Lubricant Industry Size, Revenue, In-Depth Research

By 2030, the market value of lubricants is expected to reach USD 115,350.6 million, owing to the expansion of the automotive industry in India, China and Brazil and the growing awareness of the use high in lubricants. Lubricants are heavily used to decrease friction between components and reduce vehicle wear. The demand for the transportation industry and heavy equipment in the construction industry has increased over the years, which in turn leads to increased demand for lubricants and increased oil life. equipment and vehicles.

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In the base oil segment, the mineral oil category is expected to dominate the lubricants market, owing to the economical cost of mineral oils, their easy availability and their massive consumption in the manufacturing sector. Additionally, the growing awareness of mineral oils over synthetic and bio-based oils is driving a proliferation of the market. In addition, the greater number of mineral oil producers also expands the marker.

The motor oil category, in the product type segment, is expected to gain a major market share by 2030, owing to the massive demand for automobiles and the global expansion of the transportation sector. People have become more aware of the many benefits of using lubricants such as improving mileage and increasing the life of automobiles.

The MEA region is expected to experience significant growth in the lubricants market in the near future, attributed to the massive presence of oil wells. In addition, the low cost of crude oil and lubricants offers many advantages to manufacturing industries. Currently, MEA has seen a massive increase in the number of manufacturing plants. The expansion of the manufacturing sector in the region is attributed to the decreasing dependence on oil and the diversification of the economy of the MEA countries.

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Massive automobile sales in Brazil, China and Mexico are driving the lubricants market, attributed to rising per capita income. To ensure the proper functioning of vehicles, lubricants are widely used in the automobile engine. Crude oil by-products also reduce friction in automobiles, leading to longer life and less wear and tear on vehicles. The surge in vehicle sales has created many opportunities for market players.

Hence, the expansion of automotive sector with the growing demand for lubricants to improve their vehicle mileage and increase service life is proliferating the market.

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This press release was published on openPR.