%
China 5.70%
The United States 3.70%
Germany 2.80%

Lubricant Market in Australia

Australia is one of the leading countries in this market. The Australian market is anticipated to retain its dominance by progressing at an annual growth rate of 6.80% through 2034.

  • Australia is blessed with a diverse topography that is best suited for the mining and exploration industry. These industries require effective lubricants for optimal performance and maintenance of machines and equipment. This substantially creates an overwhelming demand for lubricants in the country.
  • Besides this, ongoing infrastructure projects and construction activities in Australia also create a consistent need for lubricants to ensure the smooth operation and maintenance of heavy machinery.

Lubricant Market in India

India is the leading Asian country that dominates the market. The Indian lubricant market is anticipated to retain its dominance by progressing at an annual growth rate of 6.80% until 2034.

  • In the last few years, India has been rapidly going through a period of industrialization. This automatically generates excellent demand for lubricants as it is used in various industries, including steel, cement, and textiles, etc.
  • The Indian automotive sector is also expanding exponentially due to the increased disposable incomes of the middle-class population, creating huge demand for lubricating oils.

Lubricant Market in China

China, too, dominates the market in the international marketplace. The Chinese lubricant market is anticipated to exhibit a CAGR of 5.70% through 2034.

  • China’s large agricultural sector relies heavily on machinery, and the demand for lubricants in the agricultural industry is escalating as modern farming practices involve the use of advanced equipment requiring effective lubrication.
  • The Chinese government is also investing heavily in infrastructure projects to improve the overall connectivity and transportation systems. These projects create significant demand for lubricants to facilitate the efficient operation and maintenance of a vast range of machinery.

Lubricant Market in the United States

The United States is also one of the leading countries in the global market, which is anticipated to register a CAGR of 3.70% through 2034.

  • Increasing awareness of environmental sustainability and the shift towards eco-friendly lubricants in the U.S. market drive the growth of bio-based and environmentally conscious lubricants.
  • The United States is also blessed with a robust industrial base spanning sectors like manufacturing, aerospace, and energy. This creates a consistent demand for lubricants in machinery and equipment used across diverse industries.

Lubricant Market in Germany

Germany leads the market in the European region. Over the next ten years, German demand for lubricants is projected to rise at a 2.80% CAGR.

  • Germany is the global leader in the automotive sector. This ensures a steady demand for high-performance lubricants as they are essential to maintain and optimize the advanced and precision-engineered machinery and vehicles.
  • Germany is also one of the leading countries in the machine tools manufacturing industry. These machines require specialized lubrication to ensure optimal performance, aiding the market growth of lubricants in the country.

Competitive Landscape

The market for lubricants is filled with numerous companies such as ExxonMobil, Royal Dutch Shell, Chevron Corporation, BP, TotalEnergies, Sinopec, Fuchs Petrolub AG, etc. These companies have a strong foothold in the international marketplace as entities across various industries rely on these companies for their lubrication needs.

Key players in the market are also focusing on increasing the eco-friendliness of their products to cater to the demands of eco-conscious consumers and businesses.

Recent Developments

  • In January 2024, TotalEnergies Lubrifiants and Point S formed a strategic alliance. TotalEnergies supplied its renowned products, including Quartz engine oils, to Point S's extensive network of over 6,185 independent tire dealers and auto repair centers across 51 countries.
  • In January 2023, Hindustan Petroleum Corporation Ltd. (HPCL) and Chevron Brands International LLC finalized a long-term agreement for licensing, production, distribution, and marketing of Chevron's lubricant products in India. HPCL's Silvassa facility began manufacturing premium Caltex lubricants, strengthening the collaboration and delivering increased value to consumers.
  • In October 2023, BPCL unveiled a three-film campaign featuring brand ambassador Rahul Dravid for Mak Lubricants, emphasizing the importance of choosing the right lubricant. The films showcased individuals stuck with non-starting vehicles, with Dravid highlighting the need for thoughtful lubricant selection to prevent such issues.
  • In April 2023, Brakes India, a braking systems manufacturer and part of the $3 billion TSF group, expanded its lubricants line with the introduction of gear and transmission oil under the brand Revia, leveraging its distribution network to meet growing demand in the lubricants market.

