April 28, 2022 08:40 ET | Source: CMI CMI

SEATTLE, April 28, 2022 (GLOBE NEWSWIRE) -- The global lubricants market is estimated to be valued at US$ 164.94 billion in 2021 and expected to exhibit a CAGR of 4.0% during the forecast period (2021-2028).

Key Trends and Analysis of the Global Lubricants Market:

Automotive and other transportation media such as airplane and marine are the biggest business sectors for lubricants. Engine designs have been improved to enhance performance, increase efficiency, and simultaneously, meet the environmental emission guidelines. High-performance lubricants and medium-duty lubricants are extensively utilized in various vehicles, as the parts such as engines, gears, and transmission systems are subjected to high loads, creating ample heat. Deals of new vehicles are going down in Europe. In 2020, the COVID-19 affected the automotive sector with the implementation of lockdown across all nations. In the initial nine months of 2020, the automotive industry witnessed a decrease of sales around 23% compared to 2019.

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The power generation industry is the significant supporter of economic development. Progressions in assembling the products and setting up of various power plants require lubricants for the smooth working of engines. Various sources of power generation, including hydro turbines, wind, and solar generally utilize lubricants, thus driving the market growth.

The global lubricants market is expected to exhibit a CAGR of 4.0% over the forecast period (2021-2028). Based on base oil, the global lubricants market is classified into synthetic lubricants, bio-based lubricants and Mineral lubricants and semi-synthetic lubricants. Mineral lubricants is the highest market share segment on the lubricants market owing to its cost and availability.

Lubricants play a vital role in different industries such as marine and automotive, which help reduce friction and tear of the working parts of machines. Properties of lubricants include corrosion prevention, viscosity index, low freezing point, and high resistivity to oxidation. They extend the shelf-life of mechanical parts, providing higher effectiveness. Lubricants are utilized to ensure smooth operation of mechanical parts and eliminate any residues deposited on these parts. Key lubricants items include metalworking liquids, process oils, transformer oils, industrial lubes and lubricants, and industrial oils.

Major players operating in the global lubricants market include ExxonMobil Corp., Pennzoil, Quaker Chemical Corp., Royal Dutch Shell Co, British Petroleum, Chevron Corp., Total S.A, JX Nippon Oil & Energy Corp., Lukoil, and Philips 66 Company.

Mergers and acquisitions, strategic collaborations, new product launches, and business expansions are the key strategies adopted by key players to retain their market share. For instance, in 2019, Shell, one of the most diversified international oil companies, introduced Shell Omala S5 Wind 320 and carbon-neutral wind turbine oil. Shell has increased its efforts to make an environment-friendly product portfolio. The new oil comes in market with a 10-year warranty, helping in diminishing costly breakdowns and wear protection. Also, in 2019, Total SA, an oil & gas company, launched a range of reused hydraulic fluids for various industrial applications. These new ranges of lubricants are produced using regenerating oil, reducing the ecological footprint of production that adds to the goals of a circular economy.

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GCC Lubricant Packaging Market, By Packaging Type (Stand UP Pouches, Bottles, Drums, Pails, Cans, Tubes, Kegs, Bag in Box, IBC), By Lubricant Type (Engine Oil, T & H Fluid, Process Oil, Metal Working Fluid, Industrial Oil, Gear Oil, Greases), By Material Type (Metal (Steel, Tin), Plastic (Polyethylene (Low-density polyethylene (LDPE), High-density polyethylene (HDPE))), Polyvinyl Chloride(PVC), Polyamide (PA), Polypropylene (PP), Polystyrene (PS)), By End-use (Automotive, Metalworking, Oil & Gas, Power Generation, Machine industry, Chemicals, Other Manufacturing), and By Region (Kingdom of Saudi Arabia (K.S.A), United Arab Emirates (U.A.E), Kuwait, Qatar, Bahrain, Oman) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

Driveline Additives Market, By Product Type (Transmission Fluid Additives, Gear Oil Additives), By Application (Passenger Cars, Commercial Vehicles, Off-highway Vehicles), and By Region (North America, Europe, Asia Pacific, Latin America, Europe, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

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