Global Liquid Lubricants Market is estimated to grow at a CAGR of 3.5% during the forecast period 2023-2030.

Global Liquid Lubricants Market Analysis (2023 - 2030)

As per our research report, the global Liquid Lubricants Market  size is estimated to be growing at a CAGR of 3.5% from 2023 to 2030.

The COVID-19 pandemic had a significant impact on the lubricants industry, particularly on the industrial and transportation sectors. The pandemic caused a halt in business operations across all sectors that require lubricants in their machinery and equipment, leading to a decrease in demand for lubricants. The automotive supply business was also severely affected, with manufacturing and sales of cars coming to a halt in most regions. The OICA estimates that automotive manufacturing decreased by about 23% in the first nine months of 2020 compared to the same period in 2019. The lockdown also had an impact on the transportation industry, with very little movement of commercial and passenger vehicles and grounded airplanes worldwide. However, with industrial and transportation operations gradually getting back on track and operating at full capacity, the market is likely to rebound. In this blog, we'll explore the impact of COVID-19 on the lubricants industry and how the industry is recovering.

The demand for higher-quality lubricants has increased due to advancements in the architecture of internal combustion engines. Engines now run at higher RPMs and have improved internal transmission systems, requiring better lubricants for optimal performance and longevity. In this blog, we'll explore the reasons behind this increased demand and how better lubricants can benefit your vehicle.

Industrial lubricants are widely used in the power sector, including the renewable energy subsegment. Lubricants are essential for the optimal operation of wind turbines, which are rapidly expanding in the industry. The preference for bio-based lubricants with lower emissions is growing due to regulatory restrictions on mineral lubricants. Governments are promoting the development and use of bio-lubricants to reduce greenhouse gas emissions and meet environmental regulations. In this blog, we'll explore the benefits of bio-based lubricants and the regulations driving their adoption.

The rising popularity of hybrid electric vehicles (HEV) is reducing the need for lubricants, posing a challenge for the lubricants industry. As more cars become hybrids, the demand for lubricants is likely to decrease. This trend, coupled with advancements in electric car technology, could significantly impact the lubricants market. In this blog, we'll explore the impact of HEVs on the lubricants industry and how advancements in electric car technology could affect lubricant use.

The lubricants market is facing challenges due to the volatile price of mineral oil and the high cost of bio-based and synthetic lubricants. Lubricating oil poses a significant environmental hazard as it can accumulate in groundwater, plant, and animal tissues, and threaten aquatic ecosystems. In this blog, we'll explore the environmental impact of lubricating oils and the challenges facing the lubricants market.

KEY MARKET INSIGHTS: 

• Based on the base oil, The synthetic oil segment is anticipated to grow at the greatest CAGR during the forecast period owing to its superior qualities. Bio-based lubricants are anticipated to expand faster than mineral oils since they are more environmentally friendly. 

• Based on the product, The engine oil segment is anticipated to dominate the worldwide lubricant market followed by hydraulic fluid during the forecast period.

• Based on the end-user, the automobile industry held a dominant market share of more than 57 % in 2021 owing to the growing sales of consumer automobiles, including passenger trucks, buses, and other modes of transportation.  Over the forecast period, it is anticipated that rising air passenger traffic and considerable increases.

• Based on the region, the North American Liquid Lubricants Market held a significant revenue share in the global market. Europe is anticipated to hold the second-largest market share in terms of both volume and value in the worldwide lubricants industry during the projected period. This is due to the presence of large industrial players and manufacturers in the region.

• 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.,

Global Liquid Lubricants Market Segmentation:

By Base Oil

• Mineral Oil

• Synthetic Oil

• Bio-based Oil

By Product

• Engine Oil

• Gear Oil

• Hydraulic fluid

• Metalworking fluid

• Grease

• Compressor oil

• Turbine Oil

• Other

 By End User

• 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

 By Region:

• North America

• Europe

• Asia-Pacific

• Middle East and Africa

• South America

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