Key Companies in the Market

  • ExxonMobil
  • Royal Dutch Shell
  • Chevron Corporation
  • BP
  • TotalEnergies
  • Sinopec
  • Fuchs Petrolub AG
  • Valvoline
  • Castrol (BP)
  • Idemitsu Kosan Co., Ltd.
  • PetroChina
  • Lukoil
  • Phillips 66
  • Indian Oil Corporation
  • Repsol
  • JXTG Nippon Oil & Energy Corporation
  • Pertamina
  • Gazprom Neft
  • SK Lubricants
  • Petrobras

Key Market Segmentation

By Base Oil:

  • Bio-based Oil
  • Mineral Oil
  • Synthetic Oil

By Product Type:

  • Automotive Oil
  • Hydraulic Oil
  • Gear Oil
  • Compressed Oil
  • Greases
  • Metal Working Fluid

By End-User Vertical:

  • Automotive
  • Industrial
  • Marine
  • Chemical
  • Oil & Gas
  • Aerospace
  • Others

By Region:

  • North America
  • Latin America
  • Asia Pacific
  • Middle East and Africa (MEA)
  • Europe

Table of Content

  • 1. Executive Summary
  • 2. Market Overview
  • 3. Market Background
  • 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
  • 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Base Oil
    • 5.1. Bio-Based Oil
    • 5.2. Mineral Oil
    • 5.3. Synthetic Oil
  • 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type
    • 6.1. Automotive Oil
    • 6.2. Hydraulic Oil
    • 6.3. Gear Oil
    • 6.4. Compressed Oil
    • 6.5. Greases
    • 6.6. Metal Working Fluid
  • 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End User Vertical
    • 7.1. Automotive
    • 7.2. Industrial
    • 7.3. Marine
    • 7.4. Chemical
    • 7.5. Oil & Gas
    • 7.6. Aerospace
    • 7.7. Others
  • 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
    • 8.1. North America
    • 8.2. Latin America
    • 8.3. Western Europe
    • 8.4. Eastern Europe
    • 8.5. South Asia and Pacific
    • 8.6. East Asia
    • 8.7. Middle East and Africa
  • 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 16. Key Countries Market Analysis
  • 17. Market Structure Analysis
  • 18. Competition Analysis
    • 18.1. ExxonMobil Corp.
    • 18.2. Pennzoil
    • 18.3. Quaker Chemical Corp.
    • 18.4. Royal Dutch Shell Co.
    • 18.5. JX Nippon Oil & Energy Corp.
    • 18.6. British Petroleum
    • 18.7. Lukoil
    • 18.8. Total S.A
    • 18.9. Chevron Corp.
    • 18.10. Philips 66 Company
    • 18.11. Sinopec Corp.
  • 19. Assumptions & Acronyms Used
  • 20. Research Methodology

List of Tables

Table 1: Global Market Value (US$ Million) Forecast by Region, 2019 to 2034

Table 2: Global Market Volume (Litre) Forecast by Region, 2019 to 2034

Table 3: Global Market Value (US$ Million) Forecast by Base Oil, 2019 to 2034

Table 4: Global Market Volume (Litre) Forecast by Base Oil, 2019 to 2034

Table 5: Global Market Value (US$ Million) Forecast by Product Type, 2019 to 2034

Table 6: Global Market Volume (Litre) Forecast by Product Type, 2019 to 2034

Table 7: Global Market Value (US$ Million) Forecast by End User Vertical, 2019 to 2034

Table 8: Global Market Volume (Litre) Forecast by End User Vertical, 2019 to 2034

Table 9: North America Market Value (US$ Million) Forecast by Country, 2019 to 2034

Table 10: North America Market Volume (Litre) Forecast by Country, 2019 to 2034

Table 11: North America Market Value (US$ Million) Forecast by Base Oil, 2019 to 2034

