Lubricants Market to Grow at a CAGR of 2.0% over 2024 to 2032; Growing Need for Synthetic Lubricants to Encourage Market Growth

The global lubricants market size was valued at USD 172.13 billion in 2023. The market is projected to be worth USD 175.52 billion in 2024 and reach USD 205.62 billion by 2032, exhibiting a CAGR of 2.0% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Lubricants Market Size, Share & Industry Analysis, By Base Oil (Mineral Oil, Synthetic Oil, and Biodegradable Oil), By Application (Automotive & Transportation, Industrial, Marine, and Aerospace), and Regional Forecast, 2024-2032”.

Lubricants are essential in highly stressed engines, enhancing power output, fuel economy, and reducing wear and tear. Their role in preventing corrosion, oxidation, and maintaining thermal stability is crucial in both automotive and industrial applications. The rise of synthetic lubricants with superior performance characteristics is expected to drive market growth during the coming years.

The COVID-19 pandemic caused fluctuations in the market, with automotive and industrial sectors facing reduced demand owing to a decline in manufacturing activities. However, some industries, including healthcare, saw a surge in lubricant requirements during the pandemic.

Shell Introduced Carbon-neutral Lubes to Lower the Carbon Intensity

Shell launched carbon-neutral lubricants in February 2021 for various sectors, including automotive and industrial uses. Their multi-year plan focuses on carbon intensity and supporting customers in managing sustainability through emission prevention and offsets.

Rising Demand from Transportation & Logistics Sector to Drive Market Growth

Lubricants are crucial in the transportation and lubricant industry, supporting everything from commercial fleets to aerospace and maritime operations. Their role in reducing friction and preventing wear ensures smooth vehicle performance. With global trade expansion and regulatory changes, the demand for the product is set to grow. 

However, spurring need for crude oil has given rise to environmental concerns, which, in turn, hampered the lubricants market growth. 

Industry Participants Focus on Acquisitions to Strengthen their Offerings

With Europe’s dominance in production and Asia Pacific’s high demand, market consolidation is underway. Leading players such as ExxonMobil, Total, and Shell are enhancing their regional presence and distribution networks through acquisitions, aiming to strengthen their offerings and serve industrial customers effectively.

List of Key Players Mentioned in the Report:

• Shell (U.K.)


• ExxonMobil Corporation (U.S.)


• BP plc (U.K.)


• TotalEnergies (France)


• Sinopec (China)


• Chevron Corporation (U.S.)


• PetroChina Company Ltd. (China)


• FUCHS Group (Germany)


• Valvoline LLC (U.S.)


• ENEOS Corporation (Japan)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/lubricants-market-101771

Key Industry Development:

• March 2023: Aramco acquired Valvoline Inc.’s global products business value of USD 2.65 billion with an aim to work together to magnify Valvoline’s brand globally.

Further Report Findings

• Asia Pacific region captured the highest lubricants market share in 2023 and is poised to maintain its dominance during the study period. Factors such as soaring investments in diverse industries coupled with a rising population are likely to boost the growth of the market.


• Europe is likely to witness steady growth during the study period, fueled by rising requirements to enhance vehicle efficiency, coupled with the rising advancements in high-end machinery and equipment for industrial applications. 

Table of Segmentation