Lubricant And Grease Market 2024: Key Drivers, Challenges, and Opportunities in a Rapidly Evolving Industry

WIN SIVERS DRIVE, OR, UNITED STATES, November 6, 2024 /EINPresswire.com/ -- As per the report by Allied Market Research, The global lubricant and grease market size was valued at $123.8 billion in 2021, and is expected to reach $168.2 billion by 2031, registering at a CAGR of 3.2% from 2022 to 2031. Lubricant and grease industry is boosted by increase in need for lubricant and grease and surge in growth of the automobile industry due to increase per capita income, the rise in aspiration to own vehicles. On the other hand, surge in demand for diesel engine oils and expansion of the sector of refinery capacity would open new opportunities in the future.

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On the basis of application, the power generation segment is projected to portray the highest CAGR of 4.3% during the forecast period. Energy demand is gradually increasing worldwide. Along with the construction of new power plants, efforts are being made to increase the capacity and efficiency of existing power generation plants. This will result in a steady growth in demand for lubricants in the power generation industry. However, the automotive segment dominated the market in 2021, contributing to nearly three-fifths of the market, owing to increase in demand for these cars and general utility vehicles globally, along with rise in public transportation expenditure.

Based on type, the heavy duty engine oils (HDEO) segment held the largest share in 2021, accounting for more than one-fourth of the market. The engine oils are typically used for applications, such as wear reduction, corrosion protection, and ensuring smooth operation of the engine internals, which fuels the market growth. However, the turbine oils segment is expected to register the highest CAGR of 4.1% during the forecast period, due to rise in demand for electricity across the globe and increase in need for installation of new gas, steam, and hydroelectric power turbines.

The lubricant and grease market is segmented on the basis of type, application, and region. On the basis of type, the market is classified into heavy-duty engine oils (HDEO), passenger car motor oil (PCMO), gear oil, hydraulic fluids, turbine oils, greases, compressor oil, and others. On the basis of application, it is categorized into power generation, automotive, heavy equipment, foods & beverages, chemical manufacturing, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East.

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By region, Asia-Pacific is expected to account for the largest share in the global lubricants and grease industry during the forecast period, in terms of both volume and value. Rise in population in the region, accompanied by rising spending in the industrial sector and infrastructural developments in developing markets of China, India, and Indonesia is projected to make this region an ideal destination for the lubricants industry. For instance, in April 28, 2022, BASF SE and China Petroleum & Chemical Corporation (Sinopec Corporation) on March 19 submitted the technical and commercial feasibility study for the approval of the planned $900 million expansion of their joint chemical Verbund site in Nanjing to the government of China. The site is operated by the joint venture BASF-YPC Company Ltd. (BYC). Expansion includes new capacities of several downstream chemical plants and a new tert-butyl acrylate plant to serve growing demand from various industries in China.

Key Benefits For Stakeholders: -

* This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the lubricant and grease market analysis from 2021 to 2031 to identify the prevailing lubricant and grease market opportunities.

* The lubricant and grease market research is offered along with information related to key drivers, restraints, and opportunities.

* Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the lubricant and grease market segmentation assists to determine the prevailing market opportunities.

* Major countries in each region are mapped according to their revenue contribution to the global lubricant and grease market.

* Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the lubricant and grease market players.

The report includes the analysis of the regional as well as global lubricant and grease market trends, key players, market segments, application areas, and market growth strategies.

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Major market players

- Armor Lubricants
- Petromin
- Aljomaih And Shell Lubricating Oil Company Limited
- Behran Oil Co.
- FUCHS
- Exxon Mobil Corporation
- GULF OIL Middle East Limited (GULF OIL International)
- Emarat
- Idemitsu Kosan Co., Ltd.

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