Lubricants Market (Product: Mineral Lubricants, Synthetic Lubricants, and Bio-based Lubricants; and Technology Trend: Turbine Oil Lubrication, Compressor Oil Lubrication, Gear Oil Lubrication, Hydraulic Oil Lubrication, Fire Resistant Hydraulic Fluid, Nuclear Resistant Lubricants, Bearing Oil Lubrication, Heat Transfer Fluid, Re-refined Base Oils and Lubricants, Nanomaterials-based Lubrication, and Other Emerging Fields) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Lubricants Market Outlook 2031
- The global lubricants market registered the volume of 44165.11 Kilo Tons in 2020
- It is estimated to expand at a CAGR of 1.72% from 2021 to 2031
- The global lubricants market is expected to reach the volume of 53278.15 Kilo Tons by the end of 2031
Analysts’ Viewpoint on Lubricants Market Scenario
Companies in the lubricants market are drawing an analysis to understand their high-risk clients and customers where recovery of debt may be an issue amid the ongoing coronavirus outbreak. However, the lubricants market is slated to clock a sluggish CAGR, since HEVs are inhibiting the demand for lubricants in mature markets such as the U.S. where the automobile industry is reaching saturation and ongoing feedstock price volatility is affecting the sales of lubricants. Hence, companies should invest in data-driven research and predictive analysis to overcome fluctuations in feedstock prices. Companies should diversify their business activities in alternative industries such as medical, engineering, and manufacturing to generate continuous demand for lubricants. Since HEVs also require lubricants for initial ignition, manufacturers can capitalize on growing popularity of HEVs in the upcoming years.
Bio-based Lubricants to Fare Better than Mineral Oils
Companies in the lubricants market are increasing the production of bio-based lubricants. These lubricants are slated for high revenue growth throughout the assessment tenure due to government support that promotes the consumption of bio-based lubricants. Bio-based lubricants are being publicized for reducing the emission of greenhouse gases. In order to innovate in these lubricants, manufacturers are taking into consideration thermal & oxidation stability, water separation characteristics, and low carbon formation, among other parameters.
Bio-based lubricants are biodegradable & renewable in nature and manufactured from either vegetable oils such as palm oil or animal derived oils. Since these lubricants are environment-friendly, bio-based lubricants are expected to grow at a higher rate than mineral oils.
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Predictive Analysis Helps Overcome Price Volatility of Lubricants amid Coronavirus Outbreak
The oil and lubricants segments have been undergoing massive shifts due to the coronavirus outbreak. Volatility in prices of oil and lubricants has been one of the most prominent trends in the global economy. Hence, stakeholders are relying on data-driven research and predictive analysis to overcome uncertainties in price volatility.
An oversupply of oil and lubricants is now reducing due to the opening up of borders and a surge in business activities. Manufacturers are focusing on mission-critical projects in the construction, engineering, and machinery industry to generate stable income streams. They are concentrating on positive or limited-negative industries to keep the economies running.
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Companies Diversifying Business in Asia
North America is observed to be the second-biggest automobile market after China. However, mature markets such as the U.S. and Europe are inhibiting market growth, since the booming automobile industry in developing economies such as India, Sri Lanka, Bangladesh, and Pakistan hold lucrative growth opportunities.
The volatility in base stock prices is a key factor which is negatively affecting the growth revenues in the North American lubricants market. Europe is also considered to be a mature market nearing its saturation point. Hence, manufacturers are diversifying their business in countries of Asia Pacific since rapid industrialization and urbanization in these countries is fueling the demand for lubricants.
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Turbine Oil Gains Popularity for High Corrosion and Oxidation-inhibiting Properties
Manufacturers in the lubricants market are increasing output capacities for re-refined base oils & lubricants, heat transfer fluids, and turbine oils, among others. The revenue share of turbine oil is predicted to expand during the forecast period since this oil possesses excellent water separating properties and is a high-quality mineral oil.
Turbine oil is being extensively used in gas turbine lubrication for effective resistance from corrosion and oxidation. It is used in power plant steam and gas turbine lubrication due to its high corrosion & oxidation inhibiting properties. On the other hand, hydraulic oil lubricant is gaining prominence in applications such as construction equipment, marine applications, and automobiles.
