Lubricants are the substances used to control the wear & tear and friction of the surfaces in contact with the bodies in relative motion. The major function of the lubricants is to bring a vicious and shearable layer between the sliding surfaces. The lubricants can be classified on the basis of nature into internal and external lubricants. The lubrication process also helps in decreasing the oxidation of objects and prevents rust.

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Growth in the Industrial sector in developing countries along with the increase in process automation across industries, is a key factor driving the global lubricants market. Growing demand for bio-based lubricants along with increasing automotive sales across the globe will enhance the market growth. In addition, the strong demand for automobiles is leading to high demand for lubricants to decrease the friction & prevent the wear & tear in the automotive engine components. An increasing number of vehicles on the road will support the lubricants market. For instance, global car sales were 86 million in 2019, in which China captured 28.2 percent and RoW captured a 24.2 percent share in total car sales. The rapid urbanization boosted the manufacturing sector, indirectly surging the demand for lubricants.

An increase in R & D activities and technological advancements to develop advanced lubricants that can decrease frictional losses will create growth opportunities for lubricants. Moreover, the increasing adoption of renewable energy and the rising demand for high-performance engines will increase the demand for lubricants across the globe. However, increasing the adoption of electric vehicles and rising stringent government environmental regulations may hinder the lubricants market.

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Based on base oil, the Synthetic Lubricants (Group Iv, V) segment is expected to increase at a higher CAGR during the forecast period owing to the rising utilization of these lubricants across several application areas. The synthetic lubricants provide exceptional benefits such as enhanced low & high-temperature viscosity performance at service temperature extremes, reduced evaporative loss, along with enhanced viscosity index and chemical & shear stability.

Based on the end-use industry, the transportation segment is anticipated to grow at a higher CAGR over the forecast period owing to the high demand for lubricants from the transportation segment driven by the growth in the economy, rapid urbanization, and increasing sales of passenger and commercial vehicles across various countries.

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Based on the region, the Asia-Pacific region is expected to grow at a higher compound annual growth rate during the forecast period owing to the increasing adoption of lubricants is driven by rapid urbanization, increasing spending in industrial sectors, the growing population, and the increasing usage of lubricants across end-use industries such as chemicals, textiles, and others. Furthermore, the growing demand for lubricants from the automotive sector and the rise in the sales of passengers and commercial vehicles are some other key factors driving the growth of the lubricants market in this region.

Various notable players operating in the market include Exxon Mobil Corporation, Royal Dutch Shell, Chevron Corporation, bp p.l.c., PetroChina Company Limited, Total, China Petrochemical Corporation, Idemitsu Kosan Co., Ltd., JXTG Holdings, Inc., and FUCHS, among others.

Key Developments:

• • In 2020, FUCHS completed the acquisition of Nye Lubricants Inc. to expand its lubricants product portfolio across multiple markets. The company will be operating in Massachusetts, United States.
  • In 2020, Exxon Mobil Corporation planned to set up a lubes blending plant in India. This facility is about to set up to develop 500,000 barrels per year capacity.
  • In 2020, Huizhou Idemitsu Lube Co., Ltd.  Subsidiary of Idemitsu Kosan Co., Ltd started manufacturing plant in China to cater to the increasing demand for high performance lubricants in China. In addition to this, total production capacity of plant is 120,000 KL per year.
  • In 2019, Total acquired Houghton International’s steel cold rolling oil, aluminium hot rolling oil, and tinplate rolling activities in the European and North American Economic area markets. Through this acquisition, the company planned to strengthen its presence in the industrial lubricants market and expand its presence.

