The Global Lubricants Market stood at 39. 71 billion liters in 2021 and is projected to register a CAGR of 3. 52% to reach 47. 22 billion liters in 2026. Key Highlights Largest Segment by End-user Industry - Automotive : Automotive was the largest end-user among all categories due to the high replacement cycles of lubricants used in motor vehicles compared to any other industrial application.

New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026" - https://www.reportlinker.com/p06321706/?utm_source=GNW

Fastest Segment by End-user Industry - Power Generation : Power generation is projected to be the fastest-growing end-user globally due to the increasing demand for low-cost energy from natural gas and wind power plants.
Largest Region Market - Asia-Pacific : Asia-Pacific, driven mainly by India, China, and Japan, is the major lubricant-consuming region due to high vehicle ownerships and industrial machinery than any other region.
Fastest Growing Region Market - Asia-Pacific : Due to rising urbanization, increased electricity use, and rising vehicle ownership in China and India, Asia-Pacific is projected to be the fastest-growing region.

Key Market Trends

Largest Segment By End User : Automotive

In 2020, the automotive industry dominated the global lubricants market, accounting for around half of the total lubricant consumption. During 2015-2019, lubricant consumption in the automotive industry increased by 11% due to growth in vehicle sales and usage.
In 2020, COVID-19-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 10.1% during the year, followed by heavy equipment (7.66%).
Power generation is likely to be the fastest-growing end-user industry of the global lubricants market during 2021-2026, with a CAGR of 4.8%, followed by automotive (3.8%). The capacity additions in the renewable energy sector worldwide will likely drive lubricant consumption in the power generation industry.

Largest Region : Asia-Pacific

In 2020, Asia-Pacific was the leading consumer of lubricants in the world, accounting for around 46% of the global lubricant consumption. During 2015-2019, lubricant consumption in the Asia-Pacific region increased by around 20%, driven by China, India, and Indonesia.
In 2020, the COVID-19 outbreak restrained the operations of several industries, thereby restraining lubricant consumption across the globe. North America was the most affected, with a 13.4% drop in its lubricant consumption, followed by Europe, with an 11.29% drop, during 2019-20.
Asia-Pacific is likely to be the fastest-growing lubricants market in Africa during 2021-26, with a CAGR of around 4.3%. The recovering automotive sales and usage combined with growing industrial activities in the region are likely to drive the growth of the Asia-Pacific lubricants market in the near future.

Competitive Landscape

The Global Lubricants Market is fragmented, with the top five companies occupying 38.45%. The major players in this market are BP PLC (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell PLC (sorted alphabetically).

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06321706/?utm_source=GNW

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