Global Lubricant Market Segment and Status: Market Size of 2024 is $160.13 Billion

Global Lubricant Market Overview

According to Global Market Monitor, the global lubricant market will reach $160.13 billion in 2024 with a CAGR of 3.73% from 2024 to 2029.

Lubricants are vital for the proper functioning of machines. They are used to reduce wear and friction between surfaces nearby that move relative to each other. They are usually in liquid, semi-fluid, or solid state.

The Asia Pacific Dominates the Market.

Due to the growing demand from the industrial and automotive sectors, the Asia Pacific region dominates the global lubricants market. A growing population is surging demand for cars, which in turn is surging demand for automotive oil. With the growing demand from the automotive industry, China, Japan, and India are the major contributors to the market growth in the region. China is the largest consumer of lubricants, followed by the United States. In addition to automotive and wind power, chemical manufacturing is another important end-user industry in China's lubricants market. According to the Global Wind Energy Council, new offshore wind installations in the region will grow by 225.4% by 2029 compared to 2022. During the forecast period, it will significantly increase the demand for lubricants in the offshore wind industry.

The most widely used lubricants in the Asian market include motor oil, greases, and hydraulic fluids. The Asia-Pacific region has begun to emulate the regulatory systems of the United States and Europe, and countries such as Japan and South Korea have therefore emphasized eco-label lubricants. In addition, due to the large number of ports and increasing trade activities with the United States and other developed economies, the Asia-Pacific region also dominates the global Marine industry.

China Lubricant Market Status

China is a major producer and consumer of lubricating oil, with an apparent consumption of 10 million tons per year. Among all products, Class III and above high-grade lubricating oil products obtain 80% of the profits of the entire market with 20% of the market, while 80% of the domestic high-grade lubricating oil mainly relies on imports.

On June 30, at the scientific and technological achievements evaluation meeting held by the China Petroleum and Chemical Industry Federation, the scientific and technological achievements - Fischer-Tropsch synthetic oil hydrogenation isomerization Class III + lubricating oil base oil technology was recognized to reach the international leading level in innovation, technical indicators, and other aspects, and it is recommended to promote its industrial application as soon as possible. The technology is the use of coal to produce lubricating oil, which is jointly developed by Karamay Huaao Special Oil Technology Development Co., Ltd. and Dalian Institute of Chemical Physics, Chinese Academy of Sciences, Shaanxi Future Energy Chemical Co., LTD., and obtained 40 invention patents during the research and development process, demonstrating China's independent innovation strength in the field of lubricating oil base oil research and development.

By Type	Mineral Oil
	Synthetic Lubricants
	Bio-Based
	Greases
By Application	Industrial
	Automotive
	Marine
	Aerospace
	The automotive segment occupies the biggest share.