Lubricants Market Size

Lubricants Market size was valued at USD 127.5 billion in 2023 and is set to cross USD 162.5 billion by the end of 2036, registering more than 4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of lubricants is estimated at USD 130.5 billion.

The growing production of automobiles acts as a primary growth driver for the lubricants market by directly influencing the need for high-performance lubricants across various segments of the automobile industry. According to the International Organization of Motor Vehicle Manufacturers (OICA), the estimated world vehicle motor production in 2023 was approximately 93 million units. Modern vehicles are designed with higher performance standards, which necessitate advanced lubricants to meet these requirements. This includes lubricants that can withstand higher temperatures, reduce friction, and improve fuel efficiency. Moreover, global expansion of vehicle fleets drives demand for lubricants for maintenance and performance optimization.

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of lubricants was over USD 127.5 billion.

The market size for lubricants is projected to cross USD 162.5 billion by the end of 2036 expanding at a CAGR of 4% during the forecast period i.e., between 2024-2036.

The major players in the market are ExxonMobil Corporation, Royal Dutch Shell Co., BP p.l.c., Total Energies, Chevron Corporation, Fuchs SE, Castrol India Ltd., Amsoil Inc., and others.

In terms of application, the automotive segment is anticipated to account for the largest market share of 54.1% during 2024-2036.

The Asia Pacific lubricants sector is poised to hold the highest share of 45.1% by 2036.

Lubricants Market Size