The global lubricants market had a valuation of $95,403.9 million in 2019 and is predicted to advance at a CAGR of 2.3% between 2020 and 2030. Furthermore, as per the forecast of the market research company, P&S Intelligence, the market would generate a revenue of $115,350.6 million by 2030. The thriving automotive industry in the developing nations such as India, Brazil, and China and the rising public awareness about lubricants are the main factors driving the progress of the market.
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Lubricants are heavily used in the crankcases of vehicle engines. This is required for ensuring the efficient functioning of the automobile. In addition to this, lubricants are used in automobiles for reducing friction, which leads to lower wear and tear and longer lifespan of the vehicle. Depending on base oil, the lubricants market is divided into synthetic oil, bio-based oil, and mineral oil. Amongst these, the mineral oil category is predicted to dominate the market in the future years.
When end-user is taken into consideration, the lubricants market is divided into heavy equipment, automotive and other transportation, metallurgy and metalworking, food and beverages, and chemical categories. Out of these, the automotive and other transportation category recorded the highest growth in the market in the past years. Because of globalization, the aviation and marine industry is registering significant growth, which is subsequently pushing up the manufacturing of ships and aircrafts.
This is driving the usage of lubricants as lubricants are required for maintaining the proper functioning of ships and aircrafts.
Geographically, the lubricants market is predicted to demonstrate the fastest growth in Middle East & Africa (MEA) in the coming years, on account of the availability of several oil wells in the region and the consequent availability of crude oil and its by-products, which include lubricants, at very low prices.
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Hence, it is quite clear that the market would register huge growth all over the world in the upcoming years, mainly because of the growing requirement for lubricants in the automotive industry and various manufacturing operations.
Market Size Breakdown by Segment
By Base Oil
- Mineral Oil
- Synthetic Oil
- Bio-Based Oil
By Product Type
- Engine Oil
- Transmission and Hydraulic Fluid Oil
- Gear Oil
- General Industrial Oil
- Metalworking Oil
- Process Oil
By End User
- Automotive and Other Transportation
- Heavy Equipment
- Food and Beverages
- Metallurgy and Metalworking
- North America
o South Korea
- Latin America
- Middle East and Africa
o Saudi Arabia
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Industrial Lubricants Market – https://www.psmarketresearch.com/market-analysis/industrial-lubricants-market
Lubricants Market for Mining and Quarry Applications – https://www.psmarketresearch.com/market-analysis/lubricants-market-for-mining-and-quarry-applications
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