CHICAGO, April 24,
2024 /PRNewswire/ -- The report "Lubricants
Market by Base Oil Type (Mineral Oil Lubricant, Synthetic
Lubricants, Bio-based Lubricants), Product Type (Engine Oil,
Turbine Oil, Metalworking Fluid, hydraulic Oil), End-use Industry
(Transportation and Industrial) - Global Forecast to
2029", Lubricants Market was USD
173.5 billion in 2024 and is projected to reach USD 198.4 billion by 2029, at a CAGR of 2.7%,
between 2024 and 2029.
The market is projected to grow because of rising demand for
high performance engines, mounting demand from marine applications
and limitations for electric vehicles. These lubricants play a
crucial role in various applications in both transportation and
industrial end-use industry. In addition, due to the increasing
population, increasing demand from food industry and
transportation, technological advancements and changing consumer
preferences the demand for lubricants can increase due to various
applications.
Browse in-depth TOC on "Lubricants Market".
151 – Tables
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"Metalworking fluid product type are projected to register
the highest CAGR, in terms of value, of the global lubricants
market during the forecast period."
The metalworking fluids market is set to grow significantly
during the forecast period. This growth is driven by increased
manufacturing activities worldwide, advancements in technology, and
a higher demand for precision in metalworking. Also, environmental
regulations and a push for more efficient production processes are
also encouraging the use of advanced, eco-friendly metalworking
fluids. Sectors like automotive and aerospace, which heavily depend
on these fluids, are expanding, further boosting demand.
Additionally, the trend towards customized solutions for specific
manufacturing needs is supporting market growth. In essence, a
combination of technological innovation, regulatory compliance, and
sector-specific demands is propelling the metalworking fluids
market forward.
"Synthetic lubricants are estimated to be the second-largest
base oil type of lubricants market, in terms of value, during the
forecast period."
Synthetic lubricants are the second-largest base oil type in the
lubricants market because they perform better than traditional
mineral oils, especially under extreme conditions. They last
longer, work efficiently at both high and low temperatures, and
offer better protection for machinery. Although they cost more
upfront, their ability to extend service intervals and reduce wear
on expensive equipment makes them a cost-effective choice for
businesses in the automotive, aerospace, and industrial sectors.
This blend of high performance and long-term savings drives their
popularity and widespread use. Consequently, the synthetic
lubricants stand composed for sustained growth, driven by the
imperative for complete solutions that address these multifaceted
challenges while prioritizing natural and sustainable
lubricants.
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"Europe is estimated to be
the second-largest market for the lubricants market, in terms of
value, during the forecast period."
Europe holds the position as
the second-largest consumer region for lubricants, largely due to
its robust industrial and automotive sectors. The region boasts a
significant manufacturing base, including automotive, aerospace,
and machinery industries, all of which require high-quality
lubricants to ensure smooth operation and longevity of equipment.
Additionally, Europe's strong
emphasis on environmental sustainability and high standards for
energy efficiency have led to an increased demand for advanced,
eco-friendly lubricants.
The key players profiled in the 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.
Browse Adjacent Market: Bulk Chemicals and Inorganics
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