Global Lubricant Market Projected to Reach USD 271.68 Billion by 2034 with a CAGR of 4.50% | Future Market Insights, Inc.

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segment dominates the global lubricant market with a share of 36.54%.On the basis of base oil, the synthetic oil segment leads the lubricant market with a share of 39.43%The lubricant market in the United States is anticipated to grow at a modest CAGR of 3.70% through 2034.The lubricant market in Germany is estimated to rise at a 2.80% CAGR through 2034.The lubricant market in China has the potential to increase at 5.70% CAGR through 2034.The India lubricant market is predicted to rise by 6.80% CAGR through 2034.The lubricant market in Australia is very likely to grow at a CAGR of 6.80% through 2034.

Competitive Landscape

The market for lubricants is highly competitive with numerous companies vying for a share of the international marketplace.Key players in the market, such as ExxonMobil, Royal Dutch Shell, and Chevron Corporation, have a strong foothold in the industry and are trusted by entities across various industries for their lubrication needs.The increasing demand for eco-friendliness in lubricants has caused key players in the market to focus on developing more sustainable and eco-friendly products.To cater to the demands of eco-conscious consumers and businesses, companies are making efforts to improve their sustainability practices.

Recent Developments:

Finalized in January 2023, Hindustan Petroleum Corporation Ltd. (HPCL) and Chevron Brands International LLC established a long-term agreement for licensing, production, distribution, and marketing of Chevron's lubricant products in India. HPCL's Silvassa facility commenced manufacturing premium Caltex lubricants, enhancing collaboration and delivering increased value to consumers.Expanding its lubricants line in April 2023, Brakes India, a braking systems manufacturer and part of the $3 billion TSF group, introduced gear and transmission oil under the brand Revia. Leveraging its distribution network, the move aimed to meet the growing demand in the lubricants market.Forming a global service agreement in January 2024, TotalEnergies Lubrifiants and Point S entered a strategic alliance. TotalEnergies supplied Quartz engine oils to Point S's network of over 6,185 independent tire dealers and auto repair centers across 51 countries.In October 2023, BPCL featured brand ambassador Rahul Dravid for Mak Lubricants. The films, emphasizing the importance of choosing the right lubricant, showcased individuals facing non-starting vehicle issues, with Dravid highlighting the need for thoughtful lubricant selection to prevent such problems

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Key Companies in the Lubricant Market

ExxonMobilRoyal Dutch ShellChevron CorporationBPTotalEnergiesSinopecFuchs Petrolub AGValvolineCastrol (BP)Idemitsu Kosan Co., Ltd.PetroChinaLukoilPhillips 66Indian Oil CorporationRepsolJXTG Nippon Oil & Energy CorporationPertaminaGazprom NeftSK LubricantsPetrobrasPetrobras

Key Market Segmentation

By Base Oil:

Bio-based OilMineral OilSynthetic Oil

By Product Type:

Automotive OilHydraulic OilGear OilCompressed OilGreasesMetal Working Fluid

By End-User Vertical:

AutomotiveIndustrialMarineChemicalOil & GasAerospaceOthers

By Region:

North AmericaLatin AmericaAsia PacificMiddle East and Africa (MEA)Europe

Authored By

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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Over the forecast period, global demand for agricultural lubricants is poised to rise at 5.5% CAGR. By 2033, the overall market valuation is set to total USD 826.7 million.

The global PAG compressor oil market is currently valued at USD 1.4 Billion in 2023 and is anticipated to expand at a CAGR of 8.7%. Owing to the increasing application in the end-use industry the market is likely to propel to USD 3.22 billion by 2033.

The castor oil derivatives market is expected to expand its roots at an average CAGR of 4.9% during the forecast period. The market is likely to hold a revenue of USD 1.37 billion in 2023 while it is anticipated to cross a value of USD 2.21 billion by 2033.

The castor oil sales are expected to witness a moderate CAGR of 3.2% from 2024 to 2034. By 2034, the castor oil demand is anticipated to reach a valuation of USD 1,808.50 million.

Demand for cold rolling oils and lubricants is predicted to rise at a CAGR of 5.6% and end up with an estimated market valuation of USD 18.2 Billion by 2028.

Over the projection period (2023 to 2033), industrial lubricant sales in India are likely to rise at 4.0% CAGR, culminating in a market size of USD 2,902.7 million by the end of 2033.

Europe industrial lubricants market size is expected to reach USD 4,634.2 million by 2023, which is further set to expand at a CAGR of 5.2% from 2023 to 2033.

The global industrial lubricants market value is anticipated to be valued at USD 22,845.9 million in 2023, expanding at a CAGR of 4.4% from 2023 to 2033, to be valued at USD 35,140.9 million in 2033.

The global USA lubricant contaminated HDPE container waste market is currently valued at USD 150.77 Billion and is expected to grow at a CAGR of 4% during the forecast period. According to projections, the market will witness market growth of USD 225 Billion in 2033.

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