Comparing 20 vendors in Lubricants across 101 criteria.
ContendersMarket Leaders 
Emerging CompaniesInnovators 
FUCHS
Rosneft
Valvoline
Eni
PetroChina
Gulf Oil
Petronas
Chevron
Eneos
Gazprom
Idemitsu Kosan
Shell
Sinopec
Lukoil
Phillips 66
Amsoil
Petrobras
ExxonMobil
TotalEnergies
BP
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POWERED BY MARKETSANDMARKETS
Dec 21, 2024
Table Of Contents
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 MARKET SCOPE
1.3.1 MARKET SEGMENTATION
1.3.2 REGIONAL SCOPE
1.3.3 YEARS CONSIDERED
2.1 DRIVERS
2.1.1 Growing demand for high-performance engines and rising awareness about oil change
2.1.2 Increase in supply of Group II and Group III base oil
2.1.3 Emission and fuel efficiency norms fueling demand in emerging markets
2.1.4 Growing demand from mining, construction, agriculture, and marine industries
2.2 RESTRAINTS
2.2.1 Shift toward synthetic lubricants reducing overall demand for lubricants
2.2.2 Rising demand for electric vehicles and reducing price of battery
2.3 OPPORTUNITIES
2.3.1 Leveraging e-commerce industry to increase customer reach
2.3.2 Increasing demand for renewable energy
2.3.3 Growth in demand for bio-based lubricants
2.4 CHALLENGES
2.4.1 Stringent environmental norms and continuous reforms by governments
2.4.2 Volatile raw material prices
3.1 INTRODUCTION
3.2 KEY PLAYERS' STRATEGIES
3.3 MARKET SHARE ANALYSIS
3.4 RANKING OF KEY MARKET PLAYERS
3.5 REVENUE ANALYSIS OF MAJOR PLAYERS
3.6 COMPANY EVALUATION MATRIX: LUBRICANTS MARKET, 2023
3.6.1 STARS
3.6.2 EMERGING LEADERS
3.6.3 PERVASIVE PLAYERS
3.6.4 PARTICIPANTS
3.7 COMPANY FOOTPRINT: KEY PLAYERS, 2023
3.7.1 Company footprint
3.7.2 Region footprint
3.7.3 Base oil footprint
3.7.4 Product type footprint
3.7.5 End-use industry footprint
3.8 COMPANY EVALUATION AND FINANCIAL METRICS
3.9 BRAND/PRODUCT COMPARISON
3.10 COMPETITIVE SITUATION & TRENDS
3.10.1 PRODUCT LAUNCHES
3.10.2 DEALS
3.10.3 EXPANSIONS
3.10.4 OTHER DEVELOPMENTS
4.1 MAJOR PLAYERS
4.1.1 EXXON MOBIL CORPORATION
4.1.1.1 Business overview
4.1.1.2 Products/Solutions/Services offered
4.1.1.3 Recent developments
4.1.1.4 MnM View
4.1.2 TOTALENERGIES SE
4.1.2.1 Business overview
4.1.2.2 Products/Solutions/Services offered
4.1.2.3 Recent developments
4.1.2.4 MnM View
4.1.3 SHELL PLC
4.1.3.1 Business overview
4.1.3.2 Products/Solutions/Services offered
4.1.3.3 Recent developments
4.1.3.4 MnM View
4.1.4 CHEVRON CORPORATION
4.1.4.1 Business overview
4.1.4.2 Products/Solutions/Services offered
4.1.4.3 Recent developments
4.1.4.4 MnM View
4.1.5 BP P.L.C.
4.1.5.1 Business overview
4.1.5.2 Products/Solutions/Services offered
4.1.5.3 Recent developments
4.1.5.4 MnM View
4.1.6 PETROCHINA COMPANY LIMITED
4.1.6.1 Business overview
4.1.6.2 Products/Solutions/Services offered
4.1.6.3 Recent developments
4.1.7 CHINA PETROLEUM & CHEMICAL CORPORATION
4.1.7.1 Business overview
4.1.7.2 Products/Solutions/Services offered
4.1.7.3 China Petroleum & Chemical Corporation: Recent developments
4.1.8 ENEOS HOLDINGS, INC.
4.1.8.1 Business Overview
4.1.8.2 Products/Solutions/Services offered
4.1.8.3 Recent developments
4.1.9 IDEMITSU KOSAN CO., LTD.
4.1.9.1 Business overview
4.1.9.2 Products/Solutions/Services offered
4.1.9.3 Recent developments
4.1.10 PETROLIAM NASIONAL BERHAD (PETRONAS)
4.1.10.1 Business overview
4.1.10.2 Products/Solutions/Services offered
4.1.10.3 Recent developments
Summary
The Lubricants Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Lubricants. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 150 companies of which the Top 20 Lubricants Companies were categorized and recognized as the quadrant leaders.
