The Latest Lubricant Industry Statistics Explained
The global lubricants market was valued at $124.89 billion in 2019.
The statistic that the global lubricants market was valued at $124.89 billion in 2019 indicates the total worth of lubricants sold worldwide in that year. This figure serves as a key indicator of the size and economic importance of the lubricants industry on a global scale. The substantial value reflects the high demand for lubricants across various sectors such as automotive, industrial machinery, and transportation. It also suggests the significant revenue generation potential for businesses operating within the lubricants market and underscores the critical role these products play in maintaining the efficiency and longevity of machinery and equipment in diverse applications.
By 2026, the global lubricants market is expected to reach a value of $176.58 billion.
The statistic that by 2026, the global lubricants market is expected to reach a value of $176.58 billion indicates the projected growth and economic significance of the lubricants industry on a global scale. This figure provides important insight into the anticipated market size and value in the coming years, suggesting an upward trend in demand for lubricants across various industries such as automotive, industrial machinery, and transportation. Such forecasts are valuable for businesses, policymakers, and investors to make informed decisions about market opportunities, investments, and strategic planning in the lubricants sector to capitalize on the projected growth potential.
In 2019, the automotive segment accounted for the largest revenue share in the lubricants market, capturing over 55% of the market share.
The statistic indicates that in 2019, the automotive segment generated the highest revenue in the lubricants market, representing more than half of the total market share at over 55%. This suggests that automotive applications, such as cars, trucks, and other vehicles, were the primary consumers of lubricants within the market during that period. The dominance of the automotive segment in the market highlights its significant contribution to the overall sales and consumption of lubricants, likely driven by the consistent demand for lubricants in maintaining the performance and longevity of automotive machinery and engines. This information is valuable for industry stakeholders, as it emphasizes the importance of catering to the automotive sector in marketing and product development strategies within the lubricants market.
Synthetic lubricants are projected to expand at a CAGR of 3.8% from 2020 to 2027.
This statistic indicates that the market for synthetic lubricants is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 3.8% from the year 2020 to 2027. This growth rate suggests a steady and consistent increase in the demand and adoption of synthetic lubricants over the next seven years. A CAGR of 3.8% implies that the market size for synthetic lubricants is expected to expand by an average of 3.8% annually during this period. This projection can be influenced by factors such as increasing industrialization, technological advancements in lubricant formulations, and growing awareness about the benefits of synthetic lubricants over conventional options in terms of performance and sustainability.
In 2018, the lubricants industry in the U.S. was worth around $21 billion.
The statistic indicates that in 2018, the lubricants industry in the United States had an estimated market value of approximately $21 billion. This figure represents the total value of lubricant products sold in the U.S. market during that year. The size of the industry reflects the significant demand for lubricants across various sectors such as automotive, industrial machinery, and aerospace. This statistic provides valuable insight into the scale and economic importance of the lubricants industry within the U.S. market, highlighting its role in supporting the operation and maintenance of machinery and equipment across different sectors of the economy.
The Asia Pacific region held a dominant market share of around 42% in 2019.
The statistic indicates that in 2019, the Asia Pacific region accounted for approximately 42% of the total market share in a specific industry or market. This suggests that the Asia Pacific region had a significant presence and influence in that particular market compared to other regions. The dominance of the Asia Pacific region could be attributed to various factors such as strong economic growth, large population with increasing purchasing power, expanding industries, and favorable government policies. This statistic highlights the importance of the Asia Pacific region as a key player in the global economy and emphasizes the potential opportunities and challenges present in that market for businesses and investors.
In 2019, the market size of industrial lubricants in the U.S. was approximately $7 billion.
The statistic that in 2019, the market size of industrial lubricants in the U.S. was approximately $7 billion provides valuable insight into the size and economic significance of the industrial lubricants industry within the country. This figure indicates the total monetary value of industrial lubricants sold in the U.S. during that year, revealing the scale of demand for these products among industrial customers. Such information is crucial for industry stakeholders, policymakers, investors, and market analysts to understand the economic dynamics, growth potential, and competitive landscape of the industrial lubricants sector in the U.S. Additionally, tracking changes in this market size over time can offer important signals about the overall health and trajectory of the industrial lubricants industry, informing strategic decision-making and resource allocation within the sector.