Table 12: North America Market Volume (Litre) Forecast by Base Oil, 2019 to 2034

Table 13: North America Market Value (US$ Million) Forecast by Product Type, 2019 to 2034

Table 14: North America Market Volume (Litre) Forecast by Product Type, 2019 to 2034

Table 15: North America Market Value (US$ Million) Forecast by End User Vertical, 2019 to 2034

Table 16: North America Market Volume (Litre) Forecast by End User Vertical, 2019 to 2034

Table 17: Latin America Market Value (US$ Million) Forecast by Country, 2019 to 2034

Table 18: Latin America Market Volume (Litre) Forecast by Country, 2019 to 2034

Table 19: Latin America Market Value (US$ Million) Forecast by Base Oil, 2019 to 2034

Table 20: Latin America Market Volume (Litre) Forecast by Base Oil, 2019 to 2034

Table 21: Latin America Market Value (US$ Million) Forecast by Product Type, 2019 to 2034

Table 22: Latin America Market Volume (Litre) Forecast by Product Type, 2019 to 2034

Table 23: Latin America Market Value (US$ Million) Forecast by End User Vertical, 2019 to 2034

Table 24: Latin America Market Volume (Litre) Forecast by End User Vertical, 2019 to 2034

Table 25: Western Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034

Table 26: Western Europe Market Volume (Litre) Forecast by Country, 2019 to 2034

Table 27: Western Europe Market Value (US$ Million) Forecast by Base Oil, 2019 to 2034

Table 28: Western Europe Market Volume (Litre) Forecast by Base Oil, 2019 to 2034

Table 29: Western Europe Market Value (US$ Million) Forecast by Product Type, 2019 to 2034

Table 30: Western Europe Market Volume (Litre) Forecast by Product Type, 2019 to 2034

Table 31: Western Europe Market Value (US$ Million) Forecast by End User Vertical, 2019 to 2034

Table 32: Western Europe Market Volume (Litre) Forecast by End User Vertical, 2019 to 2034

Table 33: Eastern Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034

Table 34: Eastern Europe Market Volume (Litre) Forecast by Country, 2019 to 2034

Table 35: Eastern Europe Market Value (US$ Million) Forecast by Base Oil, 2019 to 2034

Table 36: Eastern Europe Market Volume (Litre) Forecast by Base Oil, 2019 to 2034

Table 37: Eastern Europe Market Value (US$ Million) Forecast by Product Type, 2019 to 2034

Table 38: Eastern Europe Market Volume (Litre) Forecast by Product Type, 2019 to 2034

Table 39: Eastern Europe Market Value (US$ Million) Forecast by End User Vertical, 2019 to 2034

Table 40: Eastern Europe Market Volume (Litre) Forecast by End User Vertical, 2019 to 2034

Table 41: South Asia and Pacific Market Value (US$ Million) Forecast by Country, 2019 to 2034

Table 42: South Asia and Pacific Market Volume (Litre) Forecast by Country, 2019 to 2034

Table 43: South Asia and Pacific Market Value (US$ Million) Forecast by Base Oil, 2019 to 2034

Table 44: South Asia and Pacific Market Volume (Litre) Forecast by Base Oil, 2019 to 2034

Table 45: South Asia and Pacific Market Value (US$ Million) Forecast by Product Type, 2019 to 2034

Table 46: South Asia and Pacific Market Volume (Litre) Forecast by Product Type, 2019 to 2034

Table 47: South Asia and Pacific Market Value (US$ Million) Forecast by End User Vertical, 2019 to 2034

Table 48: South Asia and Pacific Market Volume (Litre) Forecast by End User Vertical, 2019 to 2034

Table 49: East Asia Market Value (US$ Million) Forecast by Country, 2019 to 2034

Table 50: East Asia Market Volume (Litre) Forecast by Country, 2019 to 2034

Table 51: East Asia Market Value (US$ Million) Forecast by Base Oil, 2019 to 2034

