Global Lubricants Market Is Growing At A CAGR Of ~% In 2017-2022 And Is Expected To Reach USD ~ Bn By 2027 – Ken Research

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What Is The Size Of Global Lubricants Industry?

The Global Lubricants Market is largely driven by rapid industrialization, rise in process automation in most of the industries & an increase in the number of on-road vehicles.

But, the rapid spread of coronavirus across the globe and enforced lockdown in country have had a negative impact on the global Lubricants market. The blow faced by automotive manufacturers was felt by the lubricants industry as the demand for vehicles dropped significantly during the pandemic, ultimately impacting the demand for lubricants.

After the successful recovery of businesses, manufacturers in the automotive market are marking their presence in the market, increasing the demand for lubricants. Major players operating in the automotive market are investing and expanding their services to fulfill rising demands from consumes.

Also, an ever-evolving e-commerce sector & demand for renewable energy serve as major opportunities for the market. However, volatile crude oil prices & environmental norms can possible hinder market growth.

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Global Lubricants Market by Application

The Global Lubricants market is segmented by application into Industrial & automotive market. There is a preference towards the automotive sector owing to the increased sales of consumer automobiles, such as buses, trucks, and other forms of passenger transport.

Global Lubricants Market by Type of Industrial Lubricant

The Global Lubricants market is segmented by type of lubricant into Engine Oil, Turbine Oil, Hydraulic Oil, Compressor Oil, Transformer Oil, Greases, gear oil, Metal Working Fluid, motor oil, diesel engine & others. Engine oil is projected to dominate the Global lubricants market in the upcoming years. The wide usability in transportation & industrial sector are the driving factors for engine oil. In addition to it, engine oil finds wide usability in construction vehicles in construction industry.

Global Lubricants Market by Type of Grade (Industrial Lubricant)

The Global Lubricants market is segmented by type of Grade into Mineral Oil, Synthetic Oil, Semi-Synthetic Oil. Mineral oil is projected to dominate the Global lubricants market in the upcoming years owing to its wide availability & low price. However, synthetic oil is anticipated to grow at a robust CAGR during the forecasted period.

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Global Lubricants Market by Type of Geography

The Global Lubricants market is segmented by type of Geography into Africa, Asia Pacific, Europe, Middle East, Latin America. Asia Pacific is expected to hold the largest share of the market. As per projections, the region will be a prime location for the lubricants business, owing to its growing population rate, expanding industrial investment, & infrastructure development, mostly in China, India & Indonesia.

Global Lubricants Market by Type of Grade (Automotive Lubricant)

The Global Lubricants market is segmented by type of Grade into Mineral Oil, Synthetic Oil, Semi-Synthetic Oil. Mineral oil is projected to dominate the Global lubricants market in the upcoming years owing to its wide availability & low price. However, synthetic oil is anticipated to grow at a robust CAGR during the forecasted period.

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The COVID-19 Pandemic Dealt a Heavy Blow to the Global Lubricants Market in 2021, with Revenue at Over USD 120 Bn: Can the Industry Expect a Strong Recovery or a Slow Climb? — Ken Research

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1. “Demand for green fuel:” An initiative that can affect the lubricants market negatively.

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The automotive industry contributes significantly to consumption & ultimately the growth of the global lubricants market. However, as the demand for crude oil grows, so do environmental concerns. Consumers all over the world are becoming more interested in electric vehicles. Additionally, as the technology advances, the pros of having an electric vehicle will become clear. Electric vehicle adoption is expected to slow down the industry growth. According to International Energy Agency, “sales of electric vehicles have doubled in 2021 with an overall count of 6.6 million & have accounted for 10% of global car sales.” Moreover, China accounted for 3 million sales of electric vehicles in 2020, by 40% in 2019 & is expected to capture a bigger share of the market in upcoming years.

However, from a broader perspective, renewable energy can also benefit the lubricant market, the potential sub segment of the power generation market is renewable energy sector. In terms of total energy, wind power generation which uses lubricants to a large extent, currently makes up a very small portion, but, according to the world energy association, the market is expanding at the rate of 10% annually & had a capacity of 596,566 megawatts. Lubricants are thus necessary for the sector.

2.” COVID Hit:” Damage inflicted on automotive segment felt by the lubricants market as well.

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The global automotive supply industry is heavily impacted by the COVID-19 crisis, as both the production and sales of motor vehicles came to a sudden halt in most of regions. The lockdown impacted the transportation sector, resulting in the low movement of commercial and passenger vehicles across the globe. In China, according to the International Council on Clean Transportation, there was a 23% decrease in the sales volume of new passenger cars in 2020 as compared to the first half of 2019. These work stoppages led to a loss of production of millions of vehicles across the world. Moreover, as per International Organization of Motor Vehicle Manufacturers, global vehicle manufacturing dropped by 16% directly impacting the demand for automotive lubricants. All these factors negatively impacted the lubricants market during the COVID-19 pandemic.

However, as automotive, marine, chemical & oil & gas markets rebound from the pandemic shock waves, the lubricants market will also grow subsequently. The growth, however, will be steady at first & is then expected to grow at a fast pace.

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Global Lubricants Market

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