윤활유 시장 보고서 : 동향, 예측 및 경쟁 분석(-2035년)

Lubricant Market

The future of the global lubricant market looks promising with opportunities in the automotive and industrial markets. The global lubricant market is expected to reach an estimated $217.6 million by 2035 from $161.5 million in 2027 with a CAGR of 2.0% from 2027 to 2035. The major drivers for this market are the rising demand for automotive & industrial applications and the growing focus on energy efficiency & sustainability.

• Lucintel forecasts that, within the type category, synthetic lubricant is expected to witness the highest growth over the forecast period due to better performance and durability at extreme running conditions.
• Within the application category, automotive is expected to witness higher growth over the forecast period due to continuing growth in the production of vehicles and the need for high-performance lubricants.
• In terms of regions, APAC is expected to witness the highest growth over the forecast period due to continued growth in the automotive and industrial manufacturing across the region.

Emerging Trends in Lubricant Market

During 2025 to 2027 the lubricant market shifts from a volume-based sales market to a sales market based on specifications. Mobility and industrial growth influence demand, but the design of lubricant products is changing because of the effects of electrification, emissions, and bio-based technologies. According to Lucintel, there will be changes in the way lubricant products are manufactured regionally, because suppliers are beginning to invest in application engineering and making products with longer lifespans.

• Sustainability: Refined base oils and biodegradable fluids will gain demand from the European Union's enactment of carbon reporting in 2025 and from lower lifecycle emission targets set by OEMs. Formulations which result in less energy loss will be preferred over conventional mineral oil grades. The lubricant market will experience changes based on customers' assessments of cumulative emissions rather than only purchasing cost.
• Electrification: With over 17 million batteries electric vehicles sold in 2024, the demand for lubricants for thermal management will increase as will e-axle lubricants and greases which are electrically compatible. The shift of the value of lubricant sales from engine oil purchases to specialized lubricants will be further influenced by the increasing service cycles during the 2025 to 2027 period.
• Industrial Digitalization: The use of connected sensors in predictive maintenance has begun to move to smaller factories from large production facilities. Services such as Shell's Lube Analyst are available to test lubricants and provide the owner with the information to implement lubricant changes based on condition rather than time or distance. lubricant suppliers will have the ability, over the next 3 to 5 years, to provide lubricant monitoring, diagnostics, and fluid services as a performance package."
• Premiumization: Longer drain intervals are commanding a shift towards the use of synthetic and semi-synthetic lubricants. There is a cost-per-hour metric among equipment owners that will drive even greater preference for these lubricant offerings.
• Supply Chain Diversification: Disruptions in the supply of base oils and additives as well as disruptions in shipping create a preference for dual sourcing and regional blending capacity among buyers. Newly built and/or expanded base oil facilities in the Asia-Pacific and Middle East region during the period of 2025 to 2027 will provide less dependence on certain trade lanes. This will drive a significant change in contracts, inventory, and supplier qualification within the lubricant industry.

The lubricant market will still be in existence even with the move towards electrification and will likely undergo fragmentation as demand will exist for low carbon formulations. During this time, there will be an increase in demand for industrial specialties and thermal fluids, and a corresponding decrease in demand for engine oils. Suppliers with the right mix of additive skills and the ability to develop and produce locally will capture the most value, while other commodity suppliers will face a squeeze on their margins coupled with increased regulatory costs and customers who will readily switch to new brands for improvements in equipment performance.

Recent Developments in the Lubricant Market

Market activity for lubricants will expand through 2025-2027 due to rapid changes in vehicle electrification, tighter emissions standards, and increased automation of industry. According to Lucintel, there will be an increase in demand for more sophisticated formulations, and suppliers will invest in more specialized fluids as well as circular feedstock and regional manufacturing.