The bio-based lubricants market size was valued at USD 2.3 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% from 2020 to 2027.
This statistic indicates that the bio-based lubricants market was valued at USD 2.3 billion in 2019 and is projected to experience a steady growth trajectory with a compound annual growth rate (CAGR) of 4.8% from 2020 to 2027. This implies that the market is expected to increase in value at a consistent annual rate over the specified period. The projected growth rate suggests a positive outlook for the bio-based lubricants industry, indicating a rising demand for environmentally friendly lubricants and an increasing adoption of sustainable practices in various industries.
Process oils accounted for the maximum market share of about 25% in 2019 within the lubricants market.
The statistic indicates that process oils held the largest market share, accounting for approximately 25% of the lubricants market in 2019. This suggests that process oils, which are specialized oils used in various industrial processes, were the most dominant product category within the lubricants market during that year. This information is crucial for market analysis and strategy formulation within the lubricants industry, as it highlights the significance of process oils as a key segment driving revenues and shaping competitive dynamics in the market. Understanding the market share of different product categories like process oils can guide businesses in making informed decisions regarding product development, marketing initiatives, and overall market positioning to capitalize on this dominant market segment.
As of 2019, the wastewater treatment industry made use of lubricants worth around $340 million.
The statistic ‘As of 2019, the wastewater treatment industry made use of lubricants worth around $340 million’ indicates the significant financial investment in lubricants within the sector. Lubricants play a crucial role in maintaining the optimal functioning of equipment and machinery used in wastewater treatment processes to prevent friction and wear, ultimately extending the lifespan of these assets. The $340 million expenditure highlights the industry’s emphasis on equipment maintenance and efficiency, underlining its commitment to sustainable operations and environmental protection. This statistic also points towards the size and scale of the wastewater treatment industry, showcasing the substantial financial resources dedicated to ensuring the smooth operation of treatment facilities and promoting the overall effectiveness of wastewater management processes.
In 2020, the industrial segment had around 38% market share in the US lubricants industry.
The statistic indicates that in the year 2020, the industrial segment held a market share of approximately 38% within the US lubricants industry. This suggests that a significant portion of the lubricants market in the US was attributed to industrial applications such as manufacturing, construction, and transportation. The data highlights the substantial presence and influence of the industrial segment in the overall lubricants industry, showcasing its importance and role in driving growth and demand within the market. The statistic can provide valuable insights for businesses operating in or looking to enter the US lubricants industry, helping them understand the competitive landscape and strategic opportunities within the different industry segments.
The India lubricants market was valued at $4.92 billion in 2019.
The statistic “The India lubricants market was valued at $4.92 billion in 2019” indicates the total worth of the lubricants sector in India during the year 2019. This figure represents the combined value of all lubricant products sold within the Indian market, including motor oils, industrial lubricants, and other related products. The value of $4.92 billion reflects the economic significance of the lubricants industry in India, emphasizing its contribution to the overall economy and highlighting the demand for lubricant products in various sectors such as automotive, manufacturing, and agriculture. This statistic is essential for understanding the market size and potential growth opportunities within the lubricants industry in India.
The global white oil (a type of lubricant) market size was estimated at $2.4 billion in 2019.
The statistic “The global white oil market size was estimated at $2.4 billion in 2019” refers to the total value of the white oil industry, encompassing the worldwide market for this specific type of lubricant, which is commonly used in various applications such as cosmetics, pharmaceuticals, and polymers. This figure indicates the collective revenue generated by the sales of white oil products in 2019, reflecting the demand and economic impact of the market on a global scale. It provides insight into the size and significance of the white oil industry, serving as a key metric for understanding the market’s growth, trends, and potential opportunities for businesses operating within this sector.
In 2018, North America accounted for approximately 22% of the total lubricants market revenue.
