Lubricants are organic compounds employed to minimize friction and heat generation between interacting surfaces. They may also possess properties for conveying forces and particles or regulating temperature, with the expectation of maintaining their effectiveness at elevated temperatures. Growing industrialization is a pivotal driver for the market, significantly impacting lubricant consumption and the overall industry landscape. This driver encompasses a wide range of factors that underscore the symbiotic relationship between industrialization and lubricants.
Growing industrialization is a dynamic and multifaceted driver for the market. It encompasses various industries, sectors, and applications, all of which rely on lubricants for smooth, efficient, and environmentally responsible operations. The lubricants market will remain an essential component of industrial growth and sustainability, ensuring the seamless operation of machinery and equipment across diverse sectors, as industrialization continues to advance. Thus, growing industrialization fuels lubricant usage in machinery and equipment and is expected to drive market growth.
Access Full Report @ https://www.databridgemarketresearch.com/reports/europe-and-us-lubricants-market
Data Bridge Market Research analyzes that the Europe and U.S. Lubricants Market is expected to grow with a CAGR of 2.8% from 2023 to 2030 and is expected to reach USD 54,663.48 million by 2030.
Key Findings of the Study
The Surge in Vehicle Manufacturing and Sales is expected to Drive Market Growth
The surge in vehicle manufacturing and sales has emerged as a significant driver for the market. This surge has several interrelated factors that contribute to its impact on the lubricants industry. The Europe and U.S. automotive industry has witnessed remarkable growth, driven by rising consumer demand, expanding middle-class populations in emerging economies, and increasing urbanization. There has been a surge in vehicle manufacturing to meet this demand, as more people aspire to own vehicles. This, in turn, leads to higher lubricant consumption, as vehicles require lubricants for engine performance and maintenance.
The proliferation of vehicles worldwide has led to a substantial increase in vehicle ownership. This includes not only passenger cars but also commercial vehicles, such as trucks and buses. These vehicles form the backbone of transportation systems in many regions, necessitating regular lubricant usage for engine efficiency and longevity.
The market is driven by a variety of factors, including the spike in vehicle production and sales around the world. This growing trend is supported by rising vehicle ownership, technical development, rising maintenance costs, increased global trade, and its knock-on impacts on economic expansion. The market will be essential in guaranteeing the best performance and sustainability of cars around the world as the automotive industry develops further. Thus, a worldwide surge in vehicle manufacturing and sales is expected to drive market growth.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2023 to 2030
|
|
Base Year
|
2022
|
|
Historic Years
|
2021 (Customizable to 2015 - 2020)
|
|
Quantitative Units
|
Revenue in USD Million, Volume in Kilo Tons.
|
|
Segments Covered
|
Product (Engine Oils, Hydraulic Oils, Circulation Fluids, Gear Oil, Grease, Metalworking Fluids, Wind Turbine Oils, Compressor Oils, Gas Turbine Oils, Heat Transfer Oils, Rust Preventive Oils, and Others), Base Oil (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil, and Bio-Based Oil), Sales Channel (B2B and B2C), End Use (Automotive, General Manufacturing, Electrical/Utility, Building & Construction, Marine, Agriculture, Mining, Aviation/Aerospace, and Food & Beverages)
|
|
Countries Covered
|
U.S., Germany, U.K., France, Poland, and Rest of Europe
|
|
Market Players Covered
|
Exxon Mobil Corporation (U.S.), Shell (U.K.), TotalEnergies (France), Chevron Corporation (U.S.), BP p.l.c. (U.K.), FUCHS (Germany), Repsol (Spain), Eni S.p.A. (Italy), Quaker Chemical Corporation d/b/a Quaker Houghton (U.S.), Valvoline Inc. (U.S.), BASF SE (Germany), and LANXESS (Germany), among others.
|
|
Data Points Covered in the Report
|
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
|
Segment Analysis
The Europe and U.S. lubricants market is segmented into four notable segments based on product, base oil, sales channel, and end-use.
