The lubricant market is valued at US$ 174.94 billion in 2024 and is projected to reach US$ 271.68 billion by 2034, exhibiting a modest CAGR of 4.50% over the forecast period.
Attributes | Key Statistics |
---|---|
Lubricant Market Value (2024) | US$ 174.94 billion |
Anticipated Market Value (2034) | US$ 271.68 billion |
Estimated Growth (2024 to 2034) | 4.50% CAGR |
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The lubricant market generated an estimated revenue of US$ 134.35 billion in 2019. In the five years, the market grew at a 5.42% CAGR and added a staggering revenue of US$ 40.59 billion. Several reasons can be attributed to this growth:
The market is anticipated to surpass a global valuation of US$ 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 section provides key insights into three related markets that are the lubricant market, the high-performance lubricant market, and the agriculture lubricant market. The growth rates and the current market valuation have been mentioned in the tables below.
The growth factors and critical challenges in the respective markets have also been highlighted. Based on these numbers, the market for agriculture lubricants is anticipated to overpower the other two in the coming future.
Lubricant Market:
Attributes | Lubricant Market |
---|---|
CAGR (2024 to 2034) | 4.50% |
Market Value (2024) | US$ 174.94 billion |
Growth Factor | Growing awareness among industries about the importance of preventive maintenance and lubrication |
Challenges | Disruptions in the supply chain of raw materials due to civil wars in the Middle Eastern countries |
High-performance Lubricant Market:
Attributes | High-performance Lubricant Market |
---|---|
CAGR (2023 to 2033) | 3.20% |
Market Value (2023) | US$ 2.34 billion |
Growth Factor | The increasing demand from the thriving global oil and gas industry |
Challenges | Fluctuations in the price of crude oil form a serious challenge as it constrains market usage and limits production. |
Agriculture Lubricant Market:
Attributes | Agriculture Lubricant Market |
---|---|
CAGR (2023 to 2033) | 5.50% |
Market Value (2023) | US$ 484.10 million |
Growth Factor | Rising demand for bio-based and eco-friendly lubricants in the agriculture sector to reduce environmental impact and meet sustainability goals |
Challenges | Continuous advancements in machinery design and materials reducing the overall demand for lubricants as newer equipment requires less frequent or specialized lubrication |
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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.
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%.
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% |
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.
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.
China, too, dominates the market in the international marketplace. The Chinese lubricant market is anticipated to exhibit a CAGR of 5.70% through 2034.
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.
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.
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
The lubricant market is expected to be worth US$ 174.94 billion in 2024.
The market is expected to reach US$ 271.68 billion by 2034.
The market is growing at a CAGR of 4.50% from 2024 to 2034.
Some of the key players in the market are ExxonMobil, Royal Dutch Shell, Chevron Corporation, BP, TotalEnergies, Sinopec, Fuchs Petrolub AG, etc.