The statistic indicates that in 2018, North America contributed around 22% of the overall revenue generated within the lubricants market globally. This implies that North America held a significant share in the lubricants industry during that year. The statistic suggests that the region was a crucial player in the lubricants market and likely had a substantial impact on the market dynamics and trends. Understanding the specific market share of North America provides valuable insights into the regional distribution of the lubricants market, enabling stakeholders to make informed decisions and strategies based on the market size and influence of North America.
The lubricating oil additives market was worth $17.4 billion in 2018 globally.
The statistic indicates that the global market for lubricating oil additives reached a total value of $17.4 billion in the year 2018. This figure represents the combined revenue generated by sales of lubricating oil additives on a global scale during that specific year. Lubricating oil additives are chemical compounds added to lubricants to enhance their performance and extend their lifespan. The market value of $17.4 billion suggests a significant demand for these additives across various industries such as automotive, industrial machinery, and aerospace. This statistic provides insight into the size and economic importance of the lubricating oil additives market in the global economy for the year 2018.
The marine lubricants market hit a global value of nearly $6 billion in 2019.
The statistic about the marine lubricants market reaching a global value of nearly $6 billion in 2019 depicts the significant size and economic importance of this sector. Marine lubricants are specialized products used in ships and boats to ensure smooth operation and reduce wear and tear on engines and machinery. The substantial market value highlights the scale of the maritime industry’s reliance on lubricants to maintain efficiency and reliability in transportation and shipping activities worldwide. This statistic underscores the continued demand for marine lubricants and the industry’s significant contribution to the global economy in terms of revenue generation and job creation.
The mining sector in the U.S. consumed around 15 million gallons of lubricants in 2019.
The statistic that the mining sector in the U.S. consumed around 15 million gallons of lubricants in 2019 provides insight into the significant lubricant usage within this industry. Lubricants are crucial for maintaining the efficiency and longevity of heavy machinery utilized in mining operations, facilitating smooth operation and reducing friction-induced wear and tear. The immense volume of lubricants consumed underscores the scale of industrial activity within the mining sector and highlights the substantial resources required to support these operations. This statistic serves as a key indicator of the demand for lubricants in the mining industry and reflects the importance of proper equipment maintenance for sustainable and productive mining practices.
Global industrial lubricants demand was around 15.2 million tons in 2016.
The statistic ‘Global industrial lubricants demand was around 15.2 million tons in 2016’ represents the estimated total amount of industrial lubricants required worldwide in the year 2016. This figure indicates the volume of lubricants needed to support various industrial activities across different sectors such as manufacturing, automotive, aerospace, and energy production. Industrial lubricants are essential for minimizing friction, reducing wear and tear, and enhancing the efficiency and performance of machinery and equipment in industrial settings. The demand for industrial lubricants serves as a key indicator of global economic activity, as it reflects the level of industrial production and the overall health of the manufacturing sector on a global scale.
Industrial engine oil constituted the highest global industrial lubricants market share of 38.3% in 2017.
The statistic ‘Industrial engine oil constituted the highest global industrial lubricants market share of 38.3% in 2017’ indicates that out of all types of industrial lubricants available in the market in 2017, industrial engine oil held the largest share at 38.3%. This suggests that industrial engine oil was the most commonly used type of lubricant in industrial applications during that year. The dominance of industrial engine oil in the market could be due to factors such as widespread use across various industries, effectiveness in protecting machinery, and availability of different formulations to suit different needs. This statistic highlights the significance of industrial engine oil in the global industrial lubricants market in 2017.
The Europe lubricants market is expected to register a CAGR of 1.08% during the forecast period of 2021-2026.
This statistic indicates that the Europe lubricants market is projected to experience a Compound Annual Growth Rate (CAGR) of 1.08% over the period from 2021 to 2026. The CAGR represents the steady annualized growth rate of the market during this forecast period. A positive CAGR suggests that the European lubricants market is expected to expand gradually over the next five years. This growth rate provides insights into the market’s trajectory and can help industry stakeholders anticipate future trends and opportunities in the lubricants sector within Europe.
References
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