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Lubricants Market Analysis

The Lubricants Market size is estimated at 38.43 Billion liters in 2024, and is expected to reach 42.79 Billion liters by 2029, growing at a CAGR of 2.18% during the forecast period (2024-2029).

In 2020, the lubricants market faced setbacks due to global supply chain disruptions caused by COVID-19. The pandemic led to shutdowns of numerous factories supplying essential raw materials, such as base oil and additives, to the lubricants industry. Nevertheless, buoyed by a positive automotive industry outlook and consistent advancements in the oil and gas sector, the lubricants market is expected to experience modest yet positive growth in the coming years.

• Over the short term, the surging vehicle population and robust growth of investments in the power generation sector are the major factors driving the demand for the market studied.
• However, stringent regulations amidst growing environmental concerns are expected to hinder the market's growth.
• Nevertheless, the growing adoption of bio-lubricants is expected to create new opportunities for the market studied.
• Asia-Pacific region is expected to dominate the market across the world, with the majority of demand coming from China and India.

Lubricants Industry Segmentation

Lubricants are fluids designed to minimize friction between surfaces, thereby preventing wear and tear. Tailored for specific end users, these lubricants are crafted using distinct additives and base oils. Typically, base oils constitute 75% to 90% of a lubricant's formulation, endowing the final product with essential lubricating properties.

The lubricants market is segmented by group, base stock, product type, end-user industry, and geography. By group, the market is segmented into Group I, Group II, Group III, Group IV, and Group V. By base stock, the market is segmented into mineral oil lubricants, synthetic lubricants, semi-synthetic lubricants, and bio-based lubricants. By product type, the market is segmented into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types. By end-user industry, the market is segmented segments into power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metalworking, chemical manufacturing, and other end-user industries (packaging, oil and gas). The report also covers the market size and forecasts for the lubricants market in 27 countries across major regions.For each segment, the market sizing and forecasts have been done on the basis of volume (liters).