Can Growing Popularity of HEVs Affect Demand for Lubricants?
The growing popularity of hybrid electric vehicles (HEV) is emerging as a challenge for stakeholders in the lubricants market. HEVs facilitate the turning off of the internal combustion (IC) engine when the power from the electrical system exceeds the amount required to propel the vehicle. This results in the internal combustion engine running for shorter duration and thus, the consumption of lubricants or engine oil in hybrid cars is low.
Government support for HEVs in countries including India and regions such as Europe is emerging as a challenge for manufacturers in the lubricants market. Hence, manufacturers are focusing their business activities in primary markets such as machinery, automation, oil & gas, and food processing to ensure business continuity.
Lubricants Market: Overview
- Lubricants are primarily used to reduce friction between moving surfaces and for better performance of machines. Lubricants can be mainly divided into three product segments: mineral, synthetic, and bio-based. Bio-based lubricants are renewable and biodegradable in nature and are manufactured from either vegetable (palm oil, castor oil, and sunflower) or animal derived oils. Being more ecofriendly, bio-based lubricants are expected to grow at a higher rate than mineral oils and are expected to gain market share over the next few years. Owing to their unique chemical, mechanical, and eco-friendly properties, bio-based lubricants are finding applications across a host of industries, including automotive, agriculture, shipping, forestry, and railways.
- Increasing demand for automobile is fueling the demand for lubricants. Regulatory sanctions on mineral lubricants, owing to their environmental impact are encouraging the utilization of bio-based lubricants. Governments are promoting development and use of bio-lubricants to lower the emission of greenhouse gases and energy consumption as per regulations. There are several regulations and policies that exist in favor of bio-lubricants in European and North American countries. However, volatility in mineral oil prices and high cost of bio-based and synthetic lubricants are posing a challenge to the market.
- Turbine oil, compressor oil, gear oil, hydraulic oil, bearing oil, heat transfer fluid, nanomaterials-based lubrication, and re-refined base oils & lubricants are major contributors to the lubricants market. Turbine oil is a high-quality mineral oil with excellent water separating qualities. It is used in power plant steam and gas turbine lubrication due to its high corrosion and oxidation inhibiting properties; and foam suppressing properties. Hydraulic oil lubricant is used in industrial machinery, construction equipment, automotive, aircraft, and marine applications. It is also used in heavy earth moving equipment such as excavators and forklifts.
Asia Pacific to Exhibit Lucrative Opportunities
- Asia Pacific is the leading market for lubricants, owing to the strong demand emerging from growing economies of China and India. Asia Pacific accounted for approximately 40.2% of the total lubricants demand in 2020. Demand for lubricants in Asia Pacific is mainly contributed by the growth of the automobiles market and rapid industrialization taking place in the region. Asia Pacific dominates the production of vegetable oils, which are used as essential raw materials for bio-based lubricants. However, in terms of consumption, Asia Pacific is far behind North America and Europe.
- North America is the second biggest automobiles market after China. The economic conditions prevailing in the U.S. is taking a toll on the U.S. automobiles market, which is slowing down the growth of consumer automotive lubricants market in the region. Volatility in base stock prices is a key factor behind the growth of revenues in the North American lubricant market. Europe is also considered to be a mature market nearing its saturation point. This is one of the reasons behind its slow growth. Moreover, the Euro zone debt crisis prevailing in the region (mainly in Western Europe) is hampering the growth of various industries across the region. The market for lubricants is mainly driven by demand emerging from growing economies of Russia and other CIS countries (Ukraine and other countries), due to rapid industrialization taking place in this region.
Lubricants Market: Competition Landscape
- Royal Dutch Shell, Exxon Mobile, British Petroleum, Chevron, Castrol, and Total are among the leaders in the bio-based lubricant market. Royal Dutch Shell dominated the bio-based lubricant market with 20% share of the overall demand in 2020, followed by Exxon Mobile and British Petroleum together, accounting for over 32% of the bio-based lubricant market in 2020.