The valuation for the market was US$ 167.41 billion in 2023.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 4.1. Historical Market Size Value (US$ Million) & Volume (Litre) Analysis, 2019 to 2023 4.2. Current and Future Market Size Value (US$ Million) & Volume (Litre) Projections, 2024 to 2034 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Base Oil 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Litre) Analysis By Base Oil, 2019 to 2023 5.3. Current and Future Market Size Value (US$ Million) & Volume (Litre) Analysis and Forecast By Base Oil, 2024 to 2034 5.3.1. Bio-Based Oil 5.3.2. Mineral Oil 5.3.3. Synthetic Oil 5.4. Y-o-Y Growth Trend Analysis By Base Oil, 2019 to 2023 5.5. Absolute $ Opportunity Analysis By Base Oil, 2024 to 2034 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Litre) Analysis By Product Type, 2019 to 2023 6.3. Current and Future Market Size Value (US$ Million) & Volume (Litre) Analysis and Forecast By Product Type, 2024 to 2034 6.3.1. Automotive Oil 6.3.2. Hydraulic Oil 6.3.3. Gear Oil 6.3.4. Compressed Oil 6.3.5. Greases 6.3.6. Metal Working Fluid 6.4. Y-o-Y Growth Trend Analysis By Product Type, 2019 to 2023 6.5. Absolute $ Opportunity Analysis By Product Type, 2024 to 2034 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End User Vertical 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) & Volume (Litre) Analysis By End User Vertical, 2019 to 2023 7.3. Current and Future Market Size Value (US$ Million) & Volume (Litre) Analysis and Forecast By End User Vertical, 2024 to 2034 7.3.1. Automotive 7.3.2. Industrial 7.3.3. Marine 7.3.4. Chemical 7.3.5. Oil & Gas 7.3.6. Aerospace 7.3.7. Others 7.4. Y-o-Y Growth Trend Analysis By End User Vertical, 2019 to 2023 7.5. Absolute $ Opportunity Analysis By End User Vertical, 2024 to 2034 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) & Volume (Litre) Analysis By Region, 2019 to 2023 8.3. Current Market Size Value (US$ Million) & Volume (Litre) Analysis and Forecast By Region, 2024 to 2034 8.3.1. North America 8.3.2. Latin America 8.3.3. Western Europe 8.3.4. Eastern Europe 8.3.5. South Asia and Pacific 8.3.6. East Asia 8.3.7. Middle East and Africa 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2019 to 2023 9.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2024 to 2034 9.2.1. By Country 9.2.1.1. USA 9.2.1.2. Canada 9.2.2. By Base Oil 9.2.3. By Product Type 9.2.4. By End User Vertical 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Base Oil 9.3.3. By Product Type 9.3.4. By End User Vertical 9.4. Key Takeaways 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2019 to 2023 10.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2024 to 2034 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Rest of Latin America 10.2.2. By Base Oil 10.2.3. By Product Type 10.2.4. By End User Vertical 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Base Oil 10.3.3. By Product Type 10.3.4. By End User Vertical 10.4. Key Takeaways 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2019 to 2023 11.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2024 to 2034 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. UK 11.2.1.3. France 11.2.1.4. Spain 11.2.1.5. Italy 11.2.1.6. Rest of Western Europe 11.2.2. By Base Oil 11.2.3. By Product Type 11.2.4. By End User Vertical 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Base Oil 11.3.3. By Product Type 11.3.4. By End User Vertical 11.4. Key Takeaways 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2019 to 2023 12.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2024 to 2034 12.2.1. By Country 12.2.1.1. Poland 12.2.1.2. Russia 12.2.1.3. Czech Republic 12.2.1.4. Romania 12.2.1.5. Rest of Eastern Europe 12.2.2. By Base Oil 12.2.3. By Product Type 12.2.4. By End User Vertical 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Base Oil 12.3.3. By Product Type 12.3.4. By End User Vertical 12.4. Key Takeaways 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2019 to 2023 13.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2024 to 2034 13.2.1. By Country 13.2.1.1. India 13.2.1.2. Bangladesh 13.2.1.3. Australia 13.2.1.4. New Zealand 13.2.1.5. Rest of South Asia and Pacific 13.2.2. By Base Oil 13.2.3. By Product Type 13.2.4. By End User Vertical 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Base Oil 13.3.3. By Product Type 13.3.4. By End User Vertical 13.4. Key Takeaways 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2019 to 2023 14.