• Specialized EV Fluids: In January 2025, Valvoline introduced specialized fluids for battery-electric drivetrains. As thermal management systems become more sophisticated, fluids that once fit a simple range of viscosity grades will now require more advanced engineering.
• Investing in Re-refining: In March 2025, the EC confirmed a stricter circular economy waste policy, which improves the economics of waste oil collection and facilitates the use of rerefined base oils in the industrial and automotive sectors.
• Increase Base Oil Manufacturing Capacity: In June 2025, Neste announced a new production capacity of 1.5 million tons of renewable products after the completion of its manufacturing plant in Rotterdam. More capacity will result in the blending of lower-carbon products by suppliers to meet the industry demand for base lubricating stocks.
• Higher OEM Standards: In May 2025, API's GF-7 standards for motor oils in the automotive passenger market became effective. The new standards engender more testing and innovation by suppliers and an increase in the cost of motor oils.
• Selling Industrial Partnerships: In September 2025, SKF signed a condition monitoring lubricated equipment contract. Service-based lubrication will bring partners new revenue in addition to product sales during the next five years.

There won't be even demand. As more vehicles electrify, they'll require fewer engine oils and more thermal fluids, lubricants, and transmission fluids. Industrial customers purchase fewer untracked commodities and more performance assured packages. Regional base oil assurance is a commercial concern because of the closure of refineries, which has worsened the supply balance. Suppliers that use formulation science and technical services, along with recycling, will win because specification compliance will no longer defend margins.

Strategic Growth Opportunities in the Lubricant Market

From 2024 to 2026, the lubricant market will begin a broad cycle due to changing fluid requirements from electrification, higher automation resulting in increased downtime costs, and reshaping base-oil selections from changing emissions regulations. Per Lucintel, demand is going to outgrow conventional engine oils and will include application-specific formulations. Investments will be made in data-based maintenance and lower carbon production.

• EV Thermal-management Fluids: The IEA reported that 17 million EVs were sold in 2024 (April 2025). Fluids used in batteries, motors, and power electronics will become more valuable as new automotive designs mandate added cooling and electrical compatibility.
• Predictive Lubrication Services: SKF said lubrication concerns accounted for 36% of premature bearing failures (February 2025). Condition monitoring aided by sensors will drive suppliers to implement contracts for repeated lubrication services to avoid unexpected shutdowns in factories and process plants.
• Bio-based and Circular Formulations: The new transport sector requirements of the Renewable Energy Directive (EU) come into force in 2025 (May 2025). Renewable esters and rerefined base oils as well as feedstocks offering traceability will gain market share in lubricant procurement as more purchasing teams set carbon goals.
• Specialized Industrial Fluids: Per the International Federation of Robotics, there were 541,308 industrial robots installed in 2023 (October 2024). Semiconductor, food-processing, and automated warehouse industries will need fluids that meet safety and operational demand, resulting in high margins.
• Aftermarket Digital Systems: Shell's 2024 annual report notes 1.4 million assets linked to digital services (March 2025). Equipment-related replenishment, remote diagnostics, and tracking authentic products will contribute to aftermarket sales and attract smaller operators.

In the next five years, it won't just be about size, but also about how a company combines formulations, their technical knowledge, service margins, and supply chain resilience in various regions. While electric mobility diminishes an, albeit considerable, part of the demand for engine oils, other industrial fluids, e.g., thermal fluids, as well as digital service offerings, sustainable feedstocks, and even Industrial fluids, will more than make up for any diminished demand. Marketing products that protect margin will also be important as customers regionally demands more specific products.

Lubricant Market Drivers and Challenges

Innovations in technology, economics, the environment, and legislation impact how we think about lubricant markets. Simultaneously increasing demand is driven by industrialization, mechanization, and modern machinery. Countering are fluctuations in the prices of base raw materials and a growing need for lubricants to be sustainable. According to Lucintel, the most important influences on the future performance of the lubricant market will be changing application requirements, product standards, and production methods.

Some of the major influences on the lubricant market are:

