The Europe Industrial Lubricants Market is expected to grow at a CAGR of 5.38% during the forecast period 2024 to 2029. The market value was at USD 23.27 billion in 2023, and the value is expected to reach USD 31.88 billion by the end of 2029.
The Europe Industrial Lubricants Market is estimated to experience a reasonable growth rate in the foreseen years. Europe encountered a decline in the consumption of lubricants since the turn of the century, well before the GFC, despite population growth of 6% in the same period, the consumption has gone down to as low as 30%. These figures reflect an approach to improving the performance of lubricants and an ongoing trend to improve lubricant efficiency as synthetic oil becomes widespread in automotive, industrial, and metalworking applications. Per capita, lubricants consumption in Europe was calculated at 8 kilograms (kg) per person, down from around 12 kg at the start of the decade.
The design of internal combustion engines (IC Engines) and mechanical engineering has evolved at a very fast pace. The elements of the engine are now exposed to much more tension and heat due to the improvements in engines; this has led to an improvement in the lubrication used. In addition to this, very high RPM engines have emerged that require better quality of engine oil. Also, the transmission system inside the vehicle has improved with vehicles reaching speeds up to 150 miles per hour. The gearing technology and bearing system have also improved. All these improvements and evolution improved the demand for better lubricants which eventually led the European industrial lubricants industry to grow and evolve.
Lubricant markets of Italy, France, Germany, and Spain combine to make the 8% of the overall global demand and 50% of the European demand. Before the pandemic, the growth rate was expected to be flat thanks to the technological shift and post that it has suffered dearly. Europe was a hotspot for the covid-19 virus and business had to be shut down completely. The lubricant industries suffered huge losses and often were required to prove strong liquidity to avoid bankruptcy. The pandemic can bring some changes in the consumer segment of the industry which will eventually affect the demand as lubrication requirement is no longer being seen as a top priority. All in all, the lubricant industry is stagnant, and the pandemic has added much to its woes.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
5.38% |
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Segments Covered |
By Base oil, Product, End-user, and Region. |
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Various Analyses Covered |
Global, Regional, and country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
Germany, Italy, France, United Kingdom |
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Market Leaders Profiled |
Royal Dutch Shell Plc. (Netherlands), B.P Plc (U.K), Total SA (France), Fuchs Petrolub AG (Germany), Lukoil (Russia), and others. |
The engine oil industry is heavily dependent on the growth and functioning of the automobile industry. With the global shift towards hybrid and electric vehicles, alternative fuel engine oil demand in Germany is expected to increase with a CAGR of 3.7% over the period between 2020 to 2025, which is higher than gasoline and diesel engine oils.
The Hydraulic fluid market is expected to register a healthy growth rate in Europe during the forecast period on account of the increasing use of hydraulic fluids in the automotive and oil & gas industries. Some countries contributing to the growth are Germany, France, and Russia. The grease market in Europe is expected to grow a little over 1% CAGR between 2023-2028, as there are many downsides to it, coupled with the COVID-19 pandemic, this figure can also drop if the situation does not improve. The automotive end-user industry is the dominant segment in the European market that is likely to continue its reign in the coming years.
The Union of European Lubricants industry (UEIL) represents the interests of the lubricants industry in Europe and plays a central role in providing reliable market information and insights to businesses, individual countries and policymakers to support a deeper and comprehensive understanding of the European lubricants market.
Germany is the largest lubricant producer in Europe and it boasts a steady economy that recovered quickly from the global low of 2009. They are the front-runner in the EU and renowned for their sophisticated engineering sector which comes with lubrication innovation. Italy is also a significant presence in the lubricant industry market with a volume as high as 400 thousand tonnes and it was also able to endure its worst economic crisis.
Royal Dutch Shell Plc. (Netherlands), B.P Plc (U.K), Total SA (France), Fuchs Petrolub AG (Germany), Lukoil (Russia) are some of the notable companies in the Europe Industrial Lubricants market.
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