Lubricant Market Market Scope
Lubricant is used to reduce the friction between two surfaces and in the machinery it is used to reduce wear and tear of particular parts. It is also useful to maintain temperature and minimize the changes of corrosion and rust of metal surface. Lubricant can be natural, synthetic and semi-synthetic in nature, mostly derived from the oils. The industrial user selects the lubricants according to the lubrication they want such as full film lubrication, boundary lubrication, mixed lubrication. Engineering sector is continuously growing along with that automotive industry show high demand, these two industry used high amount of lubricants; over forecast period there is high drive for lubricant market
|Unit||Value (USD Million)|
|Key Companies Profiled||Exxon Mobil (United States), Shell (Netherland), China National Petroleum Corporation, Chevron Corporation, Philips 66 Company (United States), Fuchs Petrolub SE (Germany), Klüber Lubrication München SE & Co. KG (Germany), Petróleo Brasileiro S.A. (Germany), BP P.L.C. (United Kingdom), Volvolin Inc (United States), Gazpron (Russia), Castrol Ltd (India), Petronas (Malaysia) and Agip (United States)|
Lubricant market is a fragmented market due to the presence of various players. Companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance, along with try to incorporate latest technology. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Exxon Mobil (United States), Shell (Netherland), China National Petroleum Corporation, Chevron Corporation, Philips 66 Company (United States), Fuchs Petrolub SE (Germany), Klüber Lubrication München SE & Co. KG (Germany), Petróleo Brasileiro S.A. (Germany), BP P.L.C. (United Kingdom), Volvolin Inc (United States), Gazpron (Russia), Castrol Ltd (India), Petronas (Malaysia) and Agip (United States) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Lubricant Market market by Type , by Application (Automotive, Engineering, Metal Industry and Others) and Region with country level break-up.
On the basis of geography, the market of Lubricant Market has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesIn November 2022, Shell acquired PANOLIN, the Environmentally Considerate Lubricants (ECLs) business for hydraulics, gears, universal tractor transmission oils, biodegradable engine oils (HDEO), turbine oils, chainsaw oils and greases for machine lubrication, including leading OEM-approved products. ECLs are biodegradable lubricants and contributed to a more sustainable future. This acquisition helped company to expand its presence in lubricant market
In March 2023, ExxonMobil invested approximately USD 110 million to build a lubricant manufacturing plant at the Maharashtra Industrial Development Corporation’s Isambe Industrial Area in Raigad. this plant have the capacity to potentially manufacture 159,000 kiloliters of finished lubricants which can be used in manufacturing, steel, power, mining, and construction, passenger and commercial vehicle segments. This helped company to expand its presence in lubricant market
Influencing Trend:Increasing Demand of Biodegradable Lubricant
Market Growth Drivers:Increasing Demand of Lubricant in Automotive Industry, Growing Demand for Lubricant to Avoid Friction and Corrosion in Engineering Industry and Surge for Lubricants in Maintenance and Repair Industries
Challenges:Increasing Number of New Specification and New Engine Test and Rising incidence of particle contamination in lubricants
Restraints:Stringent Government Regulations for Lubricant Testing and Hazards to Skin after Prolong Contact
Opportunities:Increasing Technological Advancement in Lubricant Development Such As Use of Nanotechnology
Key Target AudienceLubricant Manufacturers, Suppliers, Distributors, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others