Lubricants Market Size, Trends and Insights By Types (Engine Oil, Gear Oil, Transmission and Hydraulic Fluid, Process Oil, Metalworking Fluid, Industrial oil, Others (Grease, etc.)), By Base oil (Synthetic Lubricant, Semi-synthetic Lubricant, Bio-based Lubricant, Mineral Oil Lubricant), By End Use Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, Others (Chemical Manufacturing, etc.)), By Distribution Channel (Direct, Indirect), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Exxon Mobil Corporation
- Chevron Corporation
- BP p.l.c.
- Shell plc
- Total Energies
- Philips 66 Company
- Others
Reports Description
The Global Lubricants Market was valued at USD 142.77 Billion in 2023 and is expected to reach USD 206.69 Billion by 2032, at a CAGR of 4.30% during the forecast period 2023 – 2032
A lubricant is a substance that helps reduce friction between surfaces in connection with each other, which ultimately reduces the heat generated as the surfaces move. They also can transmit force, transport foreign objects, and heat or cool surfaces.
Lubricants have a high viscosity index and thermal and hydraulic stability properties that contribute to lubricity. They are used in various end use applications such as automotive & transportation, manufacturing, construction, power generation etc. to reduce friction and increase lubricity.
Market Drivers
Rapidly growing automotive industry worldwide
The increasing demand for lubricants from automotive applications is mainly driving the global lubricants market. Lubricants are widely used in automobile applications such automobile parts such as brakes, engines and wheels, which need lubrication for continuous smooth functioning.
The automotive industry is the largest consumer of lubricants, accounting for approximately half of total lubricant consumption.
Increasing demand for passenger and commercial vehicles in developing countries such as China, India, ASEAN, Indonesia, Brazil, and South Africa among others, coupled with growth in industrial activity across the globe are mainly driving a recovery in vehicle sales and usage and is also contributing to the growth of the lubricants market.
According to, the European Automobile Manufacturers Association (ACEA) around 50 million passenger cars were manufactured globally in the first three quarters of 2022, an increase of almost 9% compared to the same quarter in 2021, which in turn boosted the consumption of lubricants in automotive application, thereby driving market growth.
Excellent Chemical and Physical Properties of Lubricants
Lubricants have excellent chemicals and physical properties; these properties make them ideal additives in various end use applications. Due to various properties of lubricants such as reduced flammability, reduced gear wear, high viscosity, extreme pressure resistance, corrosion resistance and increased service life, the demand for lubricants is increasing in end use sectors.
In addition to industrial applications, lubricants are also used for many other purposes. Other uses include cooking (oils and fats used in frying and baking, to prevent food from sticking), rust and friction reduction in machinery, and biological uses in humans (e.g. as a lubricant for artificial joints).
It is mainly used to reduce friction and contribute to better and more efficient functioning of the mechanism. Thus, the excellent chemicals and physical properties of lubricants make them ideal additive and lubrication materials in various end use applications, thereby driving the market growth.
Market Restraints
Raising preference for electric vehicles
The automotive industry contributes significantly to the consumption and growth of the global lubricant products business. Conventional automobiles use a variety of oils to maintain engine quality over long periods.
However, as the demand for crude oil increases, so do environmental concerns. Consumers in developed and emerging markets are increasingly interested in electric vehicles. Additionally, as technology advances, the benefits of electric vehicles will become more apparent. The introduction of electric vehicles is expected to slow the growth of lubricants in automotive applications.
Stringent Rules for Approval of Lubricants
Stringent regulatory requirements are a barrier to the global lubricants market as they are restraining the development and introduction of new products and technologies. Some of the factors contributing to this reluctance are:
- Emissions Regulations: Stringent regulations regarding CO2 emissions and other environmental standards may impact the lubricants market as companies will need to adapt their products to these requirements.
- Government Legislation: Pending government legislation regarding emissions and fuel efficiency may impact lubricant demand and new product development.
