The global lubricants market size is projected to reach USD 187.9 billion by 2027 from USD 164.8 billion in 2022, growing at a CAGR of 2.7%, in terms of value during the forecast period. The growth is largely driven by factors such as high demand from automotive, marine, aviation, construction and mining industries. The rising demand for commercial and passenger vehicles in developing regions is also fueing the lubricants market.
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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.), Chevron Corporation (U.S.), PetroChina Company Limited (China), and TotalEnergies SE. (France) are key players in the lubricants market.
Royal Dutch Shell is the largest player in the lubricants market. It is vertically integrated and is active in both upstream and downstream activities in the oil & gas industry. Its well-established distribution network and brand value serve as important factors for its growth prospects. The company is mainly focused on its downstream business segment, as it has a strong revenue-generating segment with a high return on investment. It focuses on expansion as the key growth strategy. It has made a large number of expansions to meet the increasing demand from customers and strengthen its position in the global lubricants market. In January 2021, the company announced a joint venture with Whitmore ManufaturingThe joint venture will combine the strengths of Whitmore and Shell to offer multi-sector expertise; advanced equipment technologies and services; and an integrated product portfolio that meets the unique needs of companies engaged in North America. In May 2019, the company opened its first lubricant laboratory in India. The laboratory serves 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 to improve the performance of EVs and other battery-operated vehicles.
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ExxonMobil Corporation is the second-largest player in the lubricants market. The company accounted for an 8–10% share in the lubricants market.
In terms of revenue generation, ExxonMobil Corporation is one of the largest companies. The company owns hundreds of small subsidiaries like Imerial Oil Limited, across the globe. In 1970s the company developed commercial synthetic motor oil and is now a pioneer in synthetic oil technology. ExxonMobil is currently operating in more than 160 countries. In May 2021, the company announced new next-generation SpectraSyn MaX polyalphaolefin (PAO) base oil, designed to deliver an unprecedented balance of low viscosity and low volatility, helping to improve fuel economy and fuel efficiency. SpectraSyn MaX also offers formulators increased flexibility, which allows for longer life, cleaner engines, and better wear protection.In July 2019, ExxonMobil Chemical Synthetic increased its production capacity for low-viscosity polyalphaolefin synthetic base oils, enhancing the reliability of its global supply chain network.
BP PLC is the third-largest company in the lubricants market globally. It has a strong brand name in the oil & gas industry. The vertical integration of the company is a major factor responsible for its huge growth. Castrol is the flagship lubricant brand of the company that has a vast product line catering to a wide range of industries. BP p.l.c., one of the six oil & gas "supermajors," is vertically integrated and operates in customer products, gas & low carbon energy, oil production & operations, and other businesses. It also has renewable energy activities in biofuels and wind power. In June 2021, BP p.l.c. had set up a digital hub in Pune, India. This expansion helped them grow their digital expertise and meet the changing demands by providing sustainable solutions. 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.
