In terms of value, the lubricants market is estimated to grow from USD 173.5 billion in 2024 to USD 198.4 billion by 2029, at a CAGR of 2.7%. The demand for lubricants in end-use industries such as transporation and Industrial is increasing due to government regulations and fuel economy norms, mounting demand from marine applications, and extension of refinery volumes for group II and III base oil.
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Based on base oil type, the lubricants market is segmented as mineral oil lubricants, synthetic lubricants, and bio-based lubricants. From them, mineral oil lubricants accounted for the largest market share, in terms of value, in 2023. They are the most compatible with a wide variety of materials and seals commonly used in machinery and equipment. Moreover, they are typically less expensive due to low production costs. Also, they are easily available in different regions. Therefore, mineral oil lubricants accounted for the largest share in the lubricants industry.
Based on end-use industry, the lubricants market is segmented into two key sub-segments as transportation and industrial.
The industrial end-use industry sub-segment is projected to register the highest CAGR in terms of value, during the forecast period. This is mainly due to the rising industrial activities in construction, mining, agriculture, food industry, and others around the world as the worlds populations is increasing rapidly. Therefore, industrial end-use industry sub-segment is projected to register highest CAGR.
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Based on region, Asia Pacific is the largest market lubricants, in terms of value, in 2023 due to the due to its robust economic growth, increasing population, rapid industrialization rising disposable incomes, and favorable government regulations. Moreover, densely populated countries such as China and India experiences high demand across various sectors, including automotive, manufacturing, construction, and agriculture. Thus, the demand for lubricants is high in Asia Pacific region. Likewise, the Asia Pacific is projected to be the fastesst growing market, in terms of value, during the forecast period 2024 to 2029.
The key players profiled in the largest market 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. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, Asia Pacific, and the Middle East & Africa. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies.
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