In terms of value, the lubricants market is estimated to grow from USD 173.5 billion in 2024 to USD 198.4 billion by 2029, at a CAGR of 2.7%. Lubricants market have grown as the demand from marine applications, and high-performance engines is mounted immensely worldwide in the last two decades. These factors drive the lubricants market.

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The key players profiled in the report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), PetroChina Company Limited (China), TotalEnergies SE (France), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others. The lubricants market has witnessed insignificant growth in the past few years; government regulations and changing lifestyle drive the growth of this market. Market players are introducing new technologies, acquisitions, collaborations and features to acquire larger market shares.

Shell plc is one of the world’s largest oil & gas companies. It operates its operations with their five business segments, namely, integrated gas, renewables & energy solutions, marketing, chemical & products, and upstream. The company offers its lubricants for a wide range of end-use industries including both transportation and industrial. It operates with 6 base oil storage hubs, 10 grease plants, 32 blending plants, and 4 base oil manufacturing plants. It has strong presence in European, North American, South American, the Middle East & Africa, and Asia Pacific region. In January 2024, shell plc acquired the MIDEL and MIVOLT, from M&I Materials Ltd. This acquisition enabled the company to complement its position in transformer oils.

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Exxon Mobil Corporation is a global specialty oil & gas company and also one of the largest companies in standings of revenue generation. The company is a global leader for synthetic oil technology and markets its lubricants products globally with brands such as Exxon, Mobil, and Esso. It has strong presence globally in more than 160 countries. It operated with three business segments, product solutions, upstream, and corporate & financing. The company owns 6 base stock refineries and 21 blending plants in 25 countries which are present in almost all regions. In May 2021, the company launched new engine oil from its Mobil lubricant brand, namely, MobilGardM410. It is an oil for medium speed, four stroke marine engines.

Recent Developments in Lubricants Market Industry

• In January 2024, Shell plc has completed the acquisition of MIDEL and MIVOLT, from Manchester-based M&I Materials Ltd.
• In January 2021, BP p.l.c. had set up a digital hub in Pune, India. This expansion helped them grow their digital expertise and meet the changing demands by providing sustainable solutions.
• In February 2022, Chevron Corporation made an announcement that it has signed an agreement with Bunge North America, Inc. to create renewable feedstocks.