René Muschter
Research Expert covering Industry & Mobility
Global lubricants industry - statistics & facts
The world requires around 35 million metric tons of lubricants every year. Lubricants demand has remained relatively stable over the years as their use is largely tied to manufacturing industries and personal transportation. Although also used for biomedical purposes, lubricants primarily serve to reduce friction in machinery, such as passenger car motors. Passenger car engine oil is the most ubiquitous lubricant type. Other common lube products include process oil, heavy duty engine oil, hydraulic oil, and transmission and metalworking fluids. As the most populous region with an extensive manufacturing presence and home to major car markets, Asia-Pacific has the highest lubricants demand of any region worldwide. It accounts for around 44 percent of the global market (excluding Africa).
The U.S. has observed similar trends to the European Union, with U.S. lubricants production the lowest it has been since at least 2010. Nevertheless, while the number of active businesses has fallen, the country's lubricants market revenue actually noted a net increase between 2020 and 2024.
Building blocks for lubricants – petroleum and petrochemicals
Most of the lubricants sold today are derived from crude oil and petrochemicals. China makes up by far the largest petrochemical market, with a global sales share of around 43 percent. This is followed by other major producer markets like the United States, Germany, and Japan. Overall, the world has a petrochemical production capacity of around 2.6 billion metric tons.Major lubricant suppliers
Due to their ties to petroleum production, lubricants are often supplied by major oil companies. Among some of the largest state-owned producers is India’s BPCL, which reported a record lubricants sales volume in its 2024 fiscal year. India is also the country receiving the largest shipments of lubricants in the world. In 2024, it imported roughly 37,000 barrels worth of lube oil via tankers every day. As the country is not a major crude oil producer, it relies heavily on petroleum product imports. Other prominent destination markets are countries with a substantial refining presence, like the United States, China, and Singapore.Demand shifts in European and U.S. markets
The Netherlands is the main destination for lube oils arriving in European ports. However, the EU’s production volume of petroleum-based lubricants has fallen to a decade low in the wake of multiple refinery closures and greater adoption of electric vehicles.The U.S. has observed similar trends to the European Union, with U.S. lubricants production the lowest it has been since at least 2010. Nevertheless, while the number of active businesses has fallen, the country's lubricants market revenue actually noted a net increase between 2020 and 2024.
