Lubricants Market Industry Leaders & New Revenue Pockets by 2025

The global lubricants market size is projected to reach USD 182.6 billion by 2025 from USD 157.6 billion in 2020, growing at a CAGR of 3.0%, in terms of value during the forecast period. The anticipated growth in emerging economies post COVID-19 are expected to help the lubricant demand growth. The demand for lubricants in countries such as China, India, Japan, Russia, ASEAN, and South Korea from both the transport and the industrial sector is expected to fuel the growth of lubricants market in the region.

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The lubricants market is evolving, with major players playing a crucial role in the development of new and advanced products. Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (U.S.), BP P.L.C. (U.K.), and Total S.A. (France) are the major players in this market.

Royal Dutch Shell PLC (Netherlands) is focused on expansions, new product launches, and agreements to meet the growing demand in the lubricants market. In May  2019, the company opened its first lubricant laboratory in India. The laboratory will serve as a service provider for the increasing demand for innovative lubricant products both in automotive and industrial segments. In May 2019, the company launched e-fluids for electric vehicles. The products include e-transmission fluids, e-thermal fluids, and e-greases, which will help improve the performance of EVs and other battery-operated vehicles. In May 2018, Shell Lubricants and Aggreko renewed their supply contract, which helped Shell become the largest lubricant supplier to Aggreko in Russia, APAC, and Americas. The expansion helped the company to meet the growing demand for lubricants.

ExxonMobil (US) is focused on new product launches and expansions to meet the growing demand for lubricants. In June 2019, the company completed the expansion plans of its Singapore refinery. The facility will strengthen the supply for group II EHC base oil, which is used for manufacturing premium grade lubricants. In January 2019, the company launched and commercialized EHC50 and EHC120 grade products from its Rotterdam Refinery. This will help the company to improve its market position in the group II oil-based lubricant market, as the company manufactures base oil as well as finished products. In December 2018, the company completed the expansion of its Rotterdam refinery, which saw an increase in the production of Group II base oil for lubricants. This has helped the company to become the world’s largest producer of group I and group II base oils. ExxonMobil is also focusing on renewable power generation to expand its lubricant offerings.

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BP PLC (UK) focuses on expansions and new product launches to strengthen its market position in the lubricants market. In December 2019, the company introduced its Castrol Edge Bio-synthetic into China. This is a synthetic base engine oil containing 25% plant-based base oil. This will help BP to strengthen its market position in the premium synthetic lubricants market in Asia Pacific. In January 2018, the company launched a new product called Castrol GTX ECO, which is manufactured from 50% re-refined base oil. This has helped the company to fulfill its sustainable development targets as well as diversified its portfolio.  In December 2017, BP planned the largest new lubricant plant in China. It was BP’s third lubricant blending plant in China and, with an investment of around RMB1.5 billion (USD 230 million), representing BP’s single largest blending plant investment worldwide. The expansion helped the company to expand its product offerings.

Total S.A.(France) focuses on new product launch and expansions to strengthen its market position in the global lubricants market. In January 2019, the company launched a new PFPE-based PTFE Grease STATERMIC X400 for all textile applications, where the conventional mineral or synthetic greases are not satisfactory. In October 2018, the company inaugurated its new state-of-the-art lubricant oil blending plant, located in the Kaluga region of the Russian Federation. The plant has been designed to produce initially 40,000 tons of lubricants per year, with a scale-up option to bring this capacity up to 70,000 tons per year. With the launch of this plant, the company plans to become one of the top leaders in the segment of premium automotive and industrial  lubricants in the Russian market and a significant player among competitors established locally. This will help the company in diversifying its product portfolio. 

The global lubricants market size is projected to reach USD 182.6 billion by 2025 from USD 157.6 billion in 2020, at a CAGR of 3.0% between 2020 and 2025. Lubricants are defined as various compounds like fluids, oils, and greases. Lubrication is an essential process for numerous industries as it helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines. 

Lubricants are manufactured using base oil, which is categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from petroleum crude, whereas bio-based oils are sourced from vegetable oil. The primary factor that is driving the global lubricants market is massive industrialization in the developing parts of the world, the increasing disposable income, and rapid urbanization in emerging countries.

Based on base oil, the market is segmented into mineral oil, synthetic oil, and bio-based oil. Synthetic oils are expected to witness the highest growth between 2020 and 2025. Synthetic-oil based lubricants can be customized according to the requirement so that it can have a controlled molecular structure with predictable properties. Furthermore, they have superior properties than mineral oil-based lubricants.

Based on product type, the lubricants market is segmented into engine oil, hydraulic fluid, metalworking fluid, gear oil, compressor oil, grease, turbine oil, and others. Metalworking fluid is expected to be the fastest-growing segment in terms of both volume and value, from 2020 to 2025. These fluids are crucial to the iron and steel industry, along with various metal-bound industries. These fluids help in the reduction of heat, provide lubrication, and remove small metal chips during cutting and grinding of metal pieces. The growing number of end-use industries of metalworking fluid is expected to drive its demand in the coming years, which is consequently expected to fuel the growth of the lubricant market.

Based on the application, the lubricants market is segmented into transportation and industrial lubricants. Industrial lubricant is expected to be the fastest-growing segment from 2020 to 2025. The industrial lubricant market will be driven by the growth of the construction, mining, manufacturing, and power generation sectors. Power generation is one of the major consumers of lubricants and is also expected to grow at the highest rate during the forecast period. The commercial vehicle segment is expected to drive the transportation segment in the lubricant market.

APAC is estimated to be the largest market for lubricants during the forecast period, in terms of value and volume. Improved lifestyle due to increasing income, growing population, and growth of the industrial sector in China, India, and ASEAN is projected to propel the growth of the lubricants industry in the region. The presence of major manufacturers, such as Petrochina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited  (China), and JXTG Group (Japan), is expected to further fuel the lubricants market growth in APAC.

Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), BP PLC (U.K.), Chevron Corporation (U.S.), Total S.A. (France), Petrochina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited  (China), Fuchs Petrolub AG (Germany), Valvoline (U.S.), Lukoil (Russia), Petronas (Malaysia) and Gazprom Neft (Russia) are the leading players in the  lubricants market. These players have a strong foothold in the global lubricants market as well as a strong distribution network across the globe.