• Customer Demand: Greater purchasing of vehicles, whether passenger or commercial, along with increasing industrial, construction, and logistics activities increases the need for engine oils, hydraulic fluids, greases, and process lubricants. Additionally, an increasing demand exists for lubricants that have extended drain intervals and reduce energy consumption and that also have low viscosity and are tailored to applications. 2024 is estimated to see the sale of over 17 million electric vehicles (December). During the next 3 to 5 years the transportation and industrial equipment fleets will increase demand for volume. The changing nature of powertrains will require lubricant suppliers to develop new formulations, rather than just sell conventional engine oils.
• Technology Developments: Progress is being made in formulating base oils, in developing additive technologies, and in uses of nanotechnology, as well as condition monitoring and formulation software. Advanced lubricants can be developed that are highly resistant to oxidation, have high thermal stability, and provide higher levels of wear protection and improved energy efficiency in severe applications. The International Energy Agency anticipates sales of over 20 million electric vehicles worldwide in 2025, generating interest in specialized fluids designed for electric motors, batteries, and high-speed gear systems (April, 2025). In the next three to five years, digital maintenance systems and specialized fluids will support premium pricing and increase the value and expand the applications of lubricants in sophisticated, automated, electrified, and high temperature equipment.
• Regulatory Support: Regulations relevant to fuel economy and vehicle exhaust emissions coupled with requirements for equipment efficiency and product quality prompt the use of advanced lubricants. Use of lubricants that control friction, reduce fuel consumption, improve equipment efficiency, and minimize the production of pollutants is being encouraged by most equipment manufacturers. From November 2026, the Euro 7 standard will apply to all new cars and vans, driving the focus on powertrain efficiency and pollutants control (November 2026). Alignment of regulations over the next three to five years will facilitate faster introduction of low viscosity oils and innovative additive technology together with improved testing and cooperation between lubricant producers and equipment manufacturers.
• Sustainability: The environmental impact of the use of conventional lubricants has motivated customers in agriculture, marine operations, forestry, mining and food processing, to source low-risk, high-performance lubricants. Legislative initiatives such as the directive by the European Union to have new packaging be fully recyclable by 2030 will accelerate the adoption of recyclable packaging and flexible/efficient product systems (February 2025). Sustainability will impact purchasing decisions, product designs, and packaging solutions, along with the implementation of recycling systems, in the next three to five years. However, suppliers need to find the right balance between sustainability, performance, costs and shelf life.
• Manufacturing Efficiency: Users of industrial lubricants focus on reducing not only cost and inventory levels, but also extending drain intervals and reducing energy consumption. The improvement of lubricant economics extends well beyond the purchase price of the lubricant. The global manufacturing sector was approximately 16% of global GDP in 2024, showing the significant volume of equipment requiring regular lubrication (December 2024). Smart factories and efficiency programs will drive a preference for high-performance lubricants and services over the next three to five years.

This Market's problems include:

• Volatility of Base-Oil Prices: Manufacturers of lubricants continue to be exposed to volatility in crude oil and gas, capacity of refineries and transportation, and geopolitical conditions, as well as an advantage over competitors. Base-oil availability can change quickly and affect the costs of manufacturing, distributor inventories, and the prices charged to the customer. The Organization of the Petroleum Exporting Countries and their partner countries extended production adjustments totaling 2.2 million barrels per day, showing how supply decisions can affect oil market conditions (December 2024). During the next three to five years, price volatility will likely impact manufacturing profit margins, will create more uncertainty and increase the need for more advanced planning in procurement, and will prompt lubricant manufacturers to use more diverse feedstocks and to create more optimized formulations, as well as increase the use of recycled base oils and base oils that are bio-based.
• Electrification and Substitute Products: Battery-powered electric vehicles undergo significantly fewer oil changes and eliminate the need for most of the fluids utilized in vehicles with internal combustions engines. This will result in decreased demand for passenger car motor oils, even though electrical vehicles will require several other fluids that include cooling fluids, lubricating greases, and gear fluids. The International Energy Agency anticipates that, in 2024, electric vehicles will comprise approximately 18% of all new vehicles sold (April 2025). Over the next three to five years, companies who manufacture lubricants will be required to rebalance their product lines as a result of electrification and will be required to invest in new product testing and create more collaborative relationships with manufacturers of vehicles. In addition, companies will be required to focus on replacing the expected loss of demand for engine oil with higher valued product lines.
• Environmental and Compliance Costs: Restrictions on emissions and the hazardous substances, waste, packaging, and carbon intensity of products across the lubricant value chain create significant compliance costs. Lubricant producers are obliged to reformulate, qualify newly-developed additives, maintain the traceability of their supply chains, and meet diverse regulations across different geographical regions. The first of the companies affected by the Corporate Sustainability Reporting Directive of the European Union, which became active for companies from the 2024 Financial Year (reporting to be commissioned in 2025, January), will be small suppliers. In the next three to five years, these suppliers will likely face a significant burden of testing and reporting, while non-compliance may lead to recalls, limited market access, reputation loss, and increased business costs.