Table 52: East Asia Market Volume (Litre) Forecast by Base Oil, 2019 to 2034

Table 53: East Asia Market Value (US$ Million) Forecast by Product Type, 2019 to 2034

Table 54: East Asia Market Volume (Litre) Forecast by Product Type, 2019 to 2034

Table 55: East Asia Market Value (US$ Million) Forecast by End User Vertical, 2019 to 2034

Table 56: East Asia Market Volume (Litre) Forecast by End User Vertical, 2019 to 2034

Table 57: Middle East and Africa Market Value (US$ Million) Forecast by Country, 2019 to 2034

Table 58: Middle East and Africa Market Volume (Litre) Forecast by Country, 2019 to 2034

Table 59: Middle East and Africa Market Value (US$ Million) Forecast by Base Oil, 2019 to 2034

Table 60: Middle East and Africa Market Volume (Litre) Forecast by Base Oil, 2019 to 2034

Table 61: Middle East and Africa Market Value (US$ Million) Forecast by Product Type, 2019 to 2034

Table 62: Middle East and Africa Market Volume (Litre) Forecast by Product Type, 2019 to 2034

Table 63: Middle East and Africa Market Value (US$ Million) Forecast by End User Vertical, 2019 to 2034

Table 64: Middle East and Africa Market Volume (Litre) Forecast by End User Vertical, 2019 to 2034

List of Figures

Figure 1: Global Market Value (US$ Million) by Base Oil, 2024 to 2034

Figure 2: Global Market Value (US$ Million) by Product Type, 2024 to 2034

Figure 3: Global Market Value (US$ Million) by End User Vertical, 2024 to 2034

Figure 4: Global Market Value (US$ Million) by Region, 2024 to 2034

Figure 5: Global Market Value (US$ Million) Analysis by Region, 2019 to 2034

Figure 6: Global Market Volume (Litre) Analysis by Region, 2019 to 2034

Figure 7: Global Market Value Share (%) and BPS Analysis by Region, 2024 to 2034

Figure 8: Global Market Y-o-Y Growth (%) Projections by Region, 2024 to 2034

Figure 9: Global Market Value (US$ Million) Analysis by Base Oil, 2019 to 2034

Figure 10: Global Market Volume (Litre) Analysis by Base Oil, 2019 to 2034

Figure 11: Global Market Value Share (%) and BPS Analysis by Base Oil, 2024 to 2034

Figure 12: Global Market Y-o-Y Growth (%) Projections by Base Oil, 2024 to 2034

Figure 13: Global Market Value (US$ Million) Analysis by Product Type, 2019 to 2034

Figure 14: Global Market Volume (Litre) Analysis by Product Type, 2019 to 2034

Figure 15: Global Market Value Share (%) and BPS Analysis by Product Type, 2024 to 2034

Figure 16: Global Market Y-o-Y Growth (%) Projections by Product Type, 2024 to 2034

Figure 17: Global Market Value (US$ Million) Analysis by End User Vertical, 2019 to 2034

Figure 18: Global Market Volume (Litre) Analysis by End User Vertical, 2019 to 2034

Figure 19: Global Market Value Share (%) and BPS Analysis by End User Vertical, 2024 to 2034

Figure 20: Global Market Y-o-Y Growth (%) Projections by End User Vertical, 2024 to 2034

Figure 21: Global Market Attractiveness by Base Oil, 2024 to 2034

Figure 22: Global Market Attractiveness by Product Type, 2024 to 2034

Figure 23: Global Market Attractiveness by End User Vertical, 2024 to 2034

Figure 24: Global Market Attractiveness by Region, 2024 to 2034

Figure 25: North America Market Value (US$ Million) by Base Oil, 2024 to 2034

Figure 26: North America Market Value (US$ Million) by Product Type, 2024 to 2034

Figure 27: North America Market Value (US$ Million) by End User Vertical, 2024 to 2034

Figure 28: North America Market Value (US$ Million) by Country, 2024 to 2034

Figure 29: North America Market Value (US$ Million) Analysis by Country, 2019 to 2034