Lubricants are substances that reduce friction between surfaces in contact, enabling smooth movement and preventing wear and tear. They come in various forms, including oils, greases, and solid lubricants, and are extensively used in industries, automotive, household appliances, and more. Lubricants play a crucial role in promoting reliability, cost-effectiveness, and sustainability in various applications, making them indispensable tools for industries and everyday users.
The 360 Quadrant efficiently maps the lubricants companies based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence of the lubricant’s quadrant. While the top criteria for product footprint evaluation included Base Oil (Mineral Oil, Synthetic Oil, and Bio-Based Oil), Product Type (Engine Oil, Gear Oil, Hydraulic Fluid, Compressor Oil, Transmission Fluid, Grease, and Others), and End-Use Industry.
Key trends highlighted in 360 Quadrants:
- The global lubricants market was valued at USD 164.8 billion in 2022 and is projected to reach USD 187.9 billion by 2027, growing at a CAGR of 2.7% from 2022 to 2027. Rapid industrialization in the Asia Pacific and the Middle East & Africa post-COVID-19, coupled with the rise in process automation in most industries and the gradual increase in the number of vehicles on-road are key factors expected to drive the global Lubricants industry during the forecast period.
- The dynamics of the lubricants industry are advancing at a rapid pace. Lubricants companies are modifying their lubricants portfolio in order to meet the ever-evolving demand of various industrial and automotive applications. For instance, TotalEnergies introduced water-based lubricants (WBL) that provide a paradigm-shifting advancement for electric vehicle lubricants. The WBL can meet all the requirements for a single fluid designed for lubricating and cooling the Electric Drive Unit (EDU).
- The synthetic lubricants segment is projected to witness the highest CAGR of 2.85% in terms of value from 2022 to 2027, owing to its excellent properties such as high performance in extreme conditions, better viscosity index, higher shear stability, and chemical resistance compared to mineral oil lubricants. Some of the notable lubricants companies in the domain include Shell, ExxonMobil, Castrol, TotalEnergies, Chevron, FUCHS, Valvoline, Amsoil, PetroChina, and Sinopec among others. These companies offer a diverse portfolio of synthetic lubricants and cater to specific requirements across multiple industries while providing maximum efficiency and protection.
- On the basis of product type, engine Oil dominated the global lubricants market, in terms of value and volume, in 2022. The segment is driven by the wide usability in the transportation and industrial end-use industry oil. Additionally, engine oil finds its major application specifically in construction vehicles in the construction industry.
- Rising population, rapid urbanization, rising trade, and changing lifestyles in developing nations are spurring the demand for automobiles, thereby driving the demand for lubricants in the transportation sector. It can be expected that passenger vehicles will be a dominant consumer of lubricants in the transportation segment due to these reasons. Within the industrial segment, the construction segment will dominate the lubricants market in terms of value in 2023.
- The lubricants market is witnessing high demand from end-use industries such as construction and mining in Asia Pacific and the Middle East & Africa. Additionally, industrial growth in these regions is expected to drive the demand for Group II and Group III base oil lubricants, thereby flourishing the business of lubricants companies in the region.
- Another primary reason that is driving the growth of lubricants companies is the increased demand for high-performance engines. Lubricant manufacturers are now developing high-performance engine oils specifically tailored to meet the demands of modern engines. For instance, Castrol developed products like Castrol EDGE, designed to provide superior performance and protection for high-performance vehicles. Similarly, companies like Shell and Valvoline have also introduced advanced lubricants catering to the increasing demand for high-performance engines, thereby driving growth and innovation in the lubricants industry.
- The mineral oil lubricants segment is expected to dominate in 2023, in terms of value, owing to the growing demand for mineral oil in developing countries of Asia Pacific, the Middle East & Africa, and South America in the automotive sector.
- The demand for bio-based lubricants based on organic origin, such as vegetable oils are expected to shift market trends for lubricants. It is driving lubricants companies to explore and invest in sustainable solutions. For instance, a company like ExxonMobil has ventured into producing bio-based lubricants, such as the Mobil SHC Bio Series, made from vegetable oils. This shift towards eco-friendly lubricants not only promotes environmental conservation but also opens new business opportunities for bio-lubricant manufacturers, fostering a greener and more sustainable future for the lubricants industry.
