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Increased demand for lubricants across several end-use industries and growth of the automotive industry have boosted the growth of the global lubricants market.
PORTLAND, Ore., Aug. 19, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Lubricants Market by Base Oil (Mineral, Synthetic, Bio-Based), by Product Type (Engine Oil, Transmission/Hydraulic Fluid, Metalworking fluid, General Industrial Oil, Gear Oil, Grease, Process Oil, Others), by End Use Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. As per the report, the global lubricants industry was pegged at $123.8 billion in 2021, and is expected to reach $168.2 billion by 2031, growing at a CAGR of 3.2% from 2022 to 2031.
Major determinants of the market growth
Increased demand for lubricants across several end-use industries and growth of the automotive industry have boosted the growth of the global lubricants market. On the other hand, rise in auto sales across developing countries such as India and China and other countries would open new opportunities in the future.
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Covid-19 scenario:
- During the Covid-19 pandemic, the halt in manufacturing sectors such as fabrication, oil & gas, metalworking sectors hampered the overall production. This drop in industrial process impacted the market negatively.
- However, as the countries have focused their efforts on vaccination drives, the demand for lubricants is expected to increase in the future.
The synthetic segment to manifest the highest CAGR through 2031
By base oil, the synthetic segment is estimated to portray the highest CAGR of 3.66% during the forecast period, due to superior characteristics of synthetic lubricants over mineral lubricants as well as their increased hardware compatibility with vehicle components. However, the mineral segment held the largest share in 2021, accounting for nearly two-thirds of the global lubricants market, as mineral oil is used in a variety of industries, including automotive, textile, construction, industrial, medical, pharmaceutical, electronics, and consumer goods. The segment is expected to continue its dominance in terms of revenue in the future.
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