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2024 to 2034 14.2.1. By Country 14.2.1.1. China 14.2.1.2. Japan 14.2.1.3. South Korea 14.2.2. By Base Oil 14.2.3. By Product Type 14.2.4. By End User Vertical 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Base Oil 14.3.3. By Product Type 14.3.4. By End User Vertical 14.4. Key Takeaways 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2019 to 2023 15.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2024 to 2034 15.2.1. By Country 15.2.1.1. GCC Countries 15.2.1.2. South Africa 15.2.1.3. Israel 15.2.1.4. Rest of MEA 15.2.2. By Base Oil 15.2.3. By Product Type 15.2.4. By End User Vertical 15.3. Market Attractiveness Analysis 15.3.1. By Country 15.3.2. By Base Oil 15.3.3. By Product Type 15.3.4. By End User Vertical 15.4. Key Takeaways 16. Key Countries Market Analysis 16.1. USA 16.1.1. Pricing Analysis 16.1.2. Market Share Analysis, 2023 16.1.2.1. By Base Oil 16.1.2.2. By Product Type 16.1.2.3. By End User Vertical 16.2. Canada 16.2.1. Pricing Analysis 16.2.2. Market Share Analysis, 2023 16.2.2.1. By Base Oil 16.2.2.2. By Product Type 16.2.2.3. By End User Vertical 16.3. Brazil 16.3.1. Pricing Analysis 16.3.2. Market Share Analysis, 2023 16.3.2.1. By Base Oil 16.3.2.2. By Product Type 16.3.2.3. By End User Vertical 16.4. Mexico 16.4.1. Pricing Analysis 16.4.2. Market Share Analysis, 2023 16.4.2.1. By Base Oil 16.4.2.2. By Product Type 16.4.2.3. By End User Vertical 16.5. Germany 16.5.1. Pricing Analysis 16.5.2. Market Share Analysis, 2023 16.5.2.1. By Base Oil 16.5.2.2. By Product Type 16.5.2.3. By End User Vertical 16.6. UK 16.6.1. Pricing Analysis 16.6.2. Market Share Analysis, 2023 16.6.2.1. By Base Oil 16.6.2.2. By Product Type 16.6.2.3. By End User Vertical 16.7. France 16.7.1. Pricing Analysis 16.7.2. Market Share Analysis, 2023 16.7.2.1. By Base Oil 16.7.2.2. By Product Type 16.7.2.3. By End User Vertical 16.8. Spain 16.8.1. Pricing Analysis 16.8.2. Market Share Analysis, 2023 16.8.2.1. By Base Oil 16.8.2.2. By Product Type 16.8.2.3. By End User Vertical 16.9. Italy 16.9.1. Pricing Analysis 16.9.2. Market Share Analysis, 2023 16.9.2.1. By Base Oil 16.9.2.2. By Product Type 16.9.2.3. By End User Vertical 16.10. Poland 16.10.1. Pricing Analysis 16.10.2. Market Share Analysis, 2023 16.10.2.1. By Base Oil 16.10.2.2. By Product Type 16.10.2.3. By End User Vertical 16.11. Russia 16.11.1. Pricing Analysis 16.11.2. Market Share Analysis, 2023 16.11.2.1. By Base Oil 16.11.2.2. By Product Type 16.11.2.3. By End User Vertical 16.12. Czech Republic 16.12.1. Pricing Analysis 16.12.2. Market Share Analysis, 2023 16.12.2.1. By Base Oil 16.12.2.2. By Product Type 16.12.2.3. By End User Vertical 16.13. Romania 16.13.1. Pricing Analysis 16.13.2. Market Share Analysis, 2023 16.13.2.1. By Base Oil 16.13.2.2. By Product Type 16.13.2.3. By End User Vertical 16.14. India 16.14.1. Pricing Analysis 16.14.2. Market Share Analysis, 2023 16.14.2.1. By Base Oil 16.14.2.2. By Product Type 16.14.2.3. By End User Vertical 16.15. Bangladesh 16.15.1. Pricing Analysis 16.15.2. Market Share Analysis, 2023 16.15.2.1. By Base Oil 16.15.2.2. By Product Type 16.15.2.3. By End User Vertical 16.16. Australia 16.16.1. Pricing Analysis 16.16.2. Market Share Analysis, 2023 16.16.2.1. By Base Oil 16.16.2.2. By Product Type 16.16.2.3. By End User Vertical 16.17. New Zealand 16.17.1. Pricing Analysis 16.17.2. Market Share Analysis, 2023 16.17.2.1. By Base Oil 16.17.2.2. By Product Type 16.17.2.3. By End User Vertical 16.18. China 16.18.1. Pricing Analysis 16.18.2. Market Share Analysis, 2023 16.18.2.1. By Base Oil 16.18.2.2. By Product Type 16.18.2.3. By End User Vertical 16.19. Japan 16.19.1. Pricing Analysis 16.19.2. Market Share Analysis, 2023 16.19.2.1. By Base Oil 16.19.2.2. By Product Type 