- Asia Pacific was the largest market for lubricants companies, accounting for 37% of the overall market in terms of value, followed by Europe and North America in 2022, and it is expected to be the fastest growing during 2022 and 2027. The primary reason for this is the large-scale industrialization and the large number of on-road vehicles in the region.
- There are a significant number of global lubricants companies in this market, with top players like Shell plc (UK), ExxonMobil Corp. (USA), TotalEnergies (France), BP plc (UK), Chevron Corp. (USA), Sinopec (China) and PetroChina Company Ltd. (China). These Lubricants companies account for nearly 30%-40% of the entire lubricants market.
- Companies are adopting various strategies such as geographic expansions, new product launches, partnerships, and acquisitions to accelerate their position in the market. Some lubricants companies are focusing on launching new products and expanding their manufacturing units in the emerging economies of Asia Pacific and the Middle East & Africa to meet the growing demand. For instance, in April 2022, Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc (Shell), signed an agreement with Actis Solenergi Limited (Actis) to acquire 100% of Solenergi Power Private Limited for USD1.55 billion and with it, the Sprng Energy group of companies, where Solenergi Power Private Limited (“SPPL”) is incorporated in Mauritius and is the direct shareholder of the Sprng Energy group of companies in India.
- Lubricants companies are also focused on building strategies in order to address the demands of electric vehicles. To cite an example, in October 2022, TotalEnergies partnered with Valeo to develop an innovative way of cooling electric vehicle batteries using a new, very high-performance dielectric1 fluid. The partnership will not only improve the use of EVs but will also help in reducing the carbon footprint.
- Most lubricants companies are prioritizing sustainable synthetic lubricants, aiming to reduce environmental impact while delivering superior performance. These companies are trying to achieve it through various modes such as biodegradable formulations, renewable feedstocks, and energy-efficient processes among others. For instance, Shell, one of the top lubricants companies in the industry markets its Helix Ultra with PurePlus Technology, a synthetic motor oil designed from natural gas, and has recently released its carbon-neutral next-generation lubricants.
Frequently Asked Questions (FAQs)
Lubricants are substances that are used to reduce friction between two surfaces that come into contact with each other, such as mechanical parts or machinery. They reduce friction and wear by forming a thin film between the surfaces in contact. Mineral oils, synthetic oils, biodegradable oils, and grease are all types of lubricants. They are used in a variety of industries, including automotive, industrial machinery, marine, aerospace, and energy. Lubricants are made through the refining and blending of base oils and additives. The choice of lubricant is determined by the operating conditions of the machinery, the type of machinery, and the lubricant's performance requirements.
Lubricants come in a variety of forms, each with its own set of properties and characteristics. Some of the lubricant types include:
1. Mineral oil-based lubricants: The most common type of lubricant, derived from crude oil. They are used in a variety of industries and applications, including automotive, industrial, and marine.
2. Synthetic lubricants: These are made from chemical compounds, can outperform mineral oil-based lubricants. They are frequently used in high-performance applications because they can withstand high temperatures and pressures.
3. Bio-based lubricants: These are environmentally friendly and made from renewable sources such as vegetable oils. They are frequently used in industries concerned with sustainability and lowering their carbon footprint.
4. Greases: They are thick lubricants with a base oil and a thickener that help them stay in place and provide long-lasting lubrication. They are frequently used in applications where a liquid lubricant would be ineffective.
Lubricants are utilised in a variety of industries and applications. Lubricants are used in the automotive industry to reduce friction and wear in engines, transmissions, and differentials, as well as to dissipate heat. In the industrial sector, they are used to reduce friction and wear and to improve efficiency in heavy machinery such as turbines, compressors, and hydraulic systems. Lubricants are used in aerospace to ensure the safe and reliable operation of aircraft engines, landing gears, and other critical systems. Lubricants are used in ship engines, propulsion systems, and other critical equipment in marine applications. Lubricants are also required for construction machinery to operate safely and efficiently. Lubricants are also used in food processing, pharmaceuticals, and a variety of other applications where cleanliness, safety, and efficiency are critical.
Lubricants reduce friction and wear by forming a thin film between two surfaces in contact. This film keeps the metal surfaces from directly contacting each other, reducing heat and wear. Lubricants can also dissipate heat and protect metal surfaces from corrosion and other forms of damage. Different lubricants have different properties and are designed for specific applications. Some are made to withstand high temperatures, pressures, and loads, while others are made to operate at low temperatures or in clean environments. Finally, the choice of lubricant is determined by the specific application and operating conditions.
