Lubricants Industry | Forecast 2030
Lubricants Industry Data Book – Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market
The economic value generated by the lubricants industry was estimated at approximately USD 134.65 billion in 2022. This economic output is an amalgamation of basic lubricant product categories namely, industrial, automotive, marine, and aerospace lubricants.
Access the Global Lubricants Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Lubricants Industry Data Book Coverage Snapshot
- Lubricants Industry 42.49 million tons in 2022 3.0% CAGR (2023-2030)
- Industrial Lubricants Market Size 16.24 million tons in 2022 3.1% CAGR (2023-2030)
- Automotive Lubricants Market Size 24.18 million tons in 2022 2.8% CAGR (2023-2030)
- Marine Lubricants Market Size 1.93 million tons in 2022 3.4% CAGR (2023-2030)
- Aerospace Lubricants Market Size 0.14 million tons in 2022 4.2% CAGR (2023-2030)
Industrial Lubricants Market Growth & Trends
The global industrial lubricants market size is expected to reach USD 72.08 billion by 2030, registering a CAGR of 3.9% according to a new report by Grand View Research, Inc. Improving PMI indices across the globe and resultant rise in production capacities are anticipated to boost the demand for industrial lubricants. Moreover, rising manufacturing activities are touted to spur investments in production machinery, thereby creating a strong growth potential for industrial lubricants.
High consumption of general industrial oils generate significant revenue attributing to the growth of industrial lubricants market. Related industries, such as chemicals, unconventional energy and mining, are slated to witness considerable growth. This trend is anticipated to further boost the product demand in compressors, industrial engines, hydraulics, centrifuges, and bearings. Companies are investing heavily in R&D for the development of innovative products to gain competitive edge in the industry. There has been a shift in trend towards use of bio-based raw materials due to rising awareness regarding the need for emission reduction and energy conservation.
Order your copy of the Free Sample of “Lubricants Industry Data Book – Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030, published by Grand View Research
Automotive Lubricants Market Growth & Trends
The global automotive lubricants market is expected to reach USD 94.87 billion by 2030, registering a CAGR of 3.5% over the forecast period, as per the new report by Grand View Research, Inc. The industry growth is majorly driven by the increasing demand for automotive oils and greases owing to the growing trade of vehicles and their spare parts across the globe.
The growth of the lubricants is driven by growing consumer focus on enhancing the performance of the vehicle along with the launch of innovative & premium product offerings. Consumers want standard and specialized lubricants for their everyday vehicles to ensure smooth operation and save long-term maintenance expenses. Automotive lubricant makers are concentrating on developing lubricants that improve engine component performance while also reducing environmental deterioration by lowering carbon emissions.
Marine Lubricants Market Growth & Trends
The global marine lubricants market size is expected to reach USD 10.27 billion by 2030, registering a CAGR of 4.2% over the forecast period, according to a new report by Grand View Research, Inc. Growing concerns regarding oceanic pollution caused by improper engine function and subsequent demand for fuel-efficient engines are estimated to trigger the growth of the market.
Marine lubricants are widely utilized in the shipping industry to help protect engines and equipment as well as enhance efficiency. These are essential high-performance additives for engines, specially designed to enable optimal performance in marine operations.
Growth in international trade, removal of trade barriers being the principal reason, is encouraging developing countries to concentrate more on the improvement of their infrastructure, such as roads, airports, and seaports, which play a vital role in the development of the economy. Product storage, along with the capacity to move large shipments, has placed the shipping industry in a very advantageous position.
Aerospace Lubricant Market Growth and Trends
The global aerospace lubricant market is expected to reach USD 998.1 million by 2022, according to a new report by Grand View Research, Inc. Rising number of trade activities in Asia Pacific and Middle East region has resulted in need for expansion of aviation capacity further driving lubricant demand.
Fuel economy improvement, supportive regulatory policies and fuel emission norms have been creating additional demand for lubricant. At the same, these factors have also been pushing producers to invest in R&D and formulate usage specific products with higher serviceability and viscosity.
Increasing air passenger traffic as a result of rapidly developing civil aviation sectors in high growth Asian markets coupled with reduced airfares as a result of high competition from aviation companies is a key factor driving aircraft utilizations and miles. This is further expected to complement the global industry growth.
The global lubricants market is competitive markets with a large number of well diversified regional, and independent small scale and large scale manufacturers and suppliers. The small-scale companies majorly compete on the basis of price, after sales service and delivery timelines. Whereas the large scale companies focus on product development and innovations as well as marketing strategies. Some companies are also redefining their supply chain to reduce cost and customer delays.
Global as well as regional players are developing direct sales channels, especially for automotive lubricant users at their local service centers. Some companies also participate in annual events of their end users and showcase their products at offer prices. Direct sales through such platforms reduces the dependability towards retailers and wholesalers at the same time offering better margins and operational costs. Such sales also develop a strong database of customers which enables the manufacturer to develop a better understanding about the demands.