Lubricants Market Size Worth USD 200.16 Billion by 2034 | CAGR: 3.5%

The global lubricants market size is expected to reach USD 200.16 billion by 2034, according to a new study by Polaris Market Research. The report “Lubricants Market Size, Share, Trends, Industry Analysis Report: By Application, Base Oil (Mineral Oil, Synthetic Oil, and Bio-Based Oil), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The lubricants market is experiencing a shift toward synthetic and bio-based lubricants owing to their superior performance characteristics and environmental benefits. Synthetic lubricants offer better thermal stability, longer service life, and improved oxidation resistance, making them ideal for high-performance applications. Bio-based lubricants, derived from renewable resources, address environmental concerns and align with stringent government regulations on emissions and waste management. The demand for these eco-friendly alternatives is expected to grow as industries and consumers prioritize sustainability.

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The rising demand for industrial automation is driving the lubricants market development as industries increasingly adopt advanced machinery and robotics for enhanced productivity and precision. Automated systems require high-performance lubricants to reduce friction, minimize wear, and ensure seamless operation under extreme conditions. Lubricants tailored for automated processes have become essential with industrial sectors such as manufacturing, energy, and mining focusing on efficiency and reliability. The rising demand for specialized lubricants is further fueled by advancements in smart lubricants, which integrate monitoring technologies to optimize equipment maintenance and reduce downtime.

Top of FormKey Highlights of Lubricants Market Report

• Based on application, the automotive segment led the global market in 2024. The segment’s dominance is driven by rising vehicle demand worldwide, fueled by both new vehicle production and the replacement of older vehicles.
• By base oil, the synthetic oil segment is projected to register the fastest growth from 2025 to 2034, owing to its superior performance characteristics, such as enhanced thermal stability, oxidation resistance, and engine protection under extreme conditions.
• Asia Pacific led the global market in 2024, supported by rapid industrialization, urbanization, and the growth of the automotive and manufacturing sectors in the region.
• The North America lubricants market is anticipated to experience the fastest growth during the forecast period, owing to advancements in industrial automation and rising demand for high-performance lubricants across various industries.
• A few of the key market players are Exxon Mobil Corporation; Idemitsu Kosan Co., Ltd.; China Petrochemical Corporation; Shell; Phillips 66 Company; Chevron Corporation; BP p.l.c.; AMSOIL INC.; Zeller+Gmelin; Quaker Chemical Corporation d/b/a Quaker Houghton; FUCHS; TotalEnergies; and LUKOIL.

Polaris Market Research has segmented the lubricants market research report on the basis of application, base oil, and region:

By Application Outlook (Volume – Kilotons, Revenue – USD Billion, 2020–2034)

• Industrial
  • Process Oils
  • General Industrial Oils
  • Metalworking Oils
  • Industrial Engine Oils
  • Greases
  • Others
• Automotive
  • Engine Oil
  • Gear Oil
  • Transmission Fluids
  • Brake Fluids
  • Coolants
  • Greases
• Marine
  • Engine oil
  • Hydraulic oil
  • Gear oil
  • Turbine oil
  • Greases
  • Others
• Aerospace
  • Gas turbine oil
  • Piston engine oil
  • Hydraulic fluids
  • Others

By Base Oil Outlook (Volume – Kilotons, Revenue – USD Billion, 2020–2034)

• Mineral Oil
• Synthetic Oil
• Bio-based Oil

By Regional Outlook (Volume – Kilotons, Revenue – USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Vietnam
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Lubricants Market Report Scope