Report: Lubricants market size to reach nearly $200 billion by 2029

CHICAGO, April 24, 2024 — The report “by Base Oil Type (Mineral Oil Lubricant, Synthetic Lubricants, Bio-based Lubricants), Product Type (Engine Oil, Turbine Oil, Metalworking Fluid, hydraulic Oil), End-use Industry (Transportation and Industrial) — Global Forecast to 2029” states that the Lubricants Market was USD 173.5 billion in 2024 and is projected to reach USD 198.4 billion by 2029, at a CAGR of 2.7%, between 2024 and 2029.

The market is expected to grow due to increasing demand for high performance engines, rising demand from marine applications and limitations for electric vehicles. These lubricants play a crucial role in various applications in both transportation and industrial end-use industry. Additionally, due to the growing population, increasing demand from food industry and transportation, technological advancements and changing consumer preferences the demand for lubricants can increase due to various applications.
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“Metalworking fluid product type are projected to register the highest CAGR, in terms of value, of the global lubricants market during the forecast period.”
The metalworking fluids market is set to grow significantly during the forecast period. This growth is driven by increased manufacturing activities worldwide, advancements in technology, and a higher demand for precision in metalworking. Also, environmental regulations and a push for more efficient production processes are also encouraging the use of advanced, eco-friendly metalworking fluids. Sectors like automotive and aerospace, which heavily depend on these fluids, are expanding, further boosting demand. Additionally, the trend towards customized solutions for specific manufacturing needs is supporting market growth. In essence, a combination of technological innovation, regulatory compliance, and sector-specific demands is propelling the metalworking fluids market forward.
“Synthetic lubricants are estimated to be the second-largest base oil type of lubricants market, in terms of value, during the forecast period.”
Synthetic lubricants are the second-largest base oil type in the lubricants market because they perform better than traditional mineral oils, especially under extreme conditions. They last longer, work efficiently at both high and low temperatures, and offer better protection for machinery. Although they cost more upfront, their ability to extend service intervals and reduce wear on expensive equipment makes them a cost-effective choice for businesses in the automotive, aerospace, and industrial sectors. This blend of high performance and long-term savings drives their popularity and widespread use. Consequently, the synthetic lubricants stand composed for sustained growth, driven by the imperative for complete solutions that address these multifaceted challenges while prioritizing natural and sustainable lubricants.
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“Europe is estimated to be the second-largest market for the lubricants market, in terms of value, during the forecast period.”
Europe holds the position as the second-largest consumer region for lubricants, largely due to its robust industrial and automotive sectors. The region boasts a significant manufacturing base, including automotive, aerospace, and machinery industries, all of which require high-quality lubricants to ensure smooth operation and longevity of equipment. Additionally, Europe’s strong emphasis on environmental sustainability and high standards for energy efficiency have led to an increased demand for advanced, eco-friendly lubricants.
The key players profiled in the report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), PetroChina Company Limited (China), TotalEnergies SE (France), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others.
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