Figure 30: North America Market Volume (Litre) Analysis by Country, 2019 to 2034

Figure 31: North America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 32: North America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 33: North America Market Value (US$ Million) Analysis by Base Oil, 2019 to 2034

Figure 34: North America Market Volume (Litre) Analysis by Base Oil, 2019 to 2034

Figure 35: North America Market Value Share (%) and BPS Analysis by Base Oil, 2024 to 2034

Figure 36: North America Market Y-o-Y Growth (%) Projections by Base Oil, 2024 to 2034

Figure 37: North America Market Value (US$ Million) Analysis by Product Type, 2019 to 2034

Figure 38: North America Market Volume (Litre) Analysis by Product Type, 2019 to 2034

Figure 39: North America Market Value Share (%) and BPS Analysis by Product Type, 2024 to 2034

Figure 40: North America Market Y-o-Y Growth (%) Projections by Product Type, 2024 to 2034

Figure 41: North America Market Value (US$ Million) Analysis by End User Vertical, 2019 to 2034

Figure 42: North America Market Volume (Litre) Analysis by End User Vertical, 2019 to 2034

Figure 43: North America Market Value Share (%) and BPS Analysis by End User Vertical, 2024 to 2034

Figure 44: North America Market Y-o-Y Growth (%) Projections by End User Vertical, 2024 to 2034

Figure 45: North America Market Attractiveness by Base Oil, 2024 to 2034

Figure 46: North America Market Attractiveness by Product Type, 2024 to 2034

Figure 47: North America Market Attractiveness by End User Vertical, 2024 to 2034

Figure 48: North America Market Attractiveness by Country, 2024 to 2034

Figure 49: Latin America Market Value (US$ Million) by Base Oil, 2024 to 2034

Figure 50: Latin America Market Value (US$ Million) by Product Type, 2024 to 2034

Figure 51: Latin America Market Value (US$ Million) by End User Vertical, 2024 to 2034

Figure 52: Latin America Market Value (US$ Million) by Country, 2024 to 2034

Figure 53: Latin America Market Value (US$ Million) Analysis by Country, 2019 to 2034

Figure 54: Latin America Market Volume (Litre) Analysis by Country, 2019 to 2034

Figure 55: Latin America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 56: Latin America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 57: Latin America Market Value (US$ Million) Analysis by Base Oil, 2019 to 2034

Figure 58: Latin America Market Volume (Litre) Analysis by Base Oil, 2019 to 2034

Figure 59: Latin America Market Value Share (%) and BPS Analysis by Base Oil, 2024 to 2034

Figure 60: Latin America Market Y-o-Y Growth (%) Projections by Base Oil, 2024 to 2034

Figure 61: Latin America Market Value (US$ Million) Analysis by Product Type, 2019 to 2034

Figure 62: Latin America Market Volume (Litre) Analysis by Product Type, 2019 to 2034

Figure 63: Latin America Market Value Share (%) and BPS Analysis by Product Type, 2024 to 2034

Figure 64: Latin America Market Y-o-Y Growth (%) Projections by Product Type, 2024 to 2034

Figure 65: Latin America Market Value (US$ Million) Analysis by End User Vertical, 2019 to 2034

Figure 66: Latin America Market Volume (Litre) Analysis by End User Vertical, 2019 to 2034

Figure 67: Latin America Market Value Share (%) and BPS Analysis by End User Vertical, 2024 to 2034

Figure 68: Latin America Market Y-o-Y Growth (%) Projections by End User Vertical, 2024 to 2034

Figure 69: Latin America Market Attractiveness by Base Oil, 2024 to 2034

Figure 70: Latin America Market Attractiveness by Product Type, 2024 to 2034

Figure 71: Latin America Market Attractiveness by End User Vertical, 2024 to 2034

Figure 72: Latin America Market Attractiveness by Country, 2024 to 2034

Figure 73: Western Europe Market Value (US$ Million) by Base Oil, 2024 to 2034

Figure 74: Western Europe Market Value (US$ Million) by Product Type, 2024 to 2034