- Regulatory Framework: The global regulatory framework for lubricants can have the following impacts: Impacting the market as companies have to comply with various regulations and standards such as ISO 21469 certification for food grade lubricants.
Market Opportunities
Growing prominence for bio-lubricants
The growing prominence of bio-lubricants is likely to act as an opportunity for the global lubricant market during the forecast period. In today’s environmentally conscious world, the bio-lubricants market is gaining substantial traction as industries seek greener alternatives, making bio-based lubricants emerge as a sustainable and eco-friendly option.
Additionally, continuous research and development efforts are expanding the range of bio-lubricant applications, further boosting market growth. Furthermore, government initiatives promoting eco-friendly practices provide incentives for industries to switch to bio-lubricants, and there is an increasing demand for bio-lubricants in emerging economies.
The bio-lubricants segment is expected to create lucrative opportunities due to the increasing demand for environmentally friendly lubricants in the automotive and transportation sectors. Therefore, the shift towards bio-lubricants presents a significant opportunity for industries looking to align with sustainability goals and embrace greener alternatives.
For instance, In June 2021, Total Energies and Stellantis extended their partnership for Peugeot, Citroen, and DS Automobiles brands for another five years. This partnership will also focus on research and development work toward sustainable growth and innovation.
Lubricants Market Segmentation Analysis
Global Lubricants market is segmented by type, Base oils and end use industry. Based on product type lubricants market is further sub segmented into sub segments like engine oil, gear oil, grease, process oil, industrial oil etc.
Among all of these types, Engine oil dominated the market in 2022 and is expected to keep its dominance during the forecast period. This growth is driven by the increasing demand for vehicles and their spare parts, as well as the need for high-performance engines. Gear oil contributes significantly to the market share in the global lubricants market.
Based on base oil, the lubricants market is segmented into Synthetic, semi-synthetic, bio-based and mineral based lubricants. Synthetic lubricants held the largest share in 2022 due to their superior performance characteristics, including better stability at high temperatures, improved oxidation resistance, and longer service life compared to mineral-based lubricants.
Semi-synthetic lubricants which are a blend of synthetic and mineral oils, held the second largest market share in the global lubricants market in 2022. Bio-based lubricants, derived from renewable resources, have been gaining attention due to their environmentally friendly nature, but their market share may be relatively smaller compared to synthetic and mineral-based lubricants.
Based on End use industry, Automotive and other transportation held the largest market share in 2022 and are expected to keep their dominance during the forecast period due to their sheer scale and ubiquitous reliance on lubrication.
Vehicles, ranging from cars to commercial trucks, aeroplanes, ships, and trains require efficient lubrication to ensure smooth operation and prevent wear and tear of moving parts. The demand for specialized lubricants tailored to unique performance requirements increasing in automotive applications as these modes of transportation traverse diverse terrains and weather conditions.
Additionally, the automotive industry’s continuous innovation in engine technologies, including electric and hybrid vehicles, prompts the development of advanced lubricants to meet evolving demands.
Lubricants Market Regional Insight
By region, the Lubricants market is segmented into Asia Pacific, Europe, North America, Middle East & Africa and Latin America. The Asia-Pacific region dominated the global market in 2022 with a market share of 52.00% in 2022 and is expected to keep its dominance during the forecast period.
The factors contributing growth of the market in this region include the rapid growth of the automotive industry and industrial sectors in countries like India and China. The most widely used lubricants in the Asia Pacific region are automotive engine oils, greases, and hydraulic fluids.
Furthermore, the rapidly expanding other end use industries such as manufacturing, power generation, food & beverages, construction etc. in the Asia-Pacific region are expected to propel the demand for lubricants during the forecast period.
Europe held the second largest market share in the global lubricants market in 2022 and is expected to keep its position through the forecast period. Europe is also expected to at faster CAGR during the forecast period. The European automotive industry is mainly boosting the European Lubricants market. Increasing usage of high end machinery in Germany, France, the U.K., Spain and Russia is also creating opportunities for the market during the forecast period.
Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 142.77 Billion |
| Projected Market Size in 2032 | USD 206.69 Billion |
| Market Size in 2022 | USD 135.67 Billion |
| CAGR Growth Rate | 4.30% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Types, Base oil, End Use Industry, Distribution Channel and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Lubricants Market Competitive Landscape
- Exxon Mobil Corporation
- Chevron Corporation
- BP p.l.c.
- Shell plc
- Total Energies
- Philips 66 Company
- Pennzoil
- Quaker Chemical Corp.
- Royal Dutch Shell Co.
- JX Nippon Oil & Energy Corp.
- British Petroleum
- Lukoil
- Total S.A
- Sinopec Corp.
- Castrol India Ltd.
- Amsoil Inc.
- JX Nippon Oil & Gas Exploration Corp.
- Valvoline LLC
- PetroChina Company Ltd
- Idemitsu Kosan Co. Ltd
- Petronas Lubricant International
- PetroFer Chemie
- Blaser Swisslube Inc.
- Others
These key players are adopting various organic and inorganic growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.
Global Lubricants Market Segmentation-
By Types
- Engine Oil
- Gear Oil
- Transmission and Hydraulic Fluid
- Process Oil
- Metalworking Fluid
- Industrial oil
- Others (Grease, etc.)
By Base oil
- Synthetic Lubricant
- Semi-synthetic Lubricant
- Bio-based Lubricant
- Mineral Oil Lubricant
By End Use Industry
- Power Generation
- Automotive and Other Transportation
- Heavy Equipment
- Food and Beverage
- Metallurgy and Metalworking
- Others (Chemical Manufacturing, etc.)
By Distribution Channel
- Direct
- Indirect
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Lubricant Market, (2024 – 2033) (USD Billion)
- 2.2 Global Lubricant Market: snapshot
- Chapter 3. Global Lubricant Market – Industry Analysis
- 3.1 Lubricant Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Increasing Usage of High-performance Lubricants
- 3.2.2 Demand from the Growing Wind Energy Sector
- 3.2.3 Expansion of the Global Cold Chain Market
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Types
- 3.7.2 Market Attractiveness Analysis By Base oil
- 3.7.3 Market Attractiveness Analysis By End Use Industry
- 3.7.4 Market Attractiveness Analysis By Distribution Channel
- Chapter 4. Global Lubricant Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Lubricant Market: Company Market Share, 2022
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaboration, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Lubricant Market – Types Analysis
- 5.1 Global Lubricant Market Overview: By Types
- 5.1.1 Global Lubricant Market Share, By Types, 2022 and – 2033
- 5.2 Engine Oil
- 5.2.1 Global Lubricant Market by Engine Oil, 2024 – 2033 (USD Billion)
- 5.3 Gear Oil
- 5.3.1 Global Lubricant Market by Gear Oil, 2024 – 2033 (USD Billion)
- 5.4 Transmission and Hydraulic Fluid
- 5.4.1 Global Lubricant Market by Transmission and Hydraulic Fluid, 2024 – 2033 (USD Billion)
- 5.5 Process Oil
- 5.5.1 Global Lubricant Market by Process Oil, 2024 – 2033 (USD Billion)
- 5.6 Metalworking Fluid
- 5.6.1 Global Lubricant Market by Metalworking Fluid, 2024 – 2033 (USD Billion)
- 5.7 Industrial oil
- 5.7.1 Global Lubricant Market by Industrial Oil, 2024 – 2033 (USD Billion)
- 5.8 Others (Grease, etc.)
