The Latest Lubricants Industry Statistics Explained
The lubricants market size was valued at USD 126.5 billion in 2019.
The statistic “The lubricants market size was valued at USD 126.5 billion in 2019” indicates the total monetary value of the lubricants market within a specific timeframe, in this case, the year 2019. This value represents the sum total of all sales and transactions within the lubricants industry during that year. Market size is a crucial metric for understanding the scale and importance of a particular industry, providing insights into its overall economic significance and potential for growth. In this context, a market size of USD 126.5 billion suggests that the lubricants industry was a significant and substantial sector in the global economy in 2019.
The global lubricants industry is projected to reach USD 184.4 billion by 2027.
This statistic indicates that the global lubricants industry is expected to achieve significant growth, with a projected market value of USD 184.4 billion by the year 2027. This forecast suggests a positive outlook for the industry, reflecting increasing demand for lubricants across various sectors such as automotive, industrial machinery, and transportation. Factors driving this growth may include expanding industrialization, growing automotive production, and the need for maintenance and upkeep of machinery and equipment worldwide. The projected value serves as a key indicator for stakeholders such as manufacturers, suppliers, and investors to understand market trends and make informed decisions to capitalize on the opportunities within the lubricants industry.
The global industrial lubricants market size was USD 62.8 billion in 2019.
The statistic indicates that the total value of the global industrial lubricants market in 2019 was USD 62.8 billion. This figure represents the combined revenue generated from the sale of industrial lubricants worldwide that year. Industrial lubricants are essential for various industries to ensure smooth functioning of machinery and equipment by reducing friction and heat generation. The market size reflects the significant demand for these products across industries such as automotive, manufacturing, energy, and others. It also suggests economic activities and investments in industrial operations, highlighting the importance of lubricants in maintaining and enhancing operational efficiency and equipment longevity.
The industrial lubricants market is expected to grow at a CAGR of 3.48% during 2020-2025.
This statistic states that the industrial lubricants market is projected to experience a Compound Annual Growth Rate (CAGR) of 3.48% over the period spanning from 2020 to 2025. The CAGR provides a smoothed annual growth rate that accounts for compounding effects over time, reflecting the average annual growth of the market during this five-year period. A CAGR of 3.48% indicates a moderate but steady growth trend for the industrial lubricants market, suggesting that it is expected to expand gradually over the stated timeframe. This information can be valuable for businesses, investors, and policymakers in understanding the anticipated growth trajectory and making informed decisions within the industrial lubricants sector.
Automotive lubricants accounted for over 55% of the global lubricant market in 2019.
The statistic indicates that automotive lubricants held a significant share of the global lubricant market in 2019, contributing to more than half of the market’s total revenue. This suggests that the demand for lubricants within the automotive industry was substantial, likely driven by the ongoing use of vehicles worldwide. The high market share of automotive lubricants implies that they are a crucial component of the lubricant industry, with a significant impact on the market’s overall performance and growth. This information is essential for industry players to understand the dynamics of the lubricant market and tailor their strategies accordingly to capitalize on the automotive sector’s dominant presence.
The lubricants industry is expected to reach a production rate of 47.75 million metric tons by 2022.
The statistic that the lubricants industry is projected to achieve a production rate of 47.75 million metric tons by 2022 indicates a significant growth and expansion within the industry. This figure suggests an increasing demand for lubricants globally, which could be driven by various factors such as industrial growth, automotive industry expansion, and technological advancements requiring lubricants for maintenance and efficiency. Achieving such a production milestone can have substantial economic implications, leading to increased revenues, job creation, and overall industry development. It also highlights the importance of lubricants in various sectors and underscores the potential for further growth and innovation within the industry in the coming years.
Global synthetic lubricants market size was valued at $4.80 billion in 2017.
The statistic indicates that the global synthetic lubricants market was worth $4.80 billion in 2017. This figure represents the total value of synthetic lubricants, which are specialized lubricants formulated with synthesized chemical compounds, sold and consumed worldwide during that year. The market size is a key metric used to assess the economic significance and growth potential of the synthetic lubricants industry. In this case, the $4.80 billion value reflects the overall revenue generated by manufacturers and suppliers within the market in 2017 and suggests the scale of demand for synthetic lubricants among various industries and consumers.