Figure 75: Western Europe Market Value (US$ Million) by End User Vertical, 2024 to 2034

Figure 76: Western Europe Market Value (US$ Million) by Country, 2024 to 2034

Figure 77: Western Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034

Figure 78: Western Europe Market Volume (Litre) Analysis by Country, 2019 to 2034

Figure 79: Western Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 80: Western Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 81: Western Europe Market Value (US$ Million) Analysis by Base Oil, 2019 to 2034

Figure 82: Western Europe Market Volume (Litre) Analysis by Base Oil, 2019 to 2034

Figure 83: Western Europe Market Value Share (%) and BPS Analysis by Base Oil, 2024 to 2034

Figure 84: Western Europe Market Y-o-Y Growth (%) Projections by Base Oil, 2024 to 2034

Figure 85: Western Europe Market Value (US$ Million) Analysis by Product Type, 2019 to 2034

Figure 86: Western Europe Market Volume (Litre) Analysis by Product Type, 2019 to 2034

Figure 87: Western Europe Market Value Share (%) and BPS Analysis by Product Type, 2024 to 2034

Figure 88: Western Europe Market Y-o-Y Growth (%) Projections by Product Type, 2024 to 2034

Figure 89: Western Europe Market Value (US$ Million) Analysis by End User Vertical, 2019 to 2034

Figure 90: Western Europe Market Volume (Litre) Analysis by End User Vertical, 2019 to 2034

Figure 91: Western Europe Market Value Share (%) and BPS Analysis by End User Vertical, 2024 to 2034

Figure 92: Western Europe Market Y-o-Y Growth (%) Projections by End User Vertical, 2024 to 2034

Figure 93: Western Europe Market Attractiveness by Base Oil, 2024 to 2034

Figure 94: Western Europe Market Attractiveness by Product Type, 2024 to 2034

Figure 95: Western Europe Market Attractiveness by End User Vertical, 2024 to 2034

Figure 96: Western Europe Market Attractiveness by Country, 2024 to 2034

Figure 97: Eastern Europe Market Value (US$ Million) by Base Oil, 2024 to 2034

Figure 98: Eastern Europe Market Value (US$ Million) by Product Type, 2024 to 2034

Figure 99: Eastern Europe Market Value (US$ Million) by End User Vertical, 2024 to 2034

Figure 100: Eastern Europe Market Value (US$ Million) by Country, 2024 to 2034

Figure 101: Eastern Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034

Figure 102: Eastern Europe Market Volume (Litre) Analysis by Country, 2019 to 2034

Figure 103: Eastern Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 104: Eastern Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 105: Eastern Europe Market Value (US$ Million) Analysis by Base Oil, 2019 to 2034

Figure 106: Eastern Europe Market Volume (Litre) Analysis by Base Oil, 2019 to 2034

Figure 107: Eastern Europe Market Value Share (%) and BPS Analysis by Base Oil, 2024 to 2034

Figure 108: Eastern Europe Market Y-o-Y Growth (%) Projections by Base Oil, 2024 to 2034

Figure 109: Eastern Europe Market Value (US$ Million) Analysis by Product Type, 2019 to 2034

Figure 110: Eastern Europe Market Volume (Litre) Analysis by Product Type, 2019 to 2034

Figure 111: Eastern Europe Market Value Share (%) and BPS Analysis by Product Type, 2024 to 2034

Figure 112: Eastern Europe Market Y-o-Y Growth (%) Projections by Product Type, 2024 to 2034

Figure 113: Eastern Europe Market Value (US$ Million) Analysis by End User Vertical, 2019 to 2034

Figure 114: Eastern Europe Market Volume (Litre) Analysis by End User Vertical, 2019 to 2034

Figure 115: Eastern Europe Market Value Share (%) and BPS Analysis by End User Vertical, 2024 to 2034

Figure 116: Eastern Europe Market Y-o-Y Growth (%) Projections by End User Vertical, 2024 to 2034