- Similar to the bio-based lubricant market, the global mineral and synthetic lubricant market is also dominated by a few companies. Royal Dutch Shell holds the maximum market share of 13.5%, followed by Exxon Mobile and British Petroleum together, accounting for over 20% of the mineral and synthetic lubricant market in 2020. Castrol, Chevron, Total and Fuchs are other major mineral and synthetic lubricant companies.
- The remaining lubricant market is shared by a large number of medium and small companies
Lubricants Market: Key Development
- In June 2021, IOCL signed an MOU for "Investment Promotion" between the Government of Gujarat and the Indian Oil for setting up a Petrochemical and Lube Integration (LuPech) Project and Acrylics/Oxo Alcohol Project, along with other infrastructure projects at its Gujarat Refinery at Vadodara
- In February 2021, the OTK Kart Group and ENI SpA entered a partnership for the development of lubricants on Vortex engines, the engine division of the OTK Group
Lubricants Market Snapshot
Market Size Volume in 2020 (Base Year)
44165.11 Kilo Tons
Market Forecast Volume in 2031
53278.15 Kilo Tons
Growth Rate (CAGR)
Kilo Tons for Volume and US$ Mn for Value
Company Profiles section includes overview, product portfolio, key subsidiaries or distributors, strategy & recent developments, and key financials.
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Frequently Asked Questions
What is the Lubricants Market size?
Lubricants Market to reach the volume of 53278.15 Kilo Tons by 2031
What is the CAGR for Lubricants Market?
Lubricants Market is estimated to rise at a CAGR of 1.72% during forecast period
What are the key factors driving the growth of Lubricants Market?
Increasing demand for automobile is fueling the demand for lubricants market
Who are the key players in the Lubricants Market?
Key market participants operating in the global lubricants market include The Lubrizol Corporation, China Petroleum & Chemical Corporation (Sinopec), Royal Dutch Shell plc, OAO Lukoil, InterOil Corporation, Hindustan Petroleum Corporation Limited, and Exxon Mobil Corporation (XOM).
What will be the forecast period in the Lubricants Market report?
The forecast period considered for the Lubricants Market is 2021-2031
Lubricants Market – Scope of Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global lubricants market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the global lubricants market as to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global lubricants market would expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the global lubricants market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure growth of the global lubricants market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global lubricants market and estimates statistics related to growth of the market in terms of volume (kilo tons).
This study covers a detailed segmentation of the global lubricants market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global lubricants market, where in various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Lubricants Market
The report provides detailed information about the market on the basis of a comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global lubricants market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in global lubricants market, so as to help them design successful strategies and make target-driven decision
- How are key market players successfully earning revenue out of advantages of global lubricants?
- What would be the Y-o-Y growth trend of global lubricants market between 2021 and 2031?
- What are the winning imperatives of leading players operating in the global lubricants market?
- Which are the leading companies operating in the global lubricants market?
Research Methodology –Lubricants Market
The research methodology adopted by analysts for compiling the global lubricants market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecast for the global lubricants market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global lubricants market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global lubricants market.
Lubricants Market – Segmentation
TMR’s research study assesses the global lubricants market in terms of product, technology trend, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global lubricants market.
