The lubricants market was valued at 39,762.66 kilotons in 2017 and is expected to register a CAGR of 2.18%, during the forecast period from 2018 to 2023.
The rapid industrialization in BRIC nations and increasing demand for the automobiles in Asia-Pacific are the major reasons driving the lubricants market.
Moreover, stringent environmental regulations by governments to use lubricants for better efficiency have also increased the demand for lubricant products.
On the flipside, high prices of synthetic and bio-based lubricants and few other factors are expected to hinder the market growth.
The mineral oil lubricants segment accounted for the highest share in the global lubricants market, in 2017.
By product type, engine oil dominated the market with a market share of almost 55% in 2017.
Lubricants are highly used in various commercial and industrial sectors, owing to their aforementioned functions and advantages.
The lubricants market is also segmented by end-user industry, into power generation, automotive & other transportation, heavy equipment, food & beverage, metallurgy & metalworking, chemical manufacturing, and others.
Automotive and other transportation dominated the market in 2017. Food & Beverage was the smallest end-user industry for the global lubricants market with a share of 3.77% in 2017.
Asia-Pacific dominated the market, in terms of consumption, owing to the growing demand from the automotive industry in developing economies, such as China, India, and Vietnam. North America was the second largest market with an estimated share of almost 21% in 2017.
Furthermore, industrial growth, continuous developments in synthetic & bio-based lubricants. And the rise of using re-refined lubricants are expected to offer major growth opportunities for lubricant manufacturers, during the forecast period.