Figure 117: Eastern Europe Market Attractiveness by Base Oil, 2024 to 2034

Figure 118: Eastern Europe Market Attractiveness by Product Type, 2024 to 2034

Figure 119: Eastern Europe Market Attractiveness by End User Vertical, 2024 to 2034

Figure 120: Eastern Europe Market Attractiveness by Country, 2024 to 2034

Figure 121: South Asia and Pacific Market Value (US$ Million) by Base Oil, 2024 to 2034

Figure 122: South Asia and Pacific Market Value (US$ Million) by Product Type, 2024 to 2034

Figure 123: South Asia and Pacific Market Value (US$ Million) by End User Vertical, 2024 to 2034

Figure 124: South Asia and Pacific Market Value (US$ Million) by Country, 2024 to 2034

Figure 125: South Asia and Pacific Market Value (US$ Million) Analysis by Country, 2019 to 2034

Figure 126: South Asia and Pacific Market Volume (Litre) Analysis by Country, 2019 to 2034

Figure 127: South Asia and Pacific Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 128: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 129: South Asia and Pacific Market Value (US$ Million) Analysis by Base Oil, 2019 to 2034

Figure 130: South Asia and Pacific Market Volume (Litre) Analysis by Base Oil, 2019 to 2034

Figure 131: South Asia and Pacific Market Value Share (%) and BPS Analysis by Base Oil, 2024 to 2034

Figure 132: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Base Oil, 2024 to 2034

Figure 133: South Asia and Pacific Market Value (US$ Million) Analysis by Product Type, 2019 to 2034

Figure 134: South Asia and Pacific Market Volume (Litre) Analysis by Product Type, 2019 to 2034

Figure 135: South Asia and Pacific Market Value Share (%) and BPS Analysis by Product Type, 2024 to 2034

Figure 136: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Product Type, 2024 to 2034

Figure 137: South Asia and Pacific Market Value (US$ Million) Analysis by End User Vertical, 2019 to 2034

Figure 138: South Asia and Pacific Market Volume (Litre) Analysis by End User Vertical, 2019 to 2034

Figure 139: South Asia and Pacific Market Value Share (%) and BPS Analysis by End User Vertical, 2024 to 2034

Figure 140: South Asia and Pacific Market Y-o-Y Growth (%) Projections by End User Vertical, 2024 to 2034

Figure 141: South Asia and Pacific Market Attractiveness by Base Oil, 2024 to 2034

Figure 142: South Asia and Pacific Market Attractiveness by Product Type, 2024 to 2034

Figure 143: South Asia and Pacific Market Attractiveness by End User Vertical, 2024 to 2034

Figure 144: South Asia and Pacific Market Attractiveness by Country, 2024 to 2034

Figure 145: East Asia Market Value (US$ Million) by Base Oil, 2024 to 2034

Figure 146: East Asia Market Value (US$ Million) by Product Type, 2024 to 2034

Figure 147: East Asia Market Value (US$ Million) by End User Vertical, 2024 to 2034

Figure 148: East Asia Market Value (US$ Million) by Country, 2024 to 2034

Figure 149: East Asia Market Value (US$ Million) Analysis by Country, 2019 to 2034

Figure 150: East Asia Market Volume (Litre) Analysis by Country, 2019 to 2034

Figure 151: East Asia Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 152: East Asia Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 153: East Asia Market Value (US$ Million) Analysis by Base Oil, 2019 to 2034

Figure 154: East Asia Market Volume (Litre) Analysis by Base Oil, 2019 to 2034

Figure 155: East Asia Market Value Share (%) and BPS Analysis by Base Oil, 2024 to 2034

Figure 156: East Asia Market Y-o-Y Growth (%) Projections by Base Oil, 2024 to 2034

Figure 157: East Asia Market Value (US$ Million) Analysis by Product Type, 2019 to 2034

Figure 158: East Asia Market Volume (Litre) Analysis by Product Type, 2019 to 2034

Figure 159: East Asia Market Value Share (%) and BPS Analysis by Product Type, 2024 to 2034

Figure 160: East Asia Market Y-o-Y Growth (%) Projections by Product Type, 2024 to 2034

