Global Lubricants Market Size, Share, Opportunities, And Trends By Product Type (Engine Oil, Gear Oil, Hydraulic Oil, Greases, Others), By Base Stock (Mineral Oil Lubricant, Synthetic Lubricant, Semi-Synthetic Lubricant, Bio-Based Lubricant), By End-User Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, Chemical Manufacturing, Others), And By Geography – Forecast From 2024 To 2029

The Global Lubricants market is expected to grow at a CAGR of 3.76%, from USD 115.788 billion in 2020 to USD 167.486 billion in 2030.

Lubricants Market Highlights

• Sustainability Shift: Bio-based lubricants gain traction for eco-friendly industrial and automotive applications.
• Automotive Demand: Engine oils dominate due to increasing vehicle performance and efficiency needs.
• Industrial Growth: High-performance lubricants support advanced manufacturing and heavy machinery operations.
• Technological Innovation: Synthetic lubricants enhance durability and efficiency across diverse applications.

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Lubricants Market Introduction

Lubricant refers to a chemical incorporated to control adhesion between surfaces. It can also be used to cool, drag away heat and/or wear debris, deliver additives into the contact, and transfer power.

The main determinants of lubricants include environmental factors, technological advancement, and the tastes and preferences of customers in the particular industry. These are used in many industries, such as automotive and manufacturing, textile finishing industries, and others.

The growing industrialization in the Asia-Pacific is propelling market growth. In addition, growth across BRIC nations such as Brazil, Russia, India, and China is driving the demand for industrial lubricants in energy, agriculture, chemicals, steel, and other sectors. The rise in vehicle sales is also a key factor driving the market. The market is experiencing key trends that are changing the future landscape of the market. There is growing demand for bio-based and eco-friendly lubricants as sustainable alternatives. Additionally, there is growing innovation in low-viscosity lubricants. There is a growing emergence of advanced food-grade lubricants.

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Lubricants Market Overview

The global lubricants market refers to global production, distribution, and sale of lubricants such as engine oils, hydraulic fluids, greases, metalworking oils, and others that reduce friction, wear, and heat in mechanical systems.

The market benefits from strong baseline demand in machinery and transport, aftermarket replacement cycle needs, demand from industries, and increasing global vehicle ownership. All these factors are establishing lubricants as an essential, non-substitutable product, giving the market a constant and reliable demand.

The market is growing steadily at a moderate rate, driven by demand in the Asia-Pacific and demand for synthetic oils and bio-based lubricants, particularly in developed countries. The steady increase in demand for lubricants from automotive and transportation, and industrial sectors, such as for heavy machinery, is boosting the demand. Thus, the rising vehicle ownership, industrialization in Asia-Pacific, adoption of synthetic & bio-based lubricants, stricter regulations, and new demands from renewable energy & heavy equipment are driving market growth.

One of the major driver factors is volume-driven demand from Asia-Pacific countries. India, a key country in this region, is poised for strong growth in demand for lubricants, as per various sources, highlighting the growing trend in the Asia-Pacific region. According to the Gulf Oil Lubricants India Ltd. press release, India’s lubricant consumption will continue to grow due to new capacity additions of base oils by national oil companies. The growing urbanization, industrialization, and increased investments in infrastructure development, along with the EV industry’s expansion, will drive the market.

The market is increasingly facing environmental scrutiny and growing concerns related to lubricants, as conventional mineral oil-based lubricants are harmful to soil, water, and living organisms when leaked. Additionally, their cost of cleaning is extremely high. This factor, along with growing regulatory pressure from governments, is gradually leading to a strong shift towards biodegradable, eco-friendly lubricants.

The market is moderately fragmented at the global stage, with dominance of a few large players dominating in revenue and brand recognition, such as Shell, ExxonMobil, BP-Castrol, Chevron, TotalEnergies, Fuchs, and Gulf Oil. Shell plc is the top global leader in the lubricants market. In many regions, particularly in the Asia-Pacific region, the market exhibits fragmentation due to many local manufacturers, distributors, and branded and unbranded lubricants. There is a growth of specialty lubricant producers.

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Lubricants Market Growth Drivers:

1. Advancements in widespread industrial operations are a significant factor driving the lubricant market. Correlating the degree of industrialization and complication of the processes, the use of machinery and equipment increases.
   Some industries with extensive use of mechanical equipment that requires lubricants include: mining, construction, and metallurgy industries. Mining, for instance, remains one of Australia’s most flattened industries to date. It is a major industry that contributes to the Australian economy and stood at approximately 13.6% of total GDP in 2023. The sector is almost fully export-oriented and has very limited value addition to the product onshore. The expansion of such industries, therefore, boosts the demand for lubricants. In addition, they are used in many manufacturing activities such as cutting, drilling, and shaping, and in many other services.