- 5.8.1 Global Lubricant Market by Others (Grease, etc.), 2024 – 2033 (USD Billion)
- 5.1 Global Lubricant Market Overview: By Types
- Chapter 6. Global Lubricant Market – Base Oil Analysis
- 6.1 Global Lubricant Market Overview: By Base oil
- 6.1.1 Global Lubricant Market share, By Base oil, 2022 and – 2033
- 6.2 Synthetic Lubricant
- 6.2.1 Global Lubricant Market by Synthetic Lubricant, 2024 – 2033 (USD Billion)
- 6.3 Semi-synthetic Lubricant
- 6.3.1 Global Lubricant Market by Semi-synthetic Lubricant, 2024 – 2033 (USD Billion)
- 6.4 Bio-based Lubricant
- 6.4.1 Global Lubricant Market by Bio-based Lubricant, 2024 – 2033 (USD Billion)
- 6.5 Mineral Oil Lubricant
- 6.5.1 Global Lubricant Market by Mineral Oil Lubricant, 2024 – 2033 (USD Billion)
- 6.1 Global Lubricant Market Overview: By Base oil
- Chapter 7. Global Lubricant Market – End Use Industry Analysis
- 7.1 Global Lubricant Market Overview: By End Use Industry
- 7.1.1 Global Lubricant Market Share, By End Use Industry, 2022 and – 2033
- 7.2 Power Generation
- 7.2.1 Global Lubricant Market by Power Generation, 2024 – 2033 (USD Billion)
- 7.3 Automotive and Other Transportation
- 7.3.1 Global Lubricant Market by Automotive and Other Transportation, 2024 – 2033 (USD Billion)
- 7.4 Heavy Equipment
- 7.4.1 Global Lubricant Market by Heavy Equipment, 2024 – 2033 (USD Billion)
- 7.5 Food and Beverage
- 7.5.1 Global Lubricant Market by Food and Beverage, 2024 – 2033 (USD Billion)
- 7.6 Metallurgy and Metalworking
- 7.6.1 Global Lubricant Market by Metallurgy and Metalworking, 2024 – 2033 (USD Billion)
- 7.7 Others (Chemical Manufacturing, etc.)
- 7.7.1 Global Lubricant Market by Others (Chemical Manufacturing, etc.), 2024 – 2033 (USD Billion)
- 7.1 Global Lubricant Market Overview: By End Use Industry
- Chapter 8. Global Lubricant Market – Distribution Channel Analysis
- 8.1 Global Lubricant Market Overview: By Distribution Channel
- 8.1.1 Global Lubricant Market Share, By Distribution Channel, 2022 and – 2033
- 8.2 Direct
- 8.2.1 Global Lubricant Market by Direct, 2024 – 2033 (USD Billion)
- 8.3 Indirect
- 8.3.1 Global Lubricant Market by Indirect, 2024 – 2033 (USD Billion)
- 8.1 Global Lubricant Market Overview: By Distribution Channel
- Chapter 9. Lubricants Market – Regional Analysis
- 9.1 Global Lubricants Market Regional Overview
- 9.2 Global Lubricants Market Share, by Region, 2022 & – 2033 (USD Billion)
- 9.3. North America
- 9.3.1 North America Lubricants Market, 2024 – 2033 (USD Billion)
- 9.3.1.1 North America Lubricants Market, by Country, 2024 – 2033 (USD Billion)
- 9.3.1 North America Lubricants Market, 2024 – 2033 (USD Billion)
- 9.4 North America Lubricants Market, by Types, 2024 – 2033
- 9.4.1 North America Lubricants Market, by Types, 2024 – 2033 (USD Billion)
- 9.5 North America Lubricants Market, by Base Oil, 2024 – 2033
- 9.5.1 North America Lubricants Market, by Base Oil, 2024 – 2033 (USD Billion)
- 9.6 North America Lubricants Market, by End Use Industry, 2024 – 2033
- 9.6.1 North America Lubricants Market, by End Use Industry, 2024 – 2033 (USD Billion)
- 9.7 North America Lubricants Market, by Distribution Channel, 2024 – 2033
- 9.7.1 North America Lubricants Market, by Distribution Channel, 2024 – 2033 (USD Billion)
- 9.8. Europe
- 9.8.1 Europe Lubricants Market, 2024 – 2033 (USD Billion)
- 9.8.1.1 Europe Lubricants Market, by Country, 2024 – 2033 (USD Billion)
- 9.8.1 Europe Lubricants Market, 2024 – 2033 (USD Billion)
- 9.9 Europe Lubricants Market, by Types, 2024 – 2033
