Lubricants market size was valued at USD 134.65 million in 2022 and is poised to grow from USD 139.63 million in 2023 to USD 186.73 million by 2031, at a CAGR of 3.7% during the forecast period (2024-2031).
Lubricants market is set to show remarkable growth in the imminent years with the automotive market steering the speedily changing world. A lot of innovations are observed in the automotive industry in areas like security, environment sustainability, technological improvements, user experience, and more. In terms of lubricants, data analytics, and lube oil analysis are the two important topics. The future of the automobile industry is dependent on the meeting of data analytics and lube oil analytics for better performance of the engine, keeping the driver alert for every little vehicle update. Hence, the growing number of vehicle production along with the distance covered will fuel the global lubricants market.
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In terms of sustainability, lubricants and additives have been major contributing factors, and yet, stakeholders should expect more prospects in the coming years. The future is expected to show in-service verification rules that will guarantee optimal performance of CO2 throughout the vehicle's life. Most original equipment manufacturers are actively adopting stringent servicing that needs equal engine oil viscosity grade and specification for the vehicle lifespan. Besides this, the market is also experiencing the launch of new types of mobility, further challenging lubricants. In internal combustion engines, manufacturers are exploring a broad range of alternate fuels to enhance environmental sustainability profiles as compared to conventional forms like fossil fuels.
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Biodegradable Lubricants Formulations to be the Creditable Solution in Future
In the lubricants market, nanotechnology greatly assisted the modernization of the automobile world. Environmental concerns mainly exist due to the disposal of conventional lubricants that often have non-biodegradable parts. Nanoparticles are usually less than 100 nanometers and are currently skillfully integrated into lubricants to transform their performance. These tiny wonders are the active additives that make a protective layer for the engine and the moving components. This developed technique results in a better reduction in friction, one of the leading key features of lubrication. Another trend witnessed in the lubricant market is the environmental concerns in the automobile sector. Amidst this, biodegradable lubricants have developed as praiseworthy solutions. Environmental concernsmainly exist due to the disposal of conventional lubricants that often have non-biodegradable parts. Conversely, biodegradable formulations are carefully designed keeping environmental sustainability in mind.
- In April 2024, ExxonMobil declared it will be investing around USD 110 million to construct a lubricant manufacturing building in Raigad in Maharashtra. This new building is projected to be functional by 2025.
- In September 2022, Chevron Marine Lubricants launched its first delivery of a 40 BN Category II lubricant, in a revolution moment for MAN ES Mk9 operators and more than 2-stroke engines, when it delivered a stem of its novel Taro Ultra Advanced 40 to SIEM Car Carriers.
- The FUCHS Group signed a contract for the acquisition of the LUBCON Group, with the aim of jointly advancing and innovating top-quality specialty lubrication products. This will help FUCHS Group strengthen its specialty lubrication solutions product line and boost its competitiveness worldwide.
- In January 2024, Valvoline Global introduced its highly innovative premium full-synthetic oil, named ‘Restore & Protect’. It removes nearly 100% of engine-killing coating with constant use, restoring engines back to perform strongly while defending against future loss.
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Lubricants and High-Performing Additives, together to Hold Promises for the Future
The lubricants market is poised to show major trends in the coming years with OEMs focusing on more developments for sustainability. Lubricant dealers will need to revise their product lines completely and should shift towards the right vendors, partners, and suppliers for better evolution. Vendors in different industries must keep up with the latest trends and technologies. Improved technology, expertise, and close consultation with partners will be important as the industry progresses together.
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