Nonetheless, there is a direct correlation between the level of manufacturing activities and the need for lubricants. In line with this, the manufacturing sector of India is predicted to be US$1 trillion in FY-2025-26 if it invests especially in cars, electronics, textiles, etc., in the states of Gujarat, Maharashtra, and Tamil Nadu. Therefore, with an increase in industrialization across the world, the demand for lubricants for machines and other processes increases.

2. Formulating lubricant types for use depending on the application and operating condition enhances the performance and reliability of machines and equipment. These formulas often provide higher fuel consumption, lower pollutant output, and longer equipment operational life.
   For example, the European Commission set up VECTO to simulate and set out the fuel consumption and CO2 emission potential of different designs of HDVs in the EU. This is aimed at helping the industry achieve new international regulations that require a cut in CO2 emissions to 15% by 2025 and 30% by 2030 relative to a baseline of 2019-20.

Alongside this, Shell offers Rimula R7 AD 5W-30, which can improve fuel economy by up to 3. 9%. It has less viscosity than standard viscosity grades 3, and the entire Shell Rimula R7 line has specific OEM approvals dependent on features confirmed through various trials.

Moreover, advancements in lubricant formulation have also improved energy efficiency. In 2023, Aramco bought Valvoline. This created a strategic alliance that led to a synergy that will continue to propel product development in the market. Currently, Valvoline offers treatment for all types of engines and power trains, new, high-mileage, and heavy-duty vehicles.

In general, Specialized lubricant formulations are capable of providing longer protection and better performance than traditional lubricants, therefore causing reduced replacement and maintenance requirements.

3. Automotive Sector Expansion and Vehicle Ownership Rise
   The development of the automotive sector and the increasing number of vehicles owned globally are major factors in the global lubricants market because lubricants are essential to vehicle efficiencies, performance, and longevity across all classes. As automotive production continues to grow globally, especially in parts of the world that are rapidly growing in economies like China, India, Brazil, and Southeast Asia, the need for types of engine oils, transmission fluids, greases, and coolants has been consistently growing.

The increasing use of two-wheeled vehicles in developing countries, along with the growing sales of premium cars and sport utility vehicles worldwide, is driving demand for specialized lubricants and premium quality oils. At the same time, rising concerns about fuel economy and emissions regulations are driving automakers and consumers alike toward lubricants with better performance additives and lower environmental impacts, which present opportunities for synthetic and bio-based lubricant formulations. Together, the expansion of the automotive sector and sustained growth in global vehicle ownership not only support but also accelerate demand for a wide range of lubricants and simulate expansion of the background industry opportunities, rendering it a fundamental growth factor of the global lubricants market.

The shift for high-performance engines, turbocharged systems, and longer drain intervals is driving demand for more advanced synthetic lubricants with better protection from high temperature and pressure. While vehicle growth may be developing into a mature stage as in North America and Europe, lubricant demand is still being supported by high demand from the large number of existing vehicles in use (vehicle parc) that still require oil changes and maintenance in the after-market.

The Society of Indian Automobile Manufacturers reports that India’s sales trends for passenger vehicles and automobiles are 27,73,519, 27,11,457, 30,69,523, 38,90,114, 42,18,750, and 43,01,848 for the years 2019–20, 2020–21, 2021–23, 2023–24, and 2024–25, respectively.

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Lubricants Market Segment Analysis:

• By application, the automotive and transportation segment is anticipated to be one of the fastest-growing segments in the lubricants market.
  The automotive and transportation segment is one of the major factors influencing the lubricants market in the Asia Pacific region. The increase in demand for automotive lubricants is compounded mostly by the fast growth in vehicle ownership. This rise is not only in the sales of passenger automobiles but also in commercial vehicles, motorbikes, and several other automotive products, which in turn pushes demand. The automotive industry in the UK conducted a £94 billion trade in 2022 and eyed a position of £100 billion trading industry by the end of 2023. Thus, in the first half of 2023, the automotive industry contributed 11.8% of UK-manufactured goods exports, with road cars being the most imported commodity.

The automobile trade is never stagnant, and as the years go by, it continues to evolve as technology develops. These improvements open new possibilities for manufacturers and suppliers of lubricants to develop new formulations good for specific categories of vehicles.

• By product type, the engine oil segment is anticipated to grow significantly
  By product type, the global lubricants market is segmented into engine oil, gear oil, hydraulic oil, greases, and others. Engine oil occupies the largest segment of the global lubricants market. It is considered the most vital product type, as it is crucial for the effective performance and safeguarding of internal combustion engines in passenger cars, commercial vehicles, motorcycles, and a range of industrial uses. Engine oils perform several roles, such as minimizing friction between moving components, dissipating heat, preventing wear and corrosion, improving fuel efficiency, and prolonging engine lifespan.

Synthetic engine oils are becoming popular due to their excellent thermal stability, extended drain intervals, and capability to function effectively in extreme conditions. This trend meets the demands of contemporary high-performance engines and emissions regulations. Additionally, ongoing innovations in automotive technology, including turbocharged engines, compact powertrains, and hybrid systems, have heightened the necessity for specialized engine oils equipped with advanced additive formulations to guarantee high performance and adherence to environmental standards.