The global lubricants market has been segmented on the basis of base oil, product type, end-use industry, and region. Based on the base oil, the market is segmented into synthetic lubricants (group Iv, V), mineral oil lubricants (group I, Ii, Iii), and bio-based lubricants. Based on the product type, the market is segmented into hydraulic oil, engine oil, gear oil/transmission fluid, metal working fluid, grease, compressor oil, turbine oil, and others. Based on the end-use industry, the market is segmented into industrial and transportation. The industrial segment is further categorized into metal & mining, construction, power generation, cement production, chemical, automotive (vehicle manufacturing), textile, oil & gas, food processing, and others. The transportation segment is further categorized into passenger vehicle, commercial vehicle, marine, aviation, and railway. The passenger vehicle segment is further categorized into 2-wheeler and 4-wheeler.

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Key questions answered in this research report:

• • At what pace is the global lubricants market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global lubricants market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global lubricants market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various end-use industries of lubricants market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Base Oil, By Product Type, By End-Use Industry, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Exxon Mobil Corporation, Royal Dutch Shell, Chevron Corporation, bp p.l.c., PetroChina Company Limited, Total, China Petrochemical Corporation, Idemitsu Kosan Co., Ltd., JXTG Holdings, Inc., and FUCHS, among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

• • Global Lubricants Market by Base Oil
  • Synthetic Lubricants (Group Iv, V)
  • Mineral Oil Lubricants (Group I, Ii, Iii)
  • Bio-Based Lubricants

Global Lubricants Market by Product Type

• • Hydraulic Oil
  • Engine Oil
  • Gear Oil/Transmission Fluid
  • Metal Working Fluid
  • Grease
  • Compressor Oil
  • Turbine Oil
  • Others

Global Lubricants Market by End-Use Industry

• • Industrial
    • Metal & Mining
    • Construction
    • Power Generation
    • Cement Production
    • Chemical
    • Automotive (Vehicle Manufacturing)
    • Textile
    • Oil & Gas
    • Food Processing
    • Others
  • Transportation
    • Passenger Vehicle
      • 2-Wheeler
      • 4-Wheeler
    • Commercial Vehicle
    • Marine
    • Aviation
    • Railway

Global Lubricants Market by Region

• • North America Lubricants Market (Option 1: As a part of the free 25% customization)
    • North America Lubricants Market by Base Oil
    • North America Lubricants Market by Product Type
    • North America Lubricants Market by End-Use Industry
    • United States of America (US) Lubricants Market All-Up
    • Canada Lubricants Market All-Up
  • Europe Lubricants Market (Option 2: As a part of the free 25% Customization)
    • Europe Lubricants Market by Base Oil
    • Europe Lubricants Market by Product Type
    • Europe Lubricants Market by End-Use Industry
    • United Kingdom (UK) Lubricants Market All-Up
    • Germany Lubricants Market All-Up
    • France Lubricants Market All-Up
    • Spain Lubricants Market All-Up
    • Rest of Europe Lubricants Market All-Up
  • Asia-Pacific Lubricants Market (Option 3: As a part of the free 25% Customization)
    • Asia-Pacific Lubricants Market by Base Oil
    • Asia-Pacific Lubricants Market by Product Type
    • Asia-Pacific Lubricants Market by End-Use Industry
    • China Lubricants Market All-Up
    • India Lubricants Market All-Up
    • Japan Lubricants Market All-Up
    • Rest of APAC Lubricants Market All-Up
  • RoW Lubricants Market (Option 4: As a part of the free 25% Customization)
    • RoW Lubricants Market by Base Oil
    • RoW Lubricants Market by Product Type
    • RoW Lubricants Market by End-Use Industry
    • Brazil Lubricants Market All-Up
    • South Africa Lubricants Market All-Up
    • Saudi Arabia Lubricants Market All-Up
    • UAE Lubricants Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Lubricants Market All-Up

Major Players Operating the Lubricants (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Exxon Mobil Corporation
  • Royal Dutch Shell
  • Chevron Corporation
  • bp p.l.c.
  • PetroChina Company Limited
  • Total
  • China Petrochemical Corporation
  • Idemitsu Kosan Co., Ltd.
  • JXTG Holdings, Inc.
  • FUCHS