The most important growth drivers for the worldwide lubricants market are the increasing demand for such products from the automotive industry and rising awareness of people about the benefits of lubricating machines. P&S Intelligence says that due to these two reasons, the sale of lubricants will garner revenue of $115,350.6 million by 2030, increasing from $95,403.9 million in 2019 at a 2.3% CAGR during 2020–2030 (forecast period). The main job of lubricants is to prevent frequent wear and tear of machinery, by reducing the friction between the parts in contact.
The industry is categorized into synthetic oil, mineral
oil, and bio-based oil, under segmentation by base oil. Among these, the
mineral oil category dominated the lubricants market during the
historical period (2014–2019). This is ascribed to the high demand for
mineral-oil-based lubricants from manufacturing facilities, as they are easily
available and also cost less than other variants. In addition, more people know
about these lubricants compared to bio-based and synthetic-oil-based
alternatives.
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One of the key trends in the industry is the adoption of bio-based lubricants, as people are taking efforts to increase the efficiency of their vehicles, at the same time, reducing the harmful effects of conventional lubricants on the environment. To manufacture bio-based lubricants, esters are produced by