Lubricant manufacturing typically involves the combination of base oils and additives that are blended together to produce the final product. Base oils can be made from crude oil or from other sources, such as synthetic or bio-based oils. Additives are used to improve the lubricant's performance and properties, such as viscosity, wear resistance, corrosion inhibition, and extreme pressure resistance. To ensure that the final product meets the desired specifications, the blending process involves carefully controlling the ratios of base oils and additives. Before being distributed for use in various industries and applications, the lubricant is packaged and tested to ensure that it meets the required quality standards.
The lubricants market faces several key challenges, including:
1. Sustainability: There is a growing demand for environmentally friendly and sustainable lubricants, which is increasing pressure to develop and implement bio-based lubricants and reduce the environmental impact of traditional petroleum-based lubricants.
2. Regulation: Emissions and environmental impact regulations are becoming increasingly stringent, posing additional challenges for lubricant manufacturers to meet.
3. Competition: The lubricants market is extremely competitive, with numerous players offering a diverse range of products. Smaller players find it difficult to compete effectively and maintain market share as a result.
4. Cost pressures: The price of raw materials such as base oils and additives can vary significantly, affecting production costs and profitability.
5. Technological advances: Technological advancements in machinery and equipment are driving the demand for lubricants with new and improved properties such as increased temperature resistance and longer service life, which can be difficult to develop and manufacture.
Synthetic lubricants have several advantages over traditional mineral-based lubricants.
To begin with, synthetic lubricants have superior lubricating properties due to their molecular structure, providing better wear protection and reducing friction. They also have better viscosity-temperature performance, allowing them to maintain their lubricating properties over a wider temperature range.
Second, synthetic lubricants have a longer service life than mineral-based lubricants, reducing the need for frequent oil changes and increasing the interval between maintenance intervals.
Third, synthetic lubricants have better oxidation and thermal stability, reducing the formation of deposits and sludge and extending lubricant life.
Finally, synthetic lubricants can improve fuel efficiency by reducing friction and wear, resulting in lower operating costs and environmental impact.
Lubricants can have an impact on the environment throughout their lifecycle, from production to disposal. The extraction and processing of raw materials used in lubricants, such as crude oil, can cause environmental damage and contribute to greenhouse gas emissions during production. Lubricant use can also result in the release of pollutants into the environment, such as heavy metals. Lubricants that are improperly disposed of can contaminate soil and water, and their components can take a long time to degrade, potentially causing long-term environmental damage.
Furthermore, lubricants can have indirect environmental effects, such as increasing energy consumption and emissions when used in machinery and equipment.
Several trends are expected to shape the future outlook for the lubricants market, including a growing focus on sustainability, rising demand for high-performance lubricants, and the ongoing shift towards digitalization and automation.
Demand for sustainable lubricants is expected to rise as regulations tighten and customers become more environmentally conscious. This will result in a greater use of bio-based and renewable lubricants.
There will also be a continued emphasis on developing high-performance lubricants that can meet the needs of modern machinery and equipment, which are becoming increasingly complex and demanding.
Finally, digitalization and automation are expected to create new opportunities for lubricant manufacturers to improve efficiency and reduce costs. This includes the use of sensors and data analytics to optimise lubricant performance and lower maintenance costs.
Some of the new trends in the market for lubricants are:
1. Bio-based lubricants: There is a growing need for lubricants that are more sustainable and better for the environment. This is driving the development of lubricants made from renewable resources, called bio-based lubricants.
2. High-performance lubricants: The increasing complexity and demands of modern machinery and equipment are driving the need for lubricants with higher levels of performance, such as higher resistance to temperature and pressure and longer service life.
3. Digitalization and automation: The use of sensors, data analytics, and other digital technologies is changing the lubricants market, allowing manufacturers to improve lubricant performance, lower maintenance costs, and increase efficiency.
3. Shift towards electric vehicles: As the auto industry moves towards electric cars, there is a growing need for lubricants that work best in electric powertrains, such as ones that are better at conducting electricity and don't react badly with electric parts.
4. Circular economy: The lubricants market is paying more attention to circular economy principles, such as creating closed-loop systems for lubricant use, recycling and re-refining used lubricants, and reducing waste and emissions throughout the lifecycle of a product.
Top lubricant companies like Shell plc, ExxonMobil Corp., BP plc, Chevron Corp., TotalEnergies, Sinopec and PetroChina Company Ltd. are categorized as quadrant leaders, contributing significantly to the market.