1.1. Report Description
1.2. Research Scope
1.3. Market Segmentation
1.4. Research Methodology
2. Executive Summary
3. Lubricants Market – Industry Analysis
3.2. Value Chain Analysis
3.3. Market Drivers
3.3.1. Increasing Automobile Demand
3.3.2. Reduction in Crude Oil Dependence
3.3.3. Regulatory Support for Bio-Based Alternatives
3.4. Market Restraints
3.4.1. Volatility in Mineral Oil Prices
3.4.2. Bio–Based Lubricants Cost Higher Than Mineral Lubricants
3.4.3. Limited Application Scope of Bio-Based Lubricants
3.5. Market Opportunities
3.5.1. Increasing R&D Efforts to Develop New innovative Products
3.5.2. Soybean and Palm Oil Emerge as New Source for Bio-Based Lubricants
3.6. Lubricants Market, by Raw Material
3.6.1. Crude Oil
3.6.2. Palm Oil
3.6.3. Castor Oil
3.6.4. Sunflower Oil
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat from New Entrants
3.7.4. Threat from Substitutes
3.7.5. Degree of Competition
3.8. Market Attractiveness Analysis
3.8.1. Market Attractiveness Analysis of Bio-Based Lubricants by Application, 2020
3.8.2. Market Attractiveness Analysis of Group IV & V Lubricants Vs. Mineral-Oil Based Lubricants, 2020
3.9. Company Market Share Analysis
3.9.1. Mineral and Synthetic Lubricants Market, Company Market Share Analysis, 2020
3.9.2. Bio-Based Lubricants Market, Company Market Share Analysis, 2020
4. Lubricants Market - Product Segment Analysis
4.1. Global Lubrication Market: Product Overview
4.1.1. Global Lubricants Market Volume Share, by Product, 2020- 2031
4.2. Mineral Lubricants
4.3. Global Mineral Lubricants Market Estimates and Forecast, 2020– 2031 (Kilo Tons)
4.4. Synthetic Lubricants
4.5. Global Synthetic Lubricants Market Estimates and Forecast, 2020 – 2031 (Kilo Tons)
4.6. Global Bio-Based Lubricants Market Estimates and Forecast, 2020 – 2031 (Kilo Tons)
5. Lubricants Market – Technology Trends
5.1. Turbine Oil Lubrication
5.2. Compressor Oil Lubrication
5.3. Gear Oil Lubrication
5.4. Hydraulic Oil Lubrication
5.5. Fire Resistant Hydraulic Fluid
5.6. Nuclear Resistant Lubricants
5.7. Bearing Oil Lubrication
5.8. Heat Transfer Fluid
5.9. Re-refined Base Oils and Lubricants
5.10. Nanomaterials-based Lubrication
5.11. Other Emerging Fields
6. Lubricants Market – Regional Analysis
6.1. Global Lubricants Market: Geographic Overview
6.1.1. Global Lubricants Volume Share, by Geography, 2020 and 2031
6.2. North America
6.2.1. North America Overall Lubricants Market Volume and Revenue, 2020 – 2031 (Kilo Tons)
6.2.2. North America Lubricants Market Estimate and Forecast, by Product, 2020 – 2031 (Kilo Tons)
6.2.3. North America Lubricants Market Estimate and Forecast, by Product, 2020 – 2031
6.3.1. Europe Overall Lubricants Market Volume and Revenue, 2020 – 2031 (Kilo Tons)
6.3.2. Europe Lubricants Market Estimate and Forecast, by Product, 2020 – 2031 (Kilo Tons)
6.3.3. Europe Lubricants Market Estimate and Forecast, by Product, 2020 – 2031
6.4. Asia Pacific
6.4.1. Asia Pacific Overall Lubricants Market Volume and Revenue, 2020 – 2031 (Kilo Tons)
6.4.2. Asia Pacific Lubricants Market Estimate and Forecast, by Product, 2020 – 2031 (Kilo Tons)
6.4.3. Asia Pacific Lubricants Market Estimate and Forecast, by Product, 2020 – 2031
6.5. Latin America
6.5.1. Latin America Overall Lubricants Market Volume and Revenue, 2020 – 2031 (Kilo Tons)
6.5.2. Latin America Market Estimate and Forecast, by Product, 2020 – 2031 (Kilo Tons)
