Lubricants Market Size Expected to Reach US$ 190.64Bn by 2028; Industry Share, Growth, Trends and Top Players

The Lubricants Market was valued at US$ 148.18 billion in 2020 and is projected to reach US$ 190.64 billion by 2028 at a CAGR of 2.7% from 2021 to 2028.

NEW YORK, UNITED STATES, October 19, 2022 /EINPresswire.com/ -- The Insight Partners published a research report on “Lubricants Market” and forecast to 2029. Lubricants Market report provides analysis of top players in all regions with industry size, growth, technology, market insights, demand, trend, key statistics and industry forecasts to 2029. These factors consist of but are not limited to latest trends, market segmentation, new market entry, industry forecasting, future directions, opportunity identification, strategic analysis and planning, target market analysis, insights and innovation. The market type, organization size, availability on-premises, end-users’ organization type, and the availability in areas such as North America, South America, Europe, Asia-Pacific and Middle East & Africa are kept into focus while creating this global Lubricants Market report.

The Lubricants Market was valued at US$ 148.18 billion in 2020 and is projected to reach US$ 190.64 billion by 2028; it is expected to grow at a CAGR of 2.7% from 2021 to 2028.

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Some Of the Major Manufactures Operating in The Lubricants Market Are

Royal Dutch shell
Exxon Mobil Corp
Chevron Corp
BP plc
Total
Lukoil
Sinopec Lubricant Company
Fuchs
Indian Oil Corp
Valvoline
……

In 2020, Asia Pacific dominated the global lubricants market and is expected to continue its dominance during the forecast period. One of the factors driving the lubricant market is the increasing population in the region, which is accompanied by the rising need for automobiles in countries such as China, India, and Indonesia, creating various growth opportunities for lubricants. For instance, as per the data published by Trading Economics in October 2021, industrial production in China increased by 3.5% annually. In addition, in July 2021, Algoma Steel Inc., is getting a help by federal funding of worth USD 420 million to retrofit their operations and phase out coal-fired steel-making processes in Canada.

Many industries, such as the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties under COVID-19 safety protocols resulted in the contraction of lubricant sales during the initial months of the pandemic. Along with this, the lockdown impacted the transportation sector, resulting in the low movement of commercial and passenger vehicles across the globe. In China, according to the International Council on Clean Transportation, there was a 23% decrease in the sales volume of new passenger cars in 2020 as compared to the first half of 2019.

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Lubricants Market Segmentation:

By Base Oil

(Mineral Oil, Synthetic, Bio-Based Lubricants, and Others)
Lubricants Market, by Distribution Channel

By Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others)

By End Use (Oil and Gas, Industrial, Chemical, Automotive, Marine, and Others)

Market Insights

Growing Automotive Sector

The growing automotive sector across the world is leading to an increased demand for lubricants. The US is one of the largest automotive markets in the world; in 2018, the light vehicle sales in the US reached 17.2 million units, which is the fourth straight year the sales have reached or surpassed 17 million units. According to the European Automobile Manufacturers’ Association, or ACEA, the EU commercial vehicle output grew by 2.6%, which reached 2.8 million units in 2018. In 2019, North America’s commercial vehicle production expanded by 3.6%. Thus, the growing production of commercial vehicles has been subsequently increasing the demand for lubricants in the automotive industry. Also, the high-performance cars have a high requirement for automotive lubricants as they help in managing the excessive heat generated by the powerful engines and other components in the vehicles. The lubricants help in preventing rust and corrosion, engine failure and extend the life of the engine components. 

Product Type Insights…. Continued

Regional Landscape

Analysts at The Insight Partners Market Research sheds light on Lubricants market data by Country

Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, South Korea, Thailand, India, Indonesia, Australia and Others)
Europe (Germany, Russia, the UK, Italy, France, Spain, Belgium, Netherlands, Switzerland, Nordic Nations, Rest of Europe)
North America (the United States, Mexico, and Canada)
South America (Brazil, Argentina, Chile, Rest of South America)

The dependable Lubricants Market Research Report can direct organizations in gaining vital information about the competitors, economic shifts, demographics, current market trends and spending traits of the customers. This global marketing report provide real world research solutions for every industry sector, along with meticulous data collection from non-public sources to better equip businesses with the information they need most. The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors.
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How will this Market Intelligence Report Benefit You?

The report offers statistical data in terms of value (US$) as well as Volume (units)
Exclusive insight into the key trends affecting this industry, although key threats, opportunities and disruptive technologies that could shape the Global Market supply and demand
The report tracks the leading market players that will shape and impact this Market most
The data analysis present in this report is based on the combination of both primary and secondary resources
The report helps you to understand the real effects of key market drivers or retainers on this business

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