Synthetic lubricants are expected to achieve a CAGR of 2.8% from 2018 to 2026.
The statistic that synthetic lubricants are expected to achieve a Compound Annual Growth Rate (CAGR) of 2.8% from 2018 to 2026 indicates the projected rate of growth for synthetic lubricant sales over that period. The CAGR is a measure used to determine the average annual growth rate of an investment or sales figure over a specified time horizon, smoothing out the effects of short-term fluctuations. In this case, the 2.8% CAGR suggests that the synthetic lubricant market is anticipated to steadily increase at a moderate pace from 2018 to 2026, indicating a continuing demand for these products in various industries like automotive, industrial, and aerospace. This information can be valuable for industry players, investors, and policymakers to make informed decisions regarding market trends and potential opportunities for growth in the synthetic lubricant sector.
The bio-lubricants market is expected to grow at a CAGR of 4.3% from 2020 to 2027.
This statistic indicates that the bio-lubricants market is projected to expand at a Compound Annual Growth Rate (CAGR) of 4.3% from the year 2020 to 2027. The CAGR represents the average annual growth rate over a specified period, in this case, a 7-year timeframe. A CAGR of 4.3% suggests a steady and consistent growth trajectory for the bio-lubricants market during the specified period. This implies that the market is likely to experience increasing demand and adoption of bio-lubricants over the years, driven potentially by factors such as environmental concerns, regulations favoring sustainable products, and technological advancements in bio-based lubricant formulations.
The global demand for bio-lubricants was 890.8 kilotons in 2015.
The statistic “The global demand for bio-lubricants was 890.8 kilotons in 2015” represents the total volume of bio-lubricants that were demanded worldwide in the year 2015. This figure of 890.8 kilotons serves as a quantitative measure of the market demand for environmentally-friendly lubricants derived from renewable sources such as plant oils. The data point provides valuable insight into the increasing trend towards sustainable and eco-friendly alternatives in the lubricants industry, reflecting a growing awareness and preference for products that have lower environmental impact compared to conventional petroleum-based lubricants. Overall, this statistic highlights the significant market size and potential for bio-lubricants as a promising sector within the broader lubricants market.
The global mineral oil lubricants market was valued at around USD 55 billion in 2016.
The statistic stating that the global mineral oil lubricants market was valued at around USD 55 billion in 2016 indicates the total monetary worth of mineral oil lubricants sold worldwide during that year. This value takes into account sales and revenue generated by companies manufacturing and selling mineral oil-based lubricants for various applications such as automotive, industrial machinery, and other sectors. The market value serves as a key indicator of the size and importance of the mineral oil lubricants industry on a global scale in 2016, providing insights into the level of demand for such products and the overall economic significance of this sector within the larger lubricants market.
The food grade lubricants market is expected to grow at a CAGR of 6.7% from 2017 to 2022.
This statistic indicates that the market for food grade lubricants is projected to experience a Compound Annual Growth Rate (CAGR) of 6.7% over the period from 2017 to 2022. This means that the market is expected to grow steadily at an average annual rate of 6.7% during this five-year timeframe. The CAGR provides insight into the overall trend of growth in the market, suggesting that there is increasing demand for food grade lubricants and potential opportunities for businesses operating in this sector. The forecasted growth rate can be used by industry stakeholders to make informed decisions regarding investment, expansion, and strategic planning in response to the anticipated market growth.
The marine lubricants market size is projected to reach USD 6.66 billion by 2022.
This statistic indicates that the marine lubricants market is expected to grow significantly and is projected to reach a total value of USD 6.66 billion by the year 2022. This projection suggests an increase in demand for marine lubricants, which are essential for the smooth operation and maintenance of marine engines and machinery. Factors such as the growth of the shipping industry, increasing maritime trade activities, and regulations on emissions control are likely driving this market expansion. The projected size of USD 6.66 billion highlights the substantial market opportunity and potential for growth within the marine lubricants industry in the near future.
