Lubricants Market Size Research Report
Growth opportunities in the global lubricants market look promising over the next six years. This is mainly due to the rising number of research & development activities followed by the continuous technological advancements to develop advanced lubricants which can reduce frictional losses. Moreover, the accelerating demand for automobiles has further surged the demand for lubricants to prevent wear & tear in the automotive engine components.
One of the significant factors contributing to the growth of the global lubricants market includes the continuous growth of the industrial sector around the world. This is due to the rising disposable income and the growing GDP across developing countries. Moreover, the growing number of research & development activities and continuous technological advancements to develop advanced lubricants with the ability to reduce the frictional losses will further boost the market growth. In addition to this, the accelerating demand for automobiles has surged the demand for lubricants to reduce friction & prevent wear & tear, especially in the automotive engine components.
The increasing focus on urbanization is helping to manufacture industry to expand, which in turn, is increasing the growth of the lubricants market size. In addition to this, the inclination towards the adoption of renewable energy has increased the demand for lubricants. The market is experiencing an increased demand owing to the accelerating demand for high-performance engines. As per the lubricants industry analysis, the rising demand for hybrid vehicles and stringent rules for the environment by the government are the two major factors that are hampering the growth of the lubricants market share.
On the basis of the base oil, the Synthetic Lubricants (Group Iv, V) is projected to have a higher CAGR during the forecast period. This is due to the increasing utilization of these lubricants in various applications. Moreover, this type of base oil offers advantages such as improves low & high-temperature viscosity performance at service temperature extremes and decreased evaporative loss.
On the basis of end-use industry, transportation is projected to grow at a faster CAGR during the forecast period. The strong demand for lubricants in the transportation sector due to the economy's growth, surging sales of passenger and commercial vehicles, and rapid urbanization.
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