Figure 161: East Asia Market Value (US$ Million) Analysis by End User Vertical, 2019 to 2034

Figure 162: East Asia Market Volume (Litre) Analysis by End User Vertical, 2019 to 2034

Figure 163: East Asia Market Value Share (%) and BPS Analysis by End User Vertical, 2024 to 2034

Figure 164: East Asia Market Y-o-Y Growth (%) Projections by End User Vertical, 2024 to 2034

Figure 165: East Asia Market Attractiveness by Base Oil, 2024 to 2034

Figure 166: East Asia Market Attractiveness by Product Type, 2024 to 2034

Figure 167: East Asia Market Attractiveness by End User Vertical, 2024 to 2034

Figure 168: East Asia Market Attractiveness by Country, 2024 to 2034

Figure 169: Middle East and Africa Market Value (US$ Million) by Base Oil, 2024 to 2034

Figure 170: Middle East and Africa Market Value (US$ Million) by Product Type, 2024 to 2034

Figure 171: Middle East and Africa Market Value (US$ Million) by End User Vertical, 2024 to 2034

Figure 172: Middle East and Africa Market Value (US$ Million) by Country, 2024 to 2034

Figure 173: Middle East and Africa Market Value (US$ Million) Analysis by Country, 2019 to 2034

Figure 174: Middle East and Africa Market Volume (Litre) Analysis by Country, 2019 to 2034

Figure 175: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 176: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 177: Middle East and Africa Market Value (US$ Million) Analysis by Base Oil, 2019 to 2034

Figure 178: Middle East and Africa Market Volume (Litre) Analysis by Base Oil, 2019 to 2034

Figure 179: Middle East and Africa Market Value Share (%) and BPS Analysis by Base Oil, 2024 to 2034

Figure 180: Middle East and Africa Market Y-o-Y Growth (%) Projections by Base Oil, 2024 to 2034

Figure 181: Middle East and Africa Market Value (US$ Million) Analysis by Product Type, 2019 to 2034

Figure 182: Middle East and Africa Market Volume (Litre) Analysis by Product Type, 2019 to 2034

Figure 183: Middle East and Africa Market Value Share (%) and BPS Analysis by Product Type, 2024 to 2034

Figure 184: Middle East and Africa Market Y-o-Y Growth (%) Projections by Product Type, 2024 to 2034

Figure 185: Middle East and Africa Market Value (US$ Million) Analysis by End User Vertical, 2019 to 2034

Figure 186: Middle East and Africa Market Volume (Litre) Analysis by End User Vertical, 2019 to 2034

Figure 187: Middle East and Africa Market Value Share (%) and BPS Analysis by End User Vertical, 2024 to 2034

Figure 188: Middle East and Africa Market Y-o-Y Growth (%) Projections by End User Vertical, 2024 to 2034

Figure 189: Middle East and Africa Market Attractiveness by Base Oil, 2024 to 2034

Figure 190: Middle East and Africa Market Attractiveness by Product Type, 2024 to 2034

Figure 191: Middle East and Africa Market Attractiveness by End User Vertical, 2024 to 2034

Figure 192: Middle East and Africa Market Attractiveness by Country, 2024 to 2034

Frequently Asked Questions

How Big is the Lubricant Market in 2024?

The lubricant market is expected to be worth USD 174.94 billion in 2024.

What is the Sales Forecast for Lubricants through 2034?

The market is expected to reach USD 271.68 billion by 2034.

At What Rate is the Market Growing over the Forecast Period?

The market is growing at a CAGR of 4.50% from 2024 to 2034.

Which are the Key Manufacturing Companies for Lubricants?

Some of the key players in the market are ExxonMobil, Royal Dutch Shell, Chevron Corporation, BP, TotalEnergies, Sinopec, Fuchs Petrolub AG, etc.

What was the Value of the Market in 2023?

The valuation for the market was USD 167.41 billion in 2023.

Explore Similar Insights

Future Market Insights

Lubricant Market