Global lubricant demand 2000-2028

The total global demand for lubricants reached a high in 2020, when demand reached 37 million metric tons. By 2028, the worldwide lubricants demand is expected to reach 38.1 million metric tons.

Lubricants history

Broadly defined, a lubricant is a substance used to reduce friction and heat between two or more surfaces that come into contact. Humans have been using lubricants for thousands of years. Egyptians for example used oil and water to ease the transportation of statues, and animal fat to lubricate chariot axles. By the early 20th century, mineral oils, vegetable oils, and greases were used for lubrication. This has been expanded upon to also include solid lubricants, synthetic oils, water-based and gas-based lubricants.

Global demand for industrial lubricants

The lubricants industry is extremely important for the global industrial sector to optimize the running of machinery. The automotive industry's demand for lubricants accounts for more than half of the global lubricant demand. Along with the growing global demand for lubricants, the global market value of lubricants is forecast to increase to 182.6 billion U.S. dollars by 2025. Based on market volume, China was the global lubricants market leader as of 2019, with a market volume of 7.3 million tons. The United States and India following in second and third place, with 6.05 million tons and 1.7 million tons, respectively.