6.5.3. Latin America Market Estimate and Forecast, by Product, 2020 – 2031
6.6. Middle East & Africa
6.6.1. Middle East & Africa Overall Lubricants Market Volume and Revenue, 2020 – 2031 (Kilo Tons)
6.6.2. Middle East & Africa Market Estimate and Forecast, by Product, 2020 – 2031 (Kilo Tons)
6.6.3. Middle East & Africa Market Estimate and Forecast, by Product, 2020 – 2031
7. Company Profiles
7.1. Binol Biolubricants
7.1.1. Company Overview
7.1.2. Product Portfolio
7.1.3. Financial Overview
7.1.4. SWOT Analysis
7.1.5. Business Strategy
7.1.6. Recent Developments
7.2. British Petroleum Plc
7.2.1. Company Overview
7.2.2. Product Portfolio
7.2.3. Financial Overview
7.2.4. SWOT Analysis
7.2.5. Business Strategy
7.2.6. Recent Developments
7.3. Cargill incorporated
7.3.1. Company Overview
7.3.2. Product Portfolio
7.3.3. Financial Overview
7.3.4. SWOT Analysis
7.3.5. Business Strategies
7.3.6. Recent Developments
7.4.1. Company Overview
7.4.2. Product Portfolio
7.4.3. Financial Overview
7.4.4. SWOT Analysis
7.4.5. Business Strategy
7.4.6. Recent Developments
7.5. Conocophilips Company
7.5.1. Company Overview
7.5.2. Product Portfolio
7.5.3. Financial Overview
7.5.4. SWOT Analysis
7.5.5. Business Strategy
7.5.6. Recent Developments
7.6. Exxon Mobil Corporation (XOM)
7.6.1. Company Overview
7.6.2. Product Portfolio
7.6.3. Financial Overview
7.6.4. SWOT Analysis
7.6.5. Business Strategy
7.6.6. Recent Developments
7.7. Fuchs Lubricants Co.
7.7.1. Company Overview
7.7.2. Product Portfolio
7.7.3. Financial Overview
7.7.4. SWOT Analysis
7.7.5. Business Strategy
7.7.6. Recent Developments
7.8. Hindustan Petroleum Corporation Limited
7.8.1. Company Overview
7.8.2. Financial Overview
7.8.3. Product Portfolio
7.8.4. Business Strategy
7.8.5. SWOT Analysis
7.8.6. Recent Developments
7.9. InterOil Corporation
7.9.1. Company Overview
7.9.2. Financial Overview
7.9.3. Business Strategy
7.9.4. SWOT Analysis
7.9.5. Recent Developments
7.10. OAO Lukoil
7.10.1. Company Overview
7.10.2. Financial Overview
7.10.3. Product Portfolio
7.10.4. Business Strategy
7.10.5. SWOT Analysis
7.10.6. Recent Developments
7.11. Petrobras SA
7.11.1. Company Overview
7.11.2. Product Portfolio
7.11.3. Financial Overview
7.11.4. SWOT Analysis
7.11.5. Business Strategy
7.11.6. Recent Developments
7.12. Royal Dutch Shell Plc
7.12.1. Company Overview
7.12.2. Product Portfolio
7.12.3. Financial Overview
7.12.4. SWOT Analysis
7.12.5. Business Strategy
7.12.6. Recent Developments
7.13. China Petroleum & Chemical Corporation (Sinopec)
7.13.1. Company Overview
7.13.2. Product Portfolio
7.13.3. Financial Overview
7.13.4. SWOT Analysis
7.13.5. Business Strategy
7.13.6. Recent Developments
7.14. The Lubrizol Corporation
7.14.1. Company Overview
7.14.2. Product Portfolio
7.14.3. Financial Overview
7.14.4. Business Strategy
7.14.5. SWOT Analysis
7.14.6. Recent Developments
7.15. Total S.A.
7.15.1. Company Overview
7.15.2. Product Portfolio
7.15.3. Financial Overview
7.15.4. SWOT Analysis
7.15.5. Business Strategy
7.15.6. Recent Developments
List of Tables
Table 1: Global Mineral Lubricants Market Snapshot, 2020 and 2031
Table 2: Drivers of Global Lubricants Market: Impact Analysis
Table 3: Restraints for Global Lubricants Market: Impact Analysis
Table 4: Mineral, Synthetic and Bio-Based Oil – Properties
Table 5: Crude Oil Price Trend, 2010 - 2031
