Lubricant and Grease Market to Hit $168.2 Bn, Globally, by 2031 at 3.2% CAGR: Allied Market Research
Increase in need for lubricant and grease and surge in growth of the automobile industry due to increase per capita income, the increase in aspiration to own vehicles have boosted the growth of the global lubricant and grease market.
PORTLAND, Ore., Nov. 23, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Lubricant And Grease Market by Type (Heavy Duty Engine Oils (HDEO), Hydraulic fluids, Passenger Car Motor Oil (PCMO), Turbine oils, Gear Oil, Greases, Compressor oil, Others), by Application (Power Generation, Automotive, Heavy Equipment, Food and Beverage, Chemical Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global lubricant and grease industry was pegged at $123.8 billion in 2021, and is expected to reach $168.2 billion by 2031, growing at a CAGR of 3.2% from 2022 to 2031.
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Major determinants of the market growth
Increase in need for lubricant and grease and surge in growth of the automobile industry due to increase per capita income, the increase in aspiration to own vehicles have boosted the growth of the global lubricant and grease market. 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.
Covid-19 scenario:
- The outbreak of Covid-19 resulted in halt in manufacturing activities of industrial sectors, which in turn, hampered lubricant and grease manufacturing. Moreover, the raw material procurement hampered the market.
- Due to prolonged lockdown, the supply chain was disrupted and prices of raw materials hampered.
The heavy duty engine oils (HDEO) segment dominated the market
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.
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The power generation segment to manifest the highest CAGR through 2031
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.
Asia-Pacific held the largest share
The market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion's share in 2021, accounting for nearly two-fifths of the market. Moreover, the region is expected to register the highest CAGR of 3.6% during the forecast period, due to increase in demand for affordable energy from natural-gas-fueled power plants.
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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