- 9.9.1 Europe Lubricants Market, by Types, 2024 – 2033 (USD Billion)
- 9.10 Europe Lubricants Market, by Base Oil, 2024 – 2033
- 9.10.1 Europe Lubricants Market, by Base Oil, 2024 – 2033 (USD Billion)
- 9.11 Europe Lubricants Market, by End Use Industry, 2024 – 2033
- 9.11.1 Europe Lubricants Market, by End Use Industry, 2024 – 2033 (USD Billion)
- 9.12 Europe Lubricants Market, by Distribution Channel, 2024 – 2033
- 9.12.1 Europe Lubricants Market, by Distribution Channel, 2024 – 2033 (USD Billion)
- 9.13. Asia Pacific
- 9.13.1 Asia Pacific Lubricants Market, 2024 – 2033 (USD Billion)
- 9.13.1.1 Asia Pacific Lubricants Market, by Country, 2024 – 2033 (USD Billion)
- 9.13.1 Asia Pacific Lubricants Market, 2024 – 2033 (USD Billion)
- 9.14 Asia Pacific Lubricants Market, by Types, 2024 – 2033
- 9.14.1 Asia Pacific Lubricants Market, by Types, 2024 – 2033 (USD Billion)
- 9.15 Asia Pacific Lubricants Market, by Base Oil, 2024 – 2033
- 9.15.1 Asia Pacific Lubricants Market, by Base Oil, 2024 – 2033 (USD Billion)
- 9.16 Asia Pacific Lubricants Market, by End Use Industry, 2024 – 2033
- 9.16.1 Asia Pacific Lubricants Market, by End Use Industry, 2024 – 2033 (USD Billion)
- 9.17 Asia Pacific Lubricants Market, by Distribution Channel, 2024 – 2033
- 9.17.1 Asia Pacific Lubricants Market, by Distribution Channel, 2024 – 2033 (USD Billion)
- 9.18. Latin America
- 9.18.1 Latin America Lubricants Market, 2024 – 2033 (USD Billion)
- 9.18.1.1 Latin America Lubricants Market, by Country, 2024 – 2033 (USD Billion)
- 9.18.1 Latin America Lubricants Market, 2024 – 2033 (USD Billion)
- 9.19 Latin America Lubricants Market, by Types, 2024 – 2033
- 9.19.1 Latin America Lubricants Market, by Types, 2024 – 2033 (USD Billion)
- 9.20 Latin America Lubricants Market, by Base Oil, 2024 – 2033
- 9.20.1 Latin America Lubricants Market, by Base Oil, 2024 – 2033 (USD Billion)
- 9.21 Latin America Lubricants Market, by End Use Industry, 2024 – 2033
- 9.21.1 Latin America Lubricants Market, by End Use Industry, 2024 – 2033 (USD Billion)
- 9.22 Latin America Lubricants Market, by Distribution Channel, 2024 – 2033
- 9.22.1 Latin America Lubricants Market, by Distribution Channel, 2024 – 2033 (USD Billion)
- 9.23. The Middle East and Africa
- 9.23.1 The Middle-East and Africa Lubricants Market, 2024 – 2033 (USD Billion)
- 9.23.1.1 The Middle-East and Africa Lubricants Market, by Country, 2024 – 2033 (USD Billion)
- 9.23.1 The Middle-East and Africa Lubricants Market, 2024 – 2033 (USD Billion)
- 9.24 The Middle-East and Africa Lubricants Market, by Types, 2024 – 2033
- 9.24.1 The Middle-East and Africa Lubricants Market, by Types, 2024 – 2033 (USD Billion)
- 9.25 The Middle-East and Africa Lubricants Market, by Base Oil, 2024 – 2033
- 9.25.1 The Middle-East and Africa Lubricants Market, by Base Oil, 2024 – 2033 (USD Billion)
- 9.26 The Middle-East and Africa Lubricants Market, by End Use Industry, 2024 – 2033
- 9.26.1 The Middle-East and Africa Lubricants Market, by End Use Industry, 2024 – 2033 (USD Billion)
- 9.27 The Middle-East and Africa Lubricants Market, by Distribution Channel, 2024 – 2033
- 9.27.1 The Middle-East and Africa Lubricants Market, by Distribution Channel, 2024 – 2033 (USD Billion)
- Chapter 10. Company Profiles
- 10.1 Exxon Mobil Corporation
- 10.1.1 Overview
- 10.1.2 Financials
- 10.1.3 Product Portfolio
- 10.1.4 Business Strategy
- 10.1.5 Recent Developments
- 10.2 Chevron Corporation
- 10.2.1 Overview
- 10.2.2 Financials
- 10.2.3 Product Portfolio
- 10.2.4 Business Strategy
- 10.2.5 Recent Developments
- 10.3 BP p.l.c.
