As per our research report, the Global Liquid Lubricants Market size is estimated to be growing at a CAGR of 3.5% from 2024 to 2030.
Liquid lubricants play a crucial role in various industries such as automotive, aerospace, maritime, construction, mining, cement production, power generation, chemical, oil & gas, textile, and food processing. Liquid lubricants help by reducing friction, heat, and wear between moving parts, thereby extending the life of machinery and improving efficiency. The Liquid Lubricants Market is expected to grow significantly in the coming years due to advancements in technologies industrial growth and automotive production. Environmental regulations, emerging economies, research and development, increasing urbanization, growing end-use industries, and strategic partnerships, along with infrastructure development are propelling the Liquid Lubricants Market.
During COVID-19, there were restrictions, lockdowns, supply chain disruptions, and other safety measures. This resulted in delays in raw material procurement and production. Industries such as automotive, aviation, and manufacturing experienced shutdowns and decreased demand during lockdowns This impacted in decline in the overall consumption of liquid lubricants. Fluctuations in oil prices, influenced by the pandemic's economic impact affected the cost and pricing of liquid lubricants. Post-pandemic the market for Liquid Lubricants witnessed a surge due to an increase in the adoption of advanced technologies.
The FUCHS Group announced that it acquired a 70% stake in the lubricant business of the Vietnam-based specialized distributor STD & S Co. Ltd.
The OTK Kart Group and ENI SpA started a collaboration to develop lubricants specifically for Vortex engines, the engine division of the OTK Group.
The restraints to the Liquid Lubricants Market mainly include fluctuating demand and oil price volatility.
KEY MARKET INSIGHTS:
Based on market segmentation by Base Oil, the Mineral Oil Segment holds the highest share of the Liquid Lubricants Market. This is mainly due to the increasing demand owing to their widespread availability and relatively low price compared to other base oils. However, Synthetic Oil is the fastest-growing segment during the forecast period. This is mainly due to its superior qualities compared to mineral oils, including biodegradability, high-temperature performance, and oxidation stability. The synthetic oil segment is anticipated to grow at the greatest CAGR during the forecast period as synthetic oils can be designed to impart specific physical features, making them versatile for various applications. Bio-based oil is anticipated to expand faster than mineral oils. Bio-based lubricants, derived from plant or animal oils, are biodegradable and renewable. This contributes to their environmental friendliness.
Based on market segmentation by Product, the engine oil segment holds the highest share of the Liquid Lubricants Market. This is mainly due to its greater usage in the transportation sector, especially in vehicles, and demand from the construction industry, particularly construction trucks. However, Hydraulic Fluid is the fastest-growing segment during the forecast period. This is mainly due to its usage in transferring power inside hydraulic machinery and equipment. Also, hydraulic oil is a non-compressible fluid.
Based on market segmentation by end-user, the Transportation segment holds the highest share of the Liquid Lubricants Market. This is mainly due to the increasing vehicle numbers in China and increased transportation demand in India and ASEAN. The automobile industry holds a dominant market share of over 57%. However, Industrial is the fastest-growing segment during the forecast period. This is mainly due to its industrial applications including construction, mining, metal production, cement, power generation, automobile manufacturing, chemical, oil & gas, textile, food processing, and others.
Based on market segmentation by region, Asia Pacific holds the highest share of Liquid Lubricants Market. This is due to many factors such as rapid growth in base oil movement and rapid growth in key end-use industries like chemicals, textiles, food processing, and metalworking. Also, Asia Pacific is the fastest-growing region during the forecast period. The increase in the population of the Asia Pacific region is boosting the market. North America holds a significant share of Liquid Lubricants Market. North America has the second-largest market for automobiles after China. North America is a well-developed region with advanced technologies and established industries. Europe holds the second-largest market share globally in terms of both volume and value in the lubricants industry. This is mainly due to the expanding chemical manufacturing facilities. Multinational chemical producers from countries like Russia, the U.K., France, and Germany contribute to rapid market rise.
Companies playing a leading role in the Global Liquid Lubricants Market profiled in this report are – ExxonMobil Corp., Pennzoil, Petrochina Company Limited, Quaker Chemical Corp., Royal Dutch Shell Co., JX Nippon Oil & Energy Corp., British Petroleum, Lukoil, Total S.A., Chevron Corp., Philips 66 Company, Fuchs Petrolub AG, Sinopec Corp.
Mineral Oil
Synthetic Oil
Bio-based Oil
Engine Oil
Gear Oil
Hydraulic fluid
Metalworking fluid
Grease
Compressor oil
Turbine Oil
Other
Transportation
Commercial vehicles
Passenger vehicles
Aviation
Railways
Marine
Industrial
Construction
Mining & Metal
Cement Production
Power Generation
Automobile Manufacturing
Chemical
Oil & Gas
Textile
Food Processing
Others
North America
Asia Pacific
Europe
South America
Middle East and Africa
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