16.19.2.3. By End User Vertical 16.20. South Korea 16.20.1. Pricing Analysis 16.20.2. Market Share Analysis, 2023 16.20.2.1. By Base Oil 16.20.2.2. By Product Type 16.20.2.3. By End User Vertical 16.21. GCC Countries 16.21.1. Pricing Analysis 16.21.2. Market Share Analysis, 2023 16.21.2.1. By Base Oil 16.21.2.2. By Product Type 16.21.2.3. By End User Vertical 16.22. South Africa 16.22.1. Pricing Analysis 16.22.2. Market Share Analysis, 2023 16.22.2.1. By Base Oil 16.22.2.2. By Product Type 16.22.2.3. By End User Vertical 16.23. Israel 16.23.1. Pricing Analysis 16.23.2. Market Share Analysis, 2023 16.23.2.1. By Base Oil 16.23.2.2. By Product Type 16.23.2.3. By End User Vertical 17. Market Structure Analysis 17.1. Competition Dashboard 17.2. Competition Benchmarking 17.3. Market Share Analysis of Top Players 17.3.1. By Regional 17.3.2. By Base Oil 17.3.3. By Product Type 17.3.4. By End User Vertical 18. Competition Analysis 18.1. Competition Deep Dive 18.1.1. ExxonMobil Corp. 18.1.1.1. Overview 18.1.1.2. Product Portfolio 18.1.1.3. Profitability by Market Segments 18.1.1.4. Sales Footprint 18.1.1.5. Strategy Overview 18.1.1.5.1. Marketing Strategy 18.1.1.5.2. Product Strategy 18.1.1.5.3. Channel Strategy 18.1.2. Pennzoil 18.1.2.1. Overview 18.1.2.2. Product Portfolio 18.1.2.3. Profitability by Market Segments 18.1.2.4. Sales Footprint 18.1.2.5. Strategy Overview 18.1.2.5.1. Marketing Strategy 18.1.2.5.2. Product Strategy 18.1.2.5.3. Channel Strategy 18.1.3. Quaker Chemical Corp. 18.1.3.1. Overview 18.1.3.2. Product Portfolio 18.1.3.3. Profitability by Market Segments 18.1.3.4. Sales Footprint 18.1.3.5. Strategy Overview 18.1.3.5.1. Marketing Strategy 18.1.3.5.2. Product Strategy 18.1.3.5.3. Channel Strategy 18.1.4. Royal Dutch Shell Co. 18.1.4.1. Overview 18.1.4.2. Product Portfolio 18.1.4.3. Profitability by Market Segments 18.1.4.4. Sales Footprint 18.1.4.5. Strategy Overview 18.1.4.5.1. Marketing Strategy 18.1.4.5.2. Product Strategy 18.1.4.5.3. Channel Strategy 18.1.5. JX Nippon Oil & Energy Corp. 18.1.5.1. Overview 18.1.5.2. Product Portfolio 18.1.5.3. Profitability by Market Segments 18.1.5.4. Sales Footprint 18.1.5.5. Strategy Overview 18.1.5.5.1. Marketing Strategy 18.1.5.5.2. Product Strategy 18.1.5.5.3. Channel Strategy 18.1.6. British Petroleum 18.1.6.1. Overview 18.1.6.2. Product Portfolio 18.1.6.3. Profitability by Market Segments 18.1.6.4. Sales Footprint 18.1.6.5. Strategy Overview 18.1.6.5.1. Marketing Strategy 18.1.6.5.2. Product Strategy 18.1.6.5.3. Channel Strategy 18.1.7. Lukoil 18.1.7.1. Overview 18.1.7.2. Product Portfolio 18.1.7.3. Profitability by Market Segments 18.1.7.4. Sales Footprint 18.1.7.5. Strategy Overview 18.1.7.5.1. Marketing Strategy 18.1.7.5.2. Product Strategy 18.1.7.5.3. Channel Strategy 18.1.8. Total S.A 18.1.8.1. Overview 18.1.8.2. Product Portfolio 18.1.8.3. Profitability by Market Segments 18.1.8.4. Sales Footprint 18.1.8.5. Strategy Overview 18.1.8.5.1. Marketing Strategy 18.1.8.5.2. Product Strategy 18.1.8.5.3. Channel Strategy 18.1.9. Chevron Corp. 18.1.9.1. Overview 18.1.9.2. Product Portfolio 18.1.9.3. Profitability by Market Segments 18.1.9.4. Sales Footprint 18.1.9.5. Strategy Overview 18.1.9.5.1. Marketing Strategy 18.1.9.5.2. Product Strategy 18.1.9.5.3. Channel Strategy 18.1.10. Philips 66 Company 18.1.10.1. Overview 18.1.10.2. Product Portfolio 18.1.10.3. Profitability by Market Segments 18.1.10.4. Sales Footprint 18.1.10.5. Strategy Overview 18.1.10.5.1. Marketing Strategy 18.1.10.5.2. Product Strategy 18.1.10.5.3. Channel Strategy 18.1.11. Sinopec Corp. 18.1.11.1. Overview 18.1.11.2. Product Portfolio 18.1.11.3. Profitability by Market Segments 18.1.11.4. Sales Footprint 18.1.11.5. Strategy Overview 18.1.11.5.1. Marketing Strategy 18.1.11.5.2. Product Strategy 18.1.11.5.3. Channel Strategy 19. Assumptions & Acronyms Used 20. Research Methodology
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