Lubricants Industry Diverse Applications In The Modern World
Global Lubricants Industry database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed Industrial outlook report) and summary presentations on individual areas of research along with a statistics e-book.
The economic value generated by the lubricants industry was estimated at approximately USD 134.65 billion in 2022. This economic output is an amalgamation of basic lubricant product categories namely, industrial, automotive, marine, and aerospace lubricants.
Automotive Lubricants Market Growth & Trends
Automotive lubricants dominated the market with a share of over 55% in 2022. Growing sales of consumer automotive such as trucks, buses and other forms of passenger transport is expected to drive commercial automotive lubricants demand over the forecast period. Economic growth in emerging markets such as China, India and Brazil have led to betterment in public transportation in these regions. This trend is expected to further strengthen commercial automotive lubricants demand. Increasing sales of commercial vehicles such as heavy-duty trucks and construction automotive such as bulldozers, cranes and concrete mixers in the region is expected to complement the Middle East & African market growth over the forecast period.
Engine oil accounted for more than 55% of the automotive lubricants share in 2022. Several associations such as SAE International and others have established a standard scale for engine oils globally. The grades depend on the type of engine, viscosity requirements, vehicle capacity, temperature and weather conditions, and other matrices. While fully synthetic engine oils provide high performance, good cold start in freezing temperatures, and minimize deposit build-up, synthetic blends provide benefits such as good component protection and increase the intervals of oil change. Mineral-grade oils provide basic protection to engine components and the oil needs to be changed often to attain the desired performance characteristics of the mineral oils.
Industrial Lubricants Market Growth & Trends
Industrial lubricants accounted for a share of over 38% in the industry in 2022. Industrial lubricants are water-based, or petroleum-based substances used to prevent metal-to-metal contact in dyes, tooling or finished components by reducing friction and protecting against corrosion. These lubricants are widely utilized in numerous industrial applications such as gas engines, hydraulics, air compressors, auxiliary equipment, heat transfer systems, paper machines, turbines, metal working, bearings, food machinery, and natural gas compressors.
Increasing industrial production in emerging markets of Asia Pacific and Central & South America is anticipated to drive industrial lubricants demand over the forecast period. Mining, unconventional energy and chemicals industries are projected to be one of the largest markets for industrial lubricants. This trend is expected to further strengthen industrial lubricants demand in industrial engines, compressors, hydraulics, bearings and centrifuges.
Industrial engine oils are projected to witness significant over the forecast period as these oils are designed to offset the operating costs and rising fuel. These fluids have the potential to reduce fuel consumption as they possess lower friction coefficient and also helps to keep engine components clean and fully functional thereby effectively delivering maximum combustion efficiency. Industrial engine oils broadly help in keeping piston, filters, ports and crankcase clean for a longer period of time.
Order your copy of Free Sample of “Lubricants Industry Data Book - Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Marine Lubricants Market Growth & Trends
Marine lubricants accounted for a share of nearly 5% in the industry in 2022. Marine lubricants are widely used in high speed engine oils, medium speed engine oils and slow speed marine engines. The product helps to extend the engine life and protects the components at high temperatures. Some of the lubricants offer additive technology in order to provide protection against crankcases, camshaft areas, under-crowns and ring belt. Further, lubricants are used in slow-speed cylinders as they offer high-performance lubrication, enhanced protection from mechanical wear and helps to mitigate cold corrosion.
Lubricants provide robust protection to hydraulic pumps which also contain anti-wear additives, corrosion and oxidation inhibitors, foam and aeration suppressants and a shear stable viscosity index improver. The key lubricated hydraulic components are vane pumps, piston pumps and gear pumps. Usually lubricants are available in multi-viscosity ISO 15, 22, 32, 46, 68 and 100 grades. The multi-viscosity feature promotes smooth power transmission over a wide range with a minimum of shudder and maximum accuracy.
Aerospace Lubricant Market Growth & Trends
Aerospace lubricants accounted for a share of nearly 2% in the industry in 2022. Aerospace lubricants are used to provide reliability, long-lasting lubrication for critical components in order to operate efficiently in high vacuum and extreme temperature. They undergo regular scrutiny with increasing regulatory intervention and specific military standards. Increasing air passenger traffic coupled with significant rise in defense budgets across the globe are anticipated to remain the key driving factors for market growth over the forecast period. Countries including the U.S., Germany, India and Brazil have made substantial increase in defense spending resulting in boost to overall aerospace industry.
Asia Pacific emerged as the leading regional market driven by strong economic growth paired with increasing lavish lifestyles among middle class population. Commercial aerospace Industry is set to witness the strong growth in terms of revenue and operating revenue owing to continued record production levels driven by strong demand for next-generation aircraft.
Piston aerospace lubricants was a substantial segment in 2016, since these oils reduce over 50% of friction & contribute to better fuel efficiency. The product also acts as a viscosity improver, sealant and coolant in engine assemblies. Straight mineral oil with zero dispersants are usually recommended by manufacturers for the first 50-hour break-in period on new or newly overhauled engines.
Go through the table of content of Lubricants Industry Data Book to get a better understanding of the Coverage & Scope of the study.
Competitive Landscape
Key players operating in the Lubricants Industry are –
• ExxonMobil Corp.
• Royal Dutch Shell Co.
• British Petroleum
• Total Energies
• Chevron Corporation
• Fuchs Group