According to Next Move Strategy Consulting, the global Lubricants Market is experiencing steady growth and is projected to reach USD 175 billion by 2030, growing at a CAGR of 3%. The market, value, continues to thrive as demand surges across automotive, industrial, and energy sectors.

Click Here for Your FREE Sample

Market Overview

Lubricants, essential substances that reduce friction and wear between moving surfaces, play a pivotal role in machinery and equipment efficiency. Their ability to improve operational performance, extend equipment life, and reduce maintenance costs makes them indispensable in sectors such as automotive, aerospace, manufacturing, construction, and energy. Additionally, lubricants prevent corrosion and dissipate heat, further enhancing machinery performance.

As global industrialization and technological advancements accelerate, the need for high-performance and eco-friendly lubricants is growing, positioning the lubricants market as a critical component in modern industry operations.

Market Dynamics and Trends

Automotive Growth Boosting Lubricant Demand

Rising car sales globally are significantly driving lubricant demand, particularly for engine oils, transmission fluids, and other automotive lubricants required for vehicle maintenance. According to the International Energy Agency (IEA), global car sales increased from 72.86 million in 2022 to 76.67 million in 2023, a 5% jump within a year. This surge in vehicle ownership directly translates into higher lubricant consumption for optimal performance and durability.

Urbanization Fueling Market Expansion

Rapid urbanization also propels the lubricant market as growing cities depend heavily on construction machinery, transportation, and industrial equipment. World Bank data reveals that the global urban population reached 57% in 2023, marking a 2% increase from 2021. This trend amplifies the need for lubricants in maintaining industrial machinery vital for urban development projects.

Rising Energy Consumption and Industrial Demand

The global increase in energy consumption is another significant driver. Activities in oil & gas, mining, and power generation sectors rely on specialized lubricants to ensure the efficient operation of heavy equipment like turbines and drilling rigs. According to Energy Institute 2024, global energy consumption rose by 4% in two years, from 176,840 TWh in 2021 to 183,230 TWh in 2023.

However, stringent environmental regulations are challenging the market by restricting the use of certain chemicals. Despite this, the shift towards eco-friendly lubricants presents a lucrative opportunity. For instance, Rowe’s launch of biosynthetic lubricants in the UK in 2024 highlights the industry’s move toward sustainable and high-performance solutions.

Market Segmentation

The global lubricants market is segmented by base oil, product type, distribution channel, end-user, and region:

By Base Oil:

• Mineral Oil
• Synthetic Oil
• Bio-based Oil

By Product Type:

• Engine Oil (OW-20, OW-30, OW-40, 5W-20, 5W-30, 5W-40, 10W-60, 10W-40, 15W-40, Others)
• Turbine Oil
• Hydraulic Fluid
• Metalworking Fluid
• Gear Oil
• Compressor Oil
• Grease
• Others

By Distribution Channel:

• Online
• Offline

By End User:

• Transportation (Passenger Vehicles, Commercial Vehicles, Aviation, Marine, Railways)
• Industrial (Construction, Metal Mining, Power Generation, Automotive Manufacturing, Chemical, Oil & Gas, Textile, Food Processing, Others)

Geographical Analysis

Asia-Pacific Leads the Market

Asia-Pacific holds the largest market share and is expected to maintain dominance due to rising automotive sales and robust industrial growth. As per IEA data, car sales in the region grew from 20.34 million in 2022 to 21.32 million in 2023, reflecting a 5% increase. This rising vehicle population requires more lubricants for efficient engine performance.

Additionally, the region’s rapid electricity production growth further fuels lubricant demand. India’s electricity production jumped 71% between 2011 and 2022, highlighting the critical role of lubricants in power generation equipment maintenance.

Europe – Fastest Growing Region

Europe is poised as the fastest-growing market, fueled by significant investments in infrastructure projects requiring heavy-duty lubricants. The European Commission reported USD 7.83 billion investment in sustainable and smart transport infrastructure, boosting demand for lubricants.

The presence of key players such as Shell plc and Telko Ltd. also strengthens Europe’s position. Notably, Telko Ltd. expanded operations in March 2024, underlining the region’s growing market activity.

Competitive Landscape

The lubricants market is highly competitive, with key players focusing on strategic partnerships, acquisitions, and product launches to gain market share. Major players include:

• Shell plc
• BP p.l.c.
• Chevron Corporation
• PetroChina Company Limited
• TotalEnergies SE
• Sinopec Limited
• ENEOS Corporation
• Idemitsu Kosan Co., Ltd.
• Fuchs SE
• Telko Ltd.
• Exxon Mobil Corporation
• Carl Bechem GmbH
• PETRONAS Lubricants International
• Phillips 66
• PJSC Lukoil Oil Company

These companies continue to innovate and invest in sustainable lubricants to meet changing industry demands.

Key Benefits of the Report

• Provides quantitative analysis and market estimations from 2024 to 2030.
• Offers a comprehensive analysis of current and future trends to identify investment opportunities.
• Highlights key drivers, challenges, and opportunities shaping the market landscape.

About Next Move Strategy Consulting:

Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicates as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses

Summary

The global lubricants market is poised for substantial growth, driven by increased automotive sales, rapid urbanization, and rising energy consumption. While environmental regulations may present hurdles, the shift towards eco-friendly and biosynthetic lubricants opens new growth avenues.

Asia-Pacific remains the dominant market due to rising automotive needs and power generation demands, while Europe emerges as the fastest-growing region thanks to infrastructure investments and strong industry presence.

With key players continuously innovating and expanding, the lubricants market is set to play an increasingly critical role in supporting industrial operations, transportation, and energy sectors worldwide.