Table 6: Palm Oil Price Trend, 2010 - 2031 (Kilo Tons)
Table 7: Castor Oil Price Trend, 2010 - 2031 (Kilo Tons)
Table 8: Sunflower Oil Price Trend, 2010 - 2031 (Kilo Tons)
Table 9: Turbine Oil Lubricant: Patents
Table 10: Compressor Oil Lubricant: Patents
Table 11: Gear Oil Lubricant: Patents
Table 12: Hydraulic Oil Lubricant: Patents
Table 13: Fire Resistant Hydraulic Fluid: Patents
Table 14: Bearing Oil Lubricant: Patents
Table 15: Heat Transfer Fluid: Patents
Table 16: Re-refined Base Oils and Lubricants: Patents
Table 17: Nanomaterials-based Lubricant: Patents
Table 18: Other Emerging Lubricants: Patents
Table 19: North America Lubricants Market Estimate and Forecast, by Product, 2020-2031 (Kilo Tons)
Table 20: North America Lubricants Market Estimate and Forecast, by Product, 2020 -2031
Table 21: Europe Lubricants Market Estimate and Forecast, by Product, 2020-2031 (Kilo Tons)
Table 22: Europe Lubricants Market Estimate and Forecast, by Product, 2020 -2031
Table 23: Asia Pacific Lubricants Market Estimate and Forecast, by Product, 2020-2031 (Kilo Tons)
Table 24: Asia Pacific Lubricants Market Estimate and Forecast, by Product, 2020 -2031
Table 25: Latin America Market Estimate and Forecast, by Product, 2020-2031 (Kilo Tons)
Table 26: Latin America Market Estimate and Forecast, by Product, 2020 -2031
Table 27: Middle East & Africa Market Estimate and Forecast, by Product, 2020-2031 (Kilo Tons)
Table 28: Middle East & Africa Lubricants Market Estimate and Forecast, by Product, 2020 -2031
List of Figures
Figure 1: Lubricants: Market Segmentation
Figure 2: Global Lubricants Market Volume and Revenue, 2020 – 2031 (Kilo Tons)
Figure 3: Value Chain Analysis of Synthetic and Bio-Based Lubricants
Figure 4: Global Automobile Sales Demand, 2010 - 2031 (Mn Units)
Figure 5: Mineral Oil Price Trends, 2010 – 2013 (Kilo Tons) (Global Average)
Figure 6: Mineral V/S Bio-Lubricants: Raw Material Price Trends, 2010 - 2031
Figure 7: Porter’s Five Forces Analysis
Figure 8: Market Attractiveness Analysis of Bio-Based Lubricants by Application, 2020
Figure 9: Market Attractiveness Analysis of Group IV & V Lubricants Vs. Mineral-Oil Based Lubricants, 2020
Figure 10: Mineral and Synthetic Lubricants: Company Market Share, 2020
Figure 11: Bio-Based Lubricants: Company Market Share, 2020
Figure 12: Global Lubricants Market Volume Share, by Product, 2020 – 2031
Figure 13: Global Demand for Mineral Lubricants, 2020 - 2031 (Kilo Tons)
Figure 14: Global Mineral Lubricants Volume Share, by Application, 2020 – 2031
Figure 15: Global Demand for Synthetic Lubricants, 2020 – 2031 (Kilo Tons)
Figure 16: Global Synthetic Lubricants Market Volume Share, by Application, 2020 – 2031
Figure 17: Global Demand for Bio-Based Lubricants, 2020 – 2031 (Kilo Tons)
Figure 18: Global Bio-Based Lubricants Market Volume Share, by Application, 2020 – 2031
Figure 19: Global Lubricants Volume Share, by Geography, 2020 and 2031
Figure 20: North America Overall Lubricants Market Volume and Revenue, 2020 – 2031 (Kilo Tons)
Figure 21: Europe Lubricants Overall Market Volume and Revenue, 2020 – 2031 (Kilo Tons)
Figure 22: Asia Pacific Overall Lubricants Market Volume and Revenue, 2020 – 2031 (Kilo Tons)
Figure 23: Latin America Overall Lubricants Market Volume and Revenue, 2020 – 2031 (Kilo Tons)
Figure 24: Middle East & Africa Overall Lubricants Market Volume and Revenue, 2020 – 2031 (Kilo Tons)