The Lubricants Quadrant analysis provides valuable insights into market trends, player evaluations, and technological advancements, aiding businesses in making informed strategic decisions.
Lubricant companies can expand by adopting strategies like geographic expansions, new product launches, partnerships, and acquisitions to meet growing demand, especially in emerging economies.
Lubricants companies can strengthen their competitive edge by investing in technological advancements, innovative product development, and strategic partnerships.
Lubricants companies provide high-quality lubricants that minimize friction and wear, leading to reduced maintenance needs and overall cost savings for businesses.
Lubricants companies adhere to rigorous quality control standards, testing their products for performance, viscosity, and other critical factors to ensure consistent quality.
Lubricants companies offer specialized lubricants for heavy machinery in the construction industry, promoting equipment longevity and efficient operation.
Lubricants companies contribute to increased industrial productivity by supplying lubricants that enhance machinery efficiency, reduce energy consumption, and prevent downtime.
Lubricants companies play a role in environmental sustainability by providing lubricants that improve energy efficiency, reduce emissions, and prolong the lifespan of equipment.
Lubricants companies can expand globally through partnerships, new product launches, and establishing distribution networks in emerging markets.
Lubricants companies offer a range of specialized lubricants designed to meet the unique requirements of industries such as automotive, manufacturing, and agriculture.
Lubricants companies focus on factors like performance in extreme conditions, environmental impact, and compatibility with different materials when developing new products.
Lubricants companies provide robust lubrication solutions that protect heavy machinery in the mining sector from wear and corrosion, extending their operational lifespan.
Lube oils are fluid lubricants, grease is a semi-solid lubricant, and dry lubricants are solid materials applied to reduce friction. Each serves specific purposes based on the application.
Synthetic oils offer superior temperature stability, extended drain intervals, and better protection against engine wear compared to conventional motor oils.
Gear oil is widely used in industrial gearboxes and machinery to provide lubrication and cooling, ensuring smooth and efficient operation under heavy loads.
Silicone oil's heat-resistant properties make it ideal for high-temperature applications where other lubricants might degrade or evaporate.
Dry lubricants, like graphite and molybdenum disulfide, provide excellent lubrication in environments where traditional lubricants might attract dust or contaminants.
Grease is often applied to areas with slow-moving parts or where continuous lubrication is required, forming a protective layer that reduces friction and wear.
Synthetic oils have consistent molecular structure, offering better resistance to breakdown, improved cold start performance, and enhanced fuel efficiency for modern engines.
Motor oil additives, when mixed with base oil, can provide benefits such as better viscosity, improved fuel economy, and enhanced protection against engine wear.
Gear oil finds extensive use in industries like automotive, manufacturing, and heavy machinery, where gears and transmissions require effective lubrication.
Lubricants manufacturers produce a range of products, including motor oil and gear oil, formulated to meet the specific requirements of automotive engines and transmissions.
The demand for lubricants in the automotive sector is driven by rising population, rapid urbanization, increasing trade, and changing lifestyles in developing nations.
Lubricants reduce friction and prevent wear, ensuring smooth operation and extended lifespan of equipment, which in turn enhances reliability.
Solid lubricants provide long-lasting protection, even in high-temperature and extreme conditions, making them suitable for specialized industrial applications.
Lubricants reduce friction, leading to improved efficiency, reduced energy consumption, and smoother manufacturing processes across industries.
Lubricants promote environmental sustainability by enhancing machinery efficiency, reducing energy consumption, and extending equipment lifespan, thus minimizing resource use and waste.
Lubricants aid in heat dissipation, helping machinery maintain optimal operating temperatures and reducing the risk of overheating and malfunctions.
Industries such as automotive, manufacturing, construction, mining, and household appliances benefit significantly from the use of lubricants to improve efficiency and reduce wear.
Lubricants create a protective barrier between surfaces, reducing friction and wear, which enhances equipment performance and longevity.
In the automotive sector, mineral oil lubricants are expected to dominate due to increasing demand in developing countries of Asia Pacific, the Middle East & Africa, and South America.
Lubricants aid in heat dissipation, ensuring machines operate at optimal temperatures, which reduces the risk of overheating and malfunctions.
Lubricants provide essential protection against corrosion, preserving the integrity of metal surfaces and preventing damage, especially in harsh environments.
The Lubricants Quadrant provides insights into key market players, technological advancements, product innovations, and emerging trends, helping businesses make informed decisions and stay competitive.
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