As conventional mineral-based engine oils are sourced directly from refined crude oil, variations in U.S. crude oil production and global benchmark prices, like WTI (West Texas Intermediate), greatly affect the production costs, pricing trends, and stability of the supply chain for engine oils worldwide. The U.S. possesses a well-established refining sector alongside a large automotive market, which collectively affects both the domestic use and export of finished lubricants, including engine oils. According to the U.S. Energy Information Administration, 416,573, 407,356, 370,711, 417,042, 403,918, and 418,116 thousand barrels of crude oil were produced in the United States in December through May.

In general, the engine oil sector remains fundamental to the lubricants industry, driven by robust demand from the automotive industry, continuous technological advancements, and the persistent requirement for dependable engine performance in both established and developing markets.

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Lubricants Market Geographical Outlook:

• Asia Pacific’s lubricants market is anticipated to grow significantly.
  Several factors fuel the demand for lubricants in the Asia Pacific region in an upward trend. Thus, globalization, industrialization, and the growth of various industries in countries such as China and India contribute to it. The increase in demand for cars, especially in developing countries, is another factor that can be attributed to the market growth. Heavy vehicle is a major industry where India has a commanding position. India is the largest tractor producer, the second-largest bus producer, and the third-largest heavy truck producer in the world. The nation's annual automotive output in FY23 was 25.9 million units. India is a large market when it comes to demand in its home market as well as demand in the overseas market. In April 2024, the nation's total output of passenger vehicles, three-wheelers, two-wheelers, and quadricycles was 23,58,041.

Apart from this, infrastructure development projects like roads, trains, and ports require lubricants for machinery and equipment. China's 14th Five-Year Plan focuses on new infrastructure projects in transportation, energy, and water systems. According to projections, the total investment in new infrastructure during the 14th Five-Year Plan period (2021-2025) would be over 27 trillion yuan ($4.2 trillion). The new plan emphasized nine important elements for energy efficiency and green building development; it also asked to remodel over 350 million square meters of buildings and construct over 50 million square meters of net zero energy structures.

Increased urbanization, a growing middle class, and government attempts to stimulate industrialization are all key drivers of development in the Asia Pacific lubricants industry. The region's large population and economic growth make it an attractive market for lubricant manufacturers and distributors.

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Global Lubricants Market Key Developments:

• In June 2025, Perstorp, a global specialty chemicals innovator and subsidiary of PETRONAS Chemicals Group Berhad, launched a new portfolio of saturated synthetic polyol esters, the Synthetic-EF series (5, 15, and 22), designed for high-performance lubricants. The Synthetic-EF range emphasizes verified environmental performance, with all products registered under REACH as biodegradable.
• In March 2025, Green Alliance Co., Ltd. developed a lubricant from plant-based ingredients and waste cooking oils.
• In 2025, Shell introduced a cutting-edge Direct Liquid Cooling (DLC) fluid for data centers, designed to enhance performance and efficiency in high-performance computing and AI applications.
• In 2025, Shell upgraded its Shell Helix Ultra motor oil to meet the 2025 API SQ standard, offering improved engine power and protection.
• In June 2024, TotalEnergies signed off on its Quartz EV3R (passenger car) and Rubia EV3R (truck) lubricant lines. These lubricants are produced with high-quality regenerated base oils approved by vehicle manufacturers.
• In June 2024, Castrol India Limited presented a new product portfolio under the Castrol EDGE brand. This superb and advanced engine oil, known for on-demand performance, is composed of three versions exclusively for passenger vehicles, which correspond to the shifting needs of automotive consumers.
• In April 2024, Shell Lubricants introduced three new products under its market-leading Shell Helix Ultra passenger vehicle motor oil brand. These products match revised industry criteria and original automobile manufacturer (OEM) requirements, allowing consumers to release more engine power.

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The global lubricants market is segmented and analyzed as follows:

• By Product Type
  • Engine Oil
  • Gear Oil
  • Hydraulic Oil
  • Greases
  • Others
• By Base Stock
  • Mineral Oil Lubricant
  • Synthetic Lubricant
  • Semi-Synthetic Lubricant
  • Bio-Based Lubricant
• By End-User Industry
  • Power Generation
  • Automotive and Other Transportation
  • Heavy Equipment
  • Food and Beverage
  • Metallurgy and Metalworking
  • Chemical Manufacturing
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Rest of the Middle East and Africa
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

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Shell plc

BP plc

Chevron Corporation

China National Petroleum Corporation

ENEOS Corporation

Exxon Mobil Corporation

Gulf Oil Lubricants India Limited

Indian Oil Corporation Ltd.

Petromin Corporation

Phillips 66 Company

TotalEnergies SE

Valvoline Inc.

FUCHS PETROLUB SE

PJSC Lukoil

Idemitsu Kosan Co., Ltd.