Lubricant Growth Opportunities

Product Development Focused on Electric Vehicles Creates Growth Opportunities

Lubricants are typically employed to reduce friction between interacting components, serving a crucial function in preventing equipment malfunctions and operational disruptions across diverse industries. From 2020 to 2023, global lubricant consumption registered slow growth. Owing to restrictions during the COVID-19 pandemic, many industries observed a slowdown in demand for lubricants due to reduced activities in automotive and other industrial sectors. This caused a drop in the use of lubricants in 2020 compared to 2019. Nonetheless, the global lubricants industry is anticipated to witness moderate volume growth during the forecast period.

This study examines the global lubricants industry from both product and end-user perspectives. It includes the lubricants used in major end-user segments, such as passenger vehicles, on-road commercial vehicles, off-highway construction equipment, and the industrial sector. The study represents an assessment of the current status and future prospects of the global lubricants industry. It assesses the impact of supply chain, sustainability, regulations, and product innovation on the industry.

The study takes into account lubricant volumes and revenues generated from 2019 to 2030 for each end-user segment. Revenues are recorded at the manufacturer level.