China held over 25% of the Asia Pacific lubricant market share in 2013.
The statistic indicates that in 2013, China dominated the Asia Pacific lubricant market by holding more than a quarter of the total market share, specifically over 25%. This highlights China’s significant influence and presence in the lubricant industry within the Asia Pacific region. The high market share suggests that China is a major player in the production, consumption, and trade of lubricants, potentially reflecting the country’s industrial and economic capabilities. This statistic also emphasizes the importance of China as a key market for lubricant manufacturers and businesses looking to operate in the Asia Pacific region.
The North America lubricant industry is set to exceed a volume of 6,468 kilotons by 2022.
The statistic indicates that the North America lubricant industry is projected to surpass a total volume of 6,468 kilotons by the year 2022. This suggests a significant growth and expansion in the production and consumption of lubricants in the region. The upward trend in volume reflects a growing demand for lubricants in various industries such as automotive, manufacturing, and transportation, indicating a positive outlook for the lubricant market in North America. This anticipated increase in volume underscores the industry’s potential for further development and economic impact in the region over the coming year.
The UAE lubricants market is projected to grow at a CAGR of 3.1% from 2018 to 2023.
This statistic indicates that the lubricants market in the UAE is expected to experience a Compound Annual Growth Rate (CAGR) of 3.1% over the period from 2018 to 2023. This means that the market is forecasted to steadily increase by an average of 3.1% each year during this time frame. The growth rate suggests that there is a positive outlook for the lubricants market in the UAE, with increasing demand and potential opportunities for businesses operating in this sector. It is important for industry players to consider this projected growth rate when making strategic decisions and plans for the future to leverage the expected market expansion.
The global metalworking fluids market size is expected to reach USD 14.54 billion by 2025.
This statistic indicates the anticipated increase in the global metalworking fluids market size, with a projected value of USD 14.54 billion by the year 2025. Metalworking fluids are essential in the manufacturing industry for processes such as cutting, drilling, and grinding, as they help to improve efficiency, tool life, and surface finish. The expected growth reflects the increasing demand for metalworking fluids due to the expanding manufacturing sector globally. Factors driving this growth could include technological advancements in manufacturing processes, the rise in industrial activities, and the need for sustainable and environmentally friendly solutions in metalworking operations. This projected market size serves as a valuable insight for industry stakeholders, guiding strategic decisions and investment opportunities in the metalworking fluids market.
Engine oil segment in lubricants industry is anticipated to achieve over 3.5% growth up to 2024.
The statistic suggests that within the lubricants industry, the engine oil segment is expected to experience a growth rate of over 3.5% by the year 2024. This forecast implies that there is a positive outlook for the engine oil market in the coming years, with an anticipated increase in demand for engine oil products. Factors such as rising vehicle ownership, industrial activities, and technological advancements in engine oil formulations may contribute to the projected growth in this segment. This statistic indicates a potential opportunity for businesses operating in the engine oil sector to capitalize on the expected growth and adapt their strategies to meet the evolving market demands in the lubricants industry.
Global processed oil demand was over 38 million tons in the year 2015.
The statistic that global processed oil demand exceeded 38 million tons in 2015 reflects the significant reliance on oil products for various industrial and consumer applications worldwide during that year. The high demand suggests a strong global economy, as oil is a crucial input for transportation, manufacturing, and energy production. This statistic also indicates the scale of the oil industry’s operations and the extensive supply chains needed to meet such demand. The data underscores the continued importance of oil as a primary energy source despite increasing efforts towards renewable and sustainable energy alternatives.
Conclusion
Through a comprehensive analysis of lubricants industry statistics, it is evident that the sector is experiencing steady growth driven by increasing demand in sectors such as automotive, industrial machinery, and aerospace. The data highlights key trends and opportunities for industry players to capitalize on, including the shift towards environmentally-friendly products and the rise of synthetic lubricants. By staying informed and adapting to market changes, companies in the lubricants industry can position themselves for success in the evolving landscape.
References
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