- 10.3.1 Overview
- 10.3.2 Financials
- 10.3.3 Product Portfolio
- 10.3.4 Business Strategy
- 10.3.5 Recent Developments
- 10.4 Shell plc
- 10.4.1 Overview
- 10.4.2 Financials
- 10.4.3 Product Portfolio
- 10.4.4 Business Strategy
- 10.4.5 Recent Developments
- 10.5 Total Energies
- 10.5.1 Overview
- 10.5.2 Financials
- 10.5.3 Product Portfolio
- 10.5.4 Business Strategy
- 10.5.5 Recent Developments
- 10.6 Philips 66 Company
- 10.6.1 Overview
- 10.6.2 Financials
- 10.6.3 Product Portfolio
- 10.6.4 Business Strategy
- 10.6.5 Recent Developments
- 10.7 Pennzoil
- 10.7.1 Overview
- 10.7.2 Financials
- 10.7.3 Product Portfolio
- 10.7.4 Business Strategy
- 10.7.5 Recent Developments
- 10.8 Quaker Chemical Corp.
- 10.8.1 Overview
- 10.8.2 Financials
- 10.8.3 Product Portfolio
- 10.8.4 Business Strategy
- 10.8.5 Recent Developments
- 10.9 Royal Dutch Shell Co.
- 10.9.1 Overview
- 10.9.2 Financials
- 10.9.3 Product Portfolio
- 10.9.4 Business Strategy
- 10.9.5 Recent Developments
- 10.10 JX Nippon Oil & Energy Corp.
- 10.10.1 Overview
- 10.10.2 Financials
- 10.10.3 Product Portfolio
- 10.10.4 Business Strategy
- 10.10.5 Recent Developments
- 10.11 British Petroleum
- 10.11.1 Overview
- 10.11.2 Financials
- 10.11.3 Product Portfolio
- 10.11.4 Business Strategy
- 10.11.5 Recent Developments
- 10.12 Lukoil
- 10.12.1 Overview
- 10.12.2 Financials
- 10.12.3 Product Portfolio
- 10.12.4 Business Strategy
- 10.12.5 Recent Developments
- 10.13 Total S.A
- 10.13.1 Overview
- 10.13.2 Financials
- 10.13.3 Product Portfolio
- 10.13.4 Business Strategy
- 10.13.5 Recent Developments
- 10.14 Sinopec Corp.
- 10.14.1 Overview
- 10.14.2 Financials
- 10.14.3 Product Portfolio
- 10.14.4 Business Strategy
- 10.14.5 Recent Developments
- 10.15 Castrol India Ltd.
- 10.15.1 Overview
- 10.15.2 Financials
- 10.15.3 Product Portfolio
- 10.15.4 Business Strategy
- 10.15.5 Recent Developments
- 10.16 Amsoil Inc.
