Global Lubricants Market by Type(Mineral Oil, Synthetic Lubricants, Greases, Bio-Based Lubricants), by Applications (Engine Oil, Gear Oil, Transmission and Hydraulic Fluids, General Industrial Oils, Process Oils, Metalworking Fluids & Others), by Additives(Dispersants, Viscosity Index Improvers, Detergents, Anti-Wear Additives, Antioxidants, Friction Modifiers & Others) by Region (North America, Europe, Asia Pacific, Latin America andMiddle East &Africa); Size and Forecast, 2020-2027

Market Overview

Global Lubricants Market is expected to grow over a CAGR of 4% during 2020-2027 in terms of value. The growing number of commercial vehicle,passenger vehicle, and growth in the marineand aviationindustries are the drivers of the globallubricants market.

Lubricants refer to a material that helps to reduce the friction between moving parts of machines. They are widely used in automobiles industries and other large industries.Strong global trade, supportive domestic policiesand rising commodity prices have propelled the growth of the industrial sector in developing economies like China, India,Indonesia and South Korea markets. Thus, Strong domestic growth, primarily GDP growth fueled byfixed investmentandprivate consumption has accelerated industrial sector progress which has positively induced application of lubricants in industrial sector.

Market Segmentation

Global Lubricants Market can be segmented into Type, Applications, Additives,and Region.

Based on Type, the Lubricant market is segmented into Synthetic Lubricants, Mineral Oil,Greases and Bio-Based Lubricants.

Based on Application, the Lubricant market is segmented into Gear Oil, Process Oils, Engine Oil, General Industrial Oils, Transmission and Hydraulic Fluids, Metalworking Fluids & Others.

Based on Additives, the Lubricant market is segmented intoDispersants, Detergents, Viscosity Index Improvers, Anti-Wear Additives, Friction Modifiers, Antioxidants,& Others.

Based on Region, North America, Europe, Asia Pacific, Latin America and Middle East&Africa

Global Lubricants Market: Key Findings of the Report

Key findings of the report “Global Lubricants Market Size, Share, Development, Growth and Demand Forecast to 2027” are:

• Synthetic Lubricants segment is likely to grow highest with a significant CAGR of 7% during the forecasted period due to its better viscosity stability in extreme temperature conditions. Synthetic lubricants are manufactured by the combination of additivesbase andoil. Synthetic lubricantsincrease the durability of the machinesand enhancethe quality.
• General Industrial Oil & Process Oil Application is expected to grow with a CAGR of 6% during the forecasted period of 2020-27. General Industrial oils are increasingly used in various industrial applications such as auxiliary equipment, air compressors,food machinery, bearings,gas engines, etc. Process oils provide high stability,viscosity plasticity and low volatility. Therefore it increases the performance of rubber and tire products.
• Middle-East & Africa lubricant market is the fastest growing market across the globe with a CAGR of 5%. The Middle East & Africa lubricants market is expected to grow significantly in the coming years. The demand for lubricants is increasing and will continue to increase due to the growth of industrialand transportation sector. The development of the tourism, quarrying, mining industries in Africa and crude oil and natural gas exploration, construction industries in the Middle East is expected to influence to the growth of lubricants market in this region.

Competitor Analysis

• The key players in Global Lubricants Market are Chevron, ExxonMobil Corporation, Royal Dutch Shell, British Petroleum, Total S.A., etc.

Research Methodology

Extensive secondary research was conducted using paid data sources including Bloomberg,Capital IQ, Factiva, Hoovers, andOneSource. Additionally, several publicly-available data sources were used including statistics articles,journals, and industry associations. These data sources were used to gather relevant information to develop an understanding of the global Market. The research was conducted covering the desk research and primary research. Data sources used for primary research included online forums and blogs, CAPI interviews, CATI/CAWI,and video conferences. Interviews were conducted through connecting with various industry respondents including C-level executives, directors, regional heads,divisional heads, expert consultants, and independent consultants. The primary research was conducted to gain market insights from industry respondents and validate the gathered information through desk research.