- In January 2024, Shell U.K. Limited completed the acquisition of MIDEL and MIVOLT from M&I Materials Ltd., integrating their products into Shell’s Lubricants portfolio. This strategic move is aimed at enhancing Shell’s capabilities in producing Transformer Oils, which are essential for offshore wind parks, utility companies, and power distribution. The acquisition is anticipated to strengthen Shell’s market presence and technological edge in lubrication solutions
- In June 2023, In June, Shell and Ducati announced a collaboration focused on developing a high-performance oil specifically for the Ducati Panigale equipped with a dry clutch. Utilizing Shell's proprietary PurePlus technology, the new oil formulation aims to enhance engine protection by minimizing friction and wear. This partnership reflects Shell’s dedication to engineering advanced lubricants tailored to the unique needs of high-performance motorcycle engines
- In March 2023, Aramco finalized the acquisition of Valvoline Inc.'s global products business, Valvoline Global Operations, in a deal valued at USD 2.65 billion. This acquisition marks a significant step for Aramco, enabling it to broaden its product offerings and market reach. Both companies aim to leverage their combined strengths to expand Valvoline’s brand presence and distribution capabilities across international markets, enhancing customer access to quality lubricants
- In March 2023, ExxonMobil announced plans to invest approximately INR 900 crore (around USD 110 million) in constructing a lubricants production facility in Raigad, Maharashtra, India. This new plant, expected to have an annual production capacity of 159,000 kiloliters of finished lubricants, aims to meet the rising demand from diverse sectors such as mining, construction, power, steel, and manufacturing, strengthening ExxonMobil’s footprint in the Indian market
- In 2022, Shell Plc entered a significant agreement with PJSC LUKOLI, where Shell wholesaled Shell Neft LLC, its lubricants business in Russia. This contract encompasses around 411 retail stations located in the northwestern regions of Russia. The deal highlights Shell's strategic efforts to streamline its operations in challenging markets while ensuring continued service to customers in those regions
- In 2022, Chevron Corporation announced a partnership with PT Pertamina in 2022 to explore potential business opportunities focused on lower carbon solutions in Indonesia. This collaboration aims to investigate geothermal energy projects and carbon offset technologies, utilizing nature-based solutions. The partnership reflects Chevron's commitment to sustainable energy initiatives and its efforts to support Indonesia's transition toward cleaner energy sources
Frequently Asked Questions
The market is segmented based on Segmentation, By Base Oil (Mineral Oil, Synthetic Oil, and Bio-Based Oil), Product (Engine Oil, Hydraulic Fluid, Metalworking Fluid, Gear Oil, Compressor Oil, Grease, Turbine Oil, and Others), End-Use Industry (Transportation and Industrial) - Industry Trends and Forecast to 2031
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The Global Lubricants Market size was valued at USD 141.18 USD Billion in 2023.
The Global Lubricants Market is projected to grow at a CAGR of 4.2% during the forecast period of 2024 to 2031.
The major players operating in the market include Shell PLC, BP, FUCHS, Petroliam Nasional Berhad, Lubrita Europe, Liberty Lubricants, China Petrochemical Corporation, TotalEnergies, ExxonMobil Corporation, Phillips 66 Company, Indian Oil Corporation , Idemitsu Kosan Co., Chevron Corporation, JX Nippon Oil & Gas Exploration Corporation, KLÜBER LUBRICATION INDIA Pvt. , Mineral Oil Corporation, Valvoline, ENEOS Holdings ,.
The market report covers data from the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
