The most important growth drivers for the worldwide lubricants market are the increasing demand for such products from the automotive industry and rising awareness of people about the benefits of lubricating machines. P&S Intelligence says that due to these two reasons, the sale of lubricants will garner revenue of $115,350.6 million by 2030, increasing from $95,403.9 million in 2019 at a 2.3% CAGR during 2020–2030 (forecast period). The main job of lubricants is to prevent frequent wear and tear of machinery, by reducing the friction between the parts in contact.
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The industry is categorized into synthetic oil, mineral oil, and bio-based oil, under segmentation by base oil. Among these, the mineral oil category dominated the lubricants market during the historical period (2014–2019). This is ascribed to the high demand for mineral-oil-based lubricants from manufacturing facilities, as they are easily available and also cost less than other variants. In addition, more people know about these lubricants compared to bio-based and synthetic-oil-based alternatives.
The various divisions, when the lubricants market is segmented on the basis of end use, are heavy equipment, automotive and other transportation, metallurgy and metalworking, food and beverages, chemical, and others. Among these, the largest share in the industry was held by the automotive and other transportation division in 2019. This was because of the growing vehicle sales, on account of the increasing disposable income of people around the world. As per Organisation Internationale des Constructeurs d'Automobiles (OICA), automobile sales rose from 88.3 million units in 2014 to 91.3 million in 2019.
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Asia-Pacific is the largest lubricants market currently, due to the increasing number of manufacturing plants in China and India, which offer low labor and raw material costs, along with less-strict environmental regulations than Europe and North America. During the forecast period, the Middle East and Africa (MEA) will observe the fastest advance in the industry, as it has some of the largest oil reserves on earth, which makes for cost-effective lubricant production. Further, countries in the region are setting up production facilities to diversify their economy, thus driving the lubricant demand.
Therefore, as automotive sales and the industrialization rate increase, so will the consumption of lubricants around the globe.