- On the basis of product, the market is segmented into engine oils, hydraulic oils, circulation fluids, Gear Oil, grease, Metalworking Fluids, wind turbine oils, Compressor Oils, gas turbine oils, heat transfer oils, rust preventive oils, and others.
In 2023, the engine oils segment is expected to dominate the Europe and U.S. lubricants market.
In 2023, the engine oils segment is expected to dominate the market with a market share of 32.25% due to the extensive use of internal combustion engines in vehicles and machinery, requiring constant maintenance and lubrication for optimal performance.
- On the basis of base oil, the Europe and U.S. lubricants market is segmented into mineral oil, synthetic oil, semi-synthetic oil, and bio-based oil.
In 2023, the mineral oil segment is expected to dominate the Europe and U.S. lubricants market.
In 2023, the mineral oil segment is expected to dominate the market with a 61.00% market share due to its cost-effectiveness, versatility, and ability to provide basic lubrication for a wide range of machinery and vehicles.
- On the basis of sales channel, the market is segmented into B2B and B2C. In 2023, the B2B segment is expected to dominate the market with a 70.44% market share.
- On the basis of end-use, the market is segmented into automotive, general manufacturing, electrical/utility, building & construction, marine, agriculture, mining, aviation/aerospace, and food & beverages. In 2023, the automotive segment is expected to dominate the market with a 36.82% market share.
Major Players
Data Bridge Market Research analyzes Exxon Mobil Corporation (U.S.), Shell (U.K.), TotalEnergies (France), Chevron Corporation (U.S.), and BP p.l.c. (U.K.) as the major players in the Europe and U.S. lubricants market.
Market Developments
- In June 2023, Shell Lubricants (Shell) and Ducati Corse cooperated to develop a new high-performance motorcycle oil particularly intended for the new Ducati Panigale V4 R with dry clutch – the closest production model to a racing motorcycle ever manufactured. It employs Shell's unique PurePlus technology to power and safeguard Ducati engines by minimizing friction to enhance power, preventing the engine from wear, and maintaining gearbox performance.
- In September 2023, Lubmarine was at IMPA London 2023, a global gathering of maritime procurement experts. Visit Booth 15 to explore lubrication strategies supporting the industry's low-carbon transition beyond 2030.
- In February 2023, CASTROL LIMITED announced a redesigned brand with a new appearance and feel. The brand makeover is intended to better represent the company's distinctive market positioning and the potential it sees in satisfying consumers' shifting requirements. Their dedication to investing in the future and providing new prospects for development and success is reflected in their refreshed brand identity.
- In August 2022, Exxon Mobil Corporation established a strategic agreement with THINK Gas Distribution Pvt Ltd., a company specializing in the distribution of clean fuel to customers, to sell its line of Compressed Natural Gas (CNG) lubricants for passenger and commercial vehicles. This collaboration will make Mobil's specialty gas engine oil supplies available at THINK Gas-owned and managed outlets across India Regional Analysis.
Geographical Analysis
Geographically, the countries covered in the Europe and U.S. lubricants market report are U.S., Germany, U.K., France, Poland, and rest of Europe.
As per Data Bridge Market Research analysis:
Europe is estimated to be the dominant region in the Europe and U.S. lubricants market
Europe is expected to dominate the market due to its strong industrial base, automotive and transportation sectors, stringent regulations, and focus on sustainability, driving usage in manufacturing, energy, and more in the region.
The U.S. is estimated to be the fastest-growing region in the Europe and U.S. lubricants market
The U.S. is expected to grow during the forecast period of 2023 to 2030 due to its robust industrial sectors, extensive transportation networks, energy production, and stringent quality standards in the region.
For more detailed information about the Europe and U.S. lubricants market report, click here – https://www.databridgemarketresearch.com/reports/europe-and-us-lubricants-market