- 10.16.1 Overview
- 10.16.2 Financials
- 10.16.3 Product Portfolio
- 10.16.4 Business Strategy
- 10.16.5 Recent Developments
- 10.17 JX Nippon Oil & Gas Exploration Corp.
- 10.17.1 Overview
- 10.17.2 Financials
- 10.17.3 Product Portfolio
- 10.17.4 Business Strategy
- 10.17.5 Recent Developments
- 10.18 Valvoline LLC
- 10.18.1 Overview
- 10.18.2 Financials
- 10.18.3 Product Portfolio
- 10.18.4 Business Strategy
- 10.18.5 Recent Developments
- 10.19 PetroChina Company Ltd
- 10.19.1 Overview
- 10.19.2 Financials
- 10.19.3 Product Portfolio
- 10.19.4 Business Strategy
- 10.19.5 Recent Developments
- 10.20 Idemitsu Kosan Co. Ltd
- 10.20.1 Overview
- 10.20.2 Financials
- 10.20.3 Product Portfolio
- 10.20.4 Business Strategy
- 10.20.5 Recent Developments
- 10.21 Petronas Lubricant International
- 10.21.1 Overview
- 10.21.2 Financials
- 10.21.3 Product Portfolio
- 10.21.4 Business Strategy
- 10.21.5 Recent Developments
- 10.22 PetroFer Chemie
- 10.22.1 Overview
- 10.22.2 Financials
- 10.22.3 Product Portfolio
- 10.22.4 Business Strategy
- 10.22.5 Recent Developments
- 10.23 Blaser Swisslube Inc.
- 10.23.1 Overview
- 10.23.2 Financials
- 10.23.3 Product Portfolio
- 10.23.4 Business Strategy
- 10.23.5 Recent Developments
- 10.24 Others.
- 10.24.1 Overview
- 10.24.2 Financials
- 10.24.3 Product Portfolio
- 10.24.4 Business Strategy
- 10.24.5 Recent Developments
- 10.1 Exxon Mobil Corporation
List Of Figures
Figures No 1 to 37
List Of Tables
Tables No 1 to 102
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2032
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- Exxon Mobil Corporation
- Chevron Corporation
- BP p.l.c.
- Shell plc
- Total Energies
- Philips 66 Company
- Pennzoil
- Quaker Chemical Corp.
- Royal Dutch Shell Co.
- JX Nippon Oil & Energy Corp.
- British Petroleum
- Lukoil
- Total S.A
- Sinopec Corp.
- Castrol India Ltd.
- Amsoil Inc.
- JX Nippon Oil & Gas Exploration Corp.
- Valvoline LLC
- PetroChina Company Ltd
- Idemitsu Kosan Co. Ltd
- Petronas Lubricant International
- PetroFer Chemie
- Blaser Swisslube Inc.
- Others
FAQs
The increasing demand for electric and battery powered vehicles is major restraint in global Lubricants market.
The Rising demand for high-performance lubricants is major driver in global Lubricants market.
The “Engine Oil” category dominated the market in 2022.
The key players in the market are Exxon Mobil Corporation, Chevron Corporation, BP p.l.c., Shell plc, Total Energies, Philips 66 Company, Pennzoil, Quaker Chemical Corp., Royal Dutch Shell Co., JX Nippon Oil & Energy Corp., British Petroleum, Lukoil, Total S.A, Sinopec Corp., Castrol India Ltd., Amsoil Inc., JX Nippon Oil & Gas Exploration Corp., Valvoline LLC, PetroChina Company Ltd, Idemitsu Kosan Co. Ltd, Petronas Lubricant International, PetroFer Chemie, Blaser Swisslube Inc., Others
“Asia Pacific” had the largest share in the Lubricants Market.
The global market is projected to grow at a CAGR of 4.30% during the forecast period, 2023-2032.
The Lubricants Market size was valued at USD 142.77 Billion in 2023.