Chicago, Sept. 14, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, diesel engine lubricants market to grow at a CAGR of over 5.6% during 2022-2027. In recent years, the US, China, India, South Korea, Brazil, the UK, Germany, Canada, and Saudi Arabia have developed rapidly in terms of infrastructure. Refinitiv estimates that 2,551 infrastructure projects worth $739 billion were announced globally in 2020. The need for construction machinery like loaders, excavators, and dumpers increased as a result of these projects. Due to FDI and industrial development incentives provided by local governments, infrastructure is expanding in emerging economies. As a result, there is a greater need for heavy machinery and diesel engine lubricants.
Diesel Engine Lubricants Market Report Scope
|MARKET SIZE (2027)||$32 Billion|
|MARKET SIZE (2021)||$23 Billion|
|MARKET SEGMENTS||Oil Type (Mineral Oil and Synthetic Oil), End Use (Automotive & Transportation, Heavy Industrial, Power Generation, and Others)|
|KEY VENDORS||Castrol Limited, Chevron Corporation, ExxonMobil Corporation, Shell PLC, TotalEnergies|
|COUNTRIES COVERED||US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, South Africa, and UAE|
Diesel engine lubricants are essential for improving the performance of diesel engines. Diesel engine lubricants consist of 5% to 30% of additives and the remaining percentage of base stock. Additives modify the properties of diesel engine lubricants to deliver the desired performance of the diesel engine and offer smooth functioning of the engine. Several times, base oil consists of unwanted properties that may hamper the performance aspect of the lubricant. Therefore, unwanted, and undesirable property minimizers are used to minimize the effect of unwanted properties of base oils. To offer better performance lubricants, manufacturers add additives that add new properties to the base oil to enhance the lubrication properties and performance of diesel engine lubricants.
In recent years, rapid industrialization has boosted the rate of infrastructure development across the globe. Industry 4.0 have digitalized the infrastructure sector, which has changed the pace of infrastructure development. Infrastructure development is essential for global economic growth. In addition, developed infrastructure creates a positive environment for investors to invest, increasing the market size. The above-mentioned factors boost the economic growth of a country, which is good for the overall development across the globe. Therefore, an increase in heavy industrial equipment will increase the demand for diesel engine lubricants.
The diesel engine lubricant market is changing as customers are demanding better-performing lubricants that will improve fuel economy and provide better performance. In the past, diesel engine lubricants were typically manufactured from mineral oil, which is derived from crude oil. However, as the automotive industry developed its mineral oil-based diesel engine lubricant, they were not able to perform the new diesel engine requirements. Therefore, demand for synthetic oil-based diesel as per engine lubricants and additives is rapidly increasing. Diesel engine lubricants play an important role in engine performance with protection against wear and tear of moving parts. Diesel engine lubricants consist of base oils and various additives, which give a wide spectrum of properties. Since demand for efficient and high-performance diesel engines is increasing steadily, demand for diesel engine lubricants is expected to increase significantly as these lubricants play a vital role in the engine’s performance and efficiency.
The diesel engine lubricant market is highly fragmented as there are many manufacturers across major markets. The high investment occurring for R&D is enabling change in technology, and strict environmental regulations set down by government entities have affected vendors adversely. Customers are also demanding innovative and upgraded products in diesel engine lubricants. The digitalization of industries has improved production processes and the ability to deliver products that meet demand customer demand. Hence, to survive in the intensely competitive environment, the manufacturers need to introduce new or improved diesel engine lubricant products from time to time and adapt to the constantly changing market trends.
- Diesel engine lubricants are available in two different oil types: synthetic oil and mineral oil. These two oil types offer some benefits, but synthetic oil is the largest segment of diesel engine lubricants that accounted for 56.47% of revenue share in 2021. It offers better lubrication for new designs of diesel engines.
- Automotive and transport is the largest segment for diesel engine lubricants market due to factors such as growing international trade, introduction of bio-diesel fuel and rapid industrial development.
- The stringent emission regulation laid down by various governments has impacted the diesel engine lubricants market negatively. Automotive manufacturers have invested a large amount to develop alternate fuel vehicles and newly designed engines which will mitigate the impact of emission of vehicles. Therefore, many of the lubricant manufacturers have developed diesel engine lubricants that will be compatible for new developments in vehicles which are eco-friendly and sustainable that resulted in huge investment in R&D.
- The demand for commercial vehicles in India, China, Brazil, South Korea, Argentina, Mexico, and South Africa is growing because of rapid development in the industrial sector and growing international trade. This growth in commercial vehicles is likely to boost the market for diesel engine lubricant.
- Biodiesel is a better and more eco-friendly alternative to conventional or fossil-based diesel fuel. Biodiesel has lower exhaust emissions compared to petroleum-based diesel fuel. The main advantage of biodiesel is that no special modifications are required to the diesel engines for the use of biodiesel. Therefore, the demand for diesel engine vehicles is expected to grow significantly in future that is expected to increase the market for diesel engine lubricants.
- Emerging economies such as India, China, Indonesia, South Korea, Mexico, Brazil, Colombia, Argentina, and others are the major markets for diesel engine lubricant. According to the International Organization of Motor Vehicle Manufacturers (OICA), since 2005, the automobile industry has shown rapid growth in emerging economies because of the rapid industrialization and increased foreign direct investment (FDI).
- Castrol Limited
- Chevron Corporation
- ExxonMobil Corporation
- Shell PLC
Other Prominent Vendors
- Bharat Petroleum Corporation Limited (BPCL)
- BP PLC
- Gazpromneft – Lubricants Ltd
- GS Caltex Corporation
- Gulf Oil International limited
- Hindustan Petroleum Corporation Limited (HPCL)
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corporation Limited (IOCL)
- Kuwait Dana Lubes Company
- Liqui Moly
- Petro Canada Lubricants
- Petroliam Nasional Berhad (PETRONAS)
- Philips 66
- Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
- Valvoline Inc.
- Automotive & Transportation
- Heavy Industrial
- Power Generation
- South Korea
- North America
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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