Lubricants Market Size by Trends, Segmentation, Top Key Players, Growth and Forecast To 2022-2031

The Lubricants Market is expected to witness a steady growth rate in the next five years. The smooth function of machinery and equipment requires lubricants. Hence, industrial growth is driving the overall lubricants market. The emerging markets such as China and India are stimulating the growth of the lubricants market due to increasing industrial production.

The World Integrated Trade Solution (WITS) of the World Bank recorded the United States to be the largest exporter of chemicals in the world, amounting for an export value of about USD 345.65 billion, followed by China with USD 158.75 billion worth of exports.

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Furthermore, there is an ever-increasing demand for chemicals that are more environment-friendly, backed with the imposition of stringent government regulations to control pollution on a global level. It is calculated that more than 3 million tons of toxic chemicals have been released by industries till date in the year 2022. On the other hand, estimations also show that every second, around 300kgs of toxic chemicals are released into water, land and air by the industrial facilities. This in turn, is projected to raise the in-flow of investments by market players for the development of new technologies to manufacture products with reduced toxicity.

The report analyzes the global lubricants market trends and forecasts till 2031. The market size estimations have been provided in terms of market volume (KT). The report also identifies major manufacturers of lubricants and provides analysis for each player in terms of company overview, financials, products offered, and recent developments.

The global lubricants market is expected to witness a CAGR of 2.1% between 2022 and 2031 and will reach market volume of 42,780.7 KT in 2031. The lubricants market has been segmented based on applications into transporation and industrial machinery & equipment. The transportation application has been further sub segmented into passenger vehicles, commercial vehicles, aviation, and marine. The marine lubricants market is growing at a high rate followed by the passenger vehicles market. The demand has increased from vehicle owners for high performance lubricants to substitute conventional lubricants. Hence, there a rise in the demand for synthetic lubricants.

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The high cost of certain lubricants such as synthetic and bio-based lubricants acts as a constraint for growth of the overall lubricants market. In spite of the cost, the market for these types of lubricants is expected to grow at higher rates than the other types. The demand for synthetic lubricants is driven due to its high performance and bio-based lubricants demand is driven by its biodegradablity and non-toxicity.

These regions are further sub-segmented into the following:

  • North America (U.S. & Canada),
  • Latin America (Argentina, Mexico, Brazil, Rest of Latin America),
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe),
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), and the
  • Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

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The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

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Lauren Brown
Shibuya Data Count
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