The lubricant market expects an increase in demand for high-efficiency custom fluids and sustainable solutions. Premium business will likely benefit from the combination of increasing customer sophistication, technology, innovation, and an expanding focus on compliance. The market, however, will experience greater challenges, including changes in conventional markets and margins. There will be a significant focus on value creation by developing new markets and expanding service offerings. In the next three to five years, the competitive edge is likely to derive from the combination of innovation, compliance readiness, and efficient supply chains coupled with the ability to improve the measurable impact of performance on the environment and the operational impact of customers.

List of Lubricant Market Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies lubricant market companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the lubricant market companies profiled in this report include-

• Shell
• Total
• ExxonMobil
• BP
• Chevron
• Sinopec
• Quepet
• JX Nippon
• Lukoil
• Gulf Oil

Lubricant Market by Segment

The study includes a forecast for the global lubricant market by type, application, and region.

Lubricant Market by Type [Value ($M) from 2019 to 2035]:

• Semi-synthetic Lubricant
• Synthetic Lubricant
• Mineral Lubricant

Lubricant Market by Application [Value ($M) from 2019 to 2035]:

• Automotive
• Industrial
• Others

Lubricant Market by Region [Value ($M) from 2019 to 2035]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

Country Wise Outlook for the Lubricant Market

Despite technological advancements and the on-going shift towards electrification, capital will continue to flow into lower-carbon production. For refiners and chemical producers, upgraded formulation and blending capabilities will help satisfy demands in the lubricants market. By 2027, policy support for electric vehicles and industrial decarbonization will have an impact on lubricant demand by application. Lucintel's recent analysis shows that these changes will require individual country monitoring.

• United States: Domestic manufacturing and industrial decarbonization. The Inflation Reduction Act allocates up to $7,500 for purchasing qualifying clean vehicles and supports industrial decarbonization (January 2025). ExxonMobil and other companies are investing in circular-polymer and specialty-fluid initiatives. These policies and initiatives will impact lubricant formulations and automotive demand as well as domestic production in the coming years.
• China: Advanced manufacturing and new-energy vehicle policy. China extended purchase-tax exemptions for new-energy vehicles to 2027, with passenger vehicle purchases now capped at RMB30,000 with a full exemption (January 2024). Sinopec has undertaken research and development programs for higher performance fluids for electric and hybrid drivetrains. These policies will change the focus of lubricant production from conventional engine oils to specialized lubricants for advanced technologies.
• Germany: Electric-vehicle manufacturing and the Industrial transition. Volkswagen PowerCo selected Salzgitter for its battery cell plant with a projected output of 40 GWh per year (June 2025). Alongside this, Germany is implementing the European Union's select emissions and sustainability requirements. The processing of these investments will generate demand for specialized greases and thermal management fluids and environmentally safer industrial lubricants.
• India: We are refining our expansion and mobility investment strategies. Indian Oil is increasing capacity at their Panipat refinery from 15 to 25 million tonnes by 2024. Indian policy continues to support electric mobility and local manufacturing. Integration of refining and manufacturing of motor vehicles will create stronger local supply chains for base oils and formulation capability over the medium term.
• Japan: We are advancing electrification, partnerships, and fluids. Toyota and Idemitsu Kosan have formed a partnership to commercialize all-solid-state batteries in Japanese vehicles by 2027-28. This partnership will create demand for specialty coolants, greases, and low-viscosity lubricants for Japanese manufacturers of the next generation of powertrains.

Features of the Global Lubricant Market

• Market Size Estimates: lubricant market size estimation in terms of value ($B).
• Trend and Forecast Analysis: Market trends (2019 to 2026) and forecast (2027 to 2035) by various segments and regions.
• Segmentation Analysis: lubricant market size by type, application, and region in terms of value ($B).
• Regional Analysis: lubricant market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different type, application, and regions for the lubricant market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape of the lubricant market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

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This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the lubricant market by type (semi-synthetic lubricant, synthetic lubricant, and mineral lubricant), application (automotive, industrial, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 6 years and what has its impact been on the industry?

