The global lubricant and grease market is experiencing steady growth, driven by rising demand across multiple industries and the strong expansion of the automobile sector. Increasing per capita income and growing aspirations to own vehicles are key factors fueling market growth. Moreover, the surge in demand for diesel engine oils and the expansion of refinery capacities are expected to create lucrative opportunities for the industry in the coming years.

According to Allied Market Research, the market is projected to surpass $168.2 billion by 2031, registering a CAGR of 3.2% from 2022 to 2031.

Regional Insights:

- Asia-Pacific dominated the global market in 2021, accounting for nearly two-fifths of the revenue share. The region is also expected to grow at the fastest CAGR of 3.6% during the forecast period, attributed to increasing demand for affordable energy, particularly from natural-gas-fueled power plants.

- Other regions analyzed in the report include North America, Europe, and LAMEA.

Segmental Highlights:-

By Application:

- The automotive segment held the largest share in 2021, contributing to nearly three-fifths of the market, supported by increasing demand for cars, utility vehicles, and public transportation.

- The power generation segment is expected to grow at the highest CAGR of 4.3%, driven by rising global energy demand, construction of new power plants, and efforts to enhance efficiency of existing ones.

By Type:

- Heavy Duty Engine Oils (HDEO) dominated the market in 2021, accounting for more than one-fourth of the share. These oils are widely used for wear reduction, corrosion protection, and smooth engine operation.

- The turbine oils segment is projected to register the fastest CAGR of 4.1%, fueled by the increasing installation of gas, steam, and hydroelectric power turbines worldwide.

Key Benefits for Stakeholders

- Comprehensive quantitative analysis of market segments, trends, and dynamics (2021–2031).
- Insights into drivers, restraints, and opportunities influencing market growth.
- Porter’s Five Forces analysis to evaluate the bargaining power of buyers and suppliers.
- Detailed mapping of major countries by revenue contribution.
- Market player positioning for competitive benchmarking.
- In-depth coverage of regional and global trends, key players, and strategic developments.

Major Market Players:

- Armor Lubricants
- Petromin
- Aljomaih and Shell Lubricating Oil Company Limited
- Behran Oil Co.
- FUCHS
- Exxon Mobil Corporation
- Gulf Oil Middle East Limited (Gulf Oil International)
- Emarat
- Idemitsu Kosan Co., Ltd.