Table of Contents

1. Executive Summary

2. Market Overview

• 2.1 Background and Classifications
• 2.2 Supply Chain

3. Market Trends & Forecast Analysis

• 3.2 Industry Drivers and Challenges
• 3.3 PESTLE Analysis
• 3.4 Patent Analysis
• 3.5 Regulatory Environment

4. Global Lubricant Market by Type

• 4.1 Overview
• 4.2 Attractiveness Analysis by Type
• 4.3 Semi-synthetic Lubricant: Trends and Forecast (2019-2035)
• 4.4 Synthetic Lubricant: Trends and Forecast (2019-2035)
• 4.5 Mineral Lubricant: Trends and Forecast (2019-2035)

5. Global Lubricant Market by Application

• 5.1 Overview
• 5.2 Attractiveness Analysis by Application
• 5.3 Automotive: Trends and Forecast (2019-2035)
• 5.4 Industrial: Trends and Forecast (2019-2035)
• 5.5 Others: Trends and Forecast (2019-2035)

6. Regional Analysis

• 6.1 Overview
• 6.2 Global Lubricant Market by Region

7. North American Lubricant Market

• 7.1 Overview
• 7.2 North American Lubricant Market by Type
• 7.3 North American Lubricant Market by Application
• 7.4 United States Lubricant Market
• 7.5 Mexican Lubricant Market
• 7.6 Canadian Lubricant Market

8. European Lubricant Market

• 8.1 Overview
• 8.2 European Lubricant Market by Type
• 8.3 European Lubricant Market by Application
• 8.4 German Lubricant Market
• 8.5 French Lubricant Market
• 8.6 Spanish Lubricant Market
• 8.7 Italian Lubricant Market
• 8.8 United Kingdom Lubricant Market

9. APAC Lubricant Market

• 9.1 Overview
• 9.2 APAC Lubricant Market by Type
• 9.3 APAC Lubricant Market by Application
• 9.4 Japanese Lubricant Market
• 9.5 Indian Lubricant Market
• 9.6 Chinese Lubricant Market
• 9.7 South Korean Lubricant Market
• 9.8 Indonesian Lubricant Market

10. ROW Lubricant Market

• 10.1 Overview
• 10.2 ROW Lubricant Market by Type
• 10.3 ROW Lubricant Market by Application
• 10.4 Middle Eastern Lubricant Market
• 10.5 South American Lubricant Market
• 10.6 African Lubricant Market

11. Competitor Analysis

• 11.1 Product Portfolio Analysis
• 11.2 Operational Integration
• 11.3 Porter's Five Forces Analysis
  • Competitive Rivalry
  • Bargaining Power of Buyers
  • Bargaining Power of Suppliers
  • Threat of Substitutes
  • Threat of New Entrants
• 11.4 Market Share Analysis

12. Opportunities & Strategic Analysis

• 12.1 Value Chain Analysis
• 12.2 Growth Opportunity Analysis
  • 12.2.1 Growth Opportunities by Type
  • 12.2.2 Growth Opportunities by Application
• 12.3 Emerging Trends in the Global Lubricant Market
• 12.4 Strategic Analysis
  • 12.4.1 New Product Development
  • 12.4.2 Certification and Licensing
  • 12.4.3 Mergers, Acquisitions, Agreements, Collaborations, and Joint Ventures

13. Company Profiles of the Leading Players Across the Value Chain

• 13.1 Competitive Analysis
• 13.2 Shell
  • Company Overview
  • Lubricant Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.3 Total
  • Company Overview
  • Lubricant Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.4 ExxonMobil
  • Company Overview
  • Lubricant Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.5 BP
  • Company Overview
  • Lubricant Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.6 Chevron
  • Company Overview
  • Lubricant Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.7 Sinopec
  • Company Overview
  • Lubricant Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.8 Quepet
  • Company Overview
  • Lubricant Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.9 JX Nippon
  • Company Overview
  • Lubricant Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.10 Lukoil
  • Company Overview
  • Lubricant Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.11 Gulf Oil
  • Company Overview
  • Lubricant Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing

14. Appendix

• 14.1 List of Figures
• 14.2 List of Tables
• 14.3 Research Methodology
• 14.4 Disclaimer
• 14.5 Copyright
• 14.6 Abbreviations and Technical Units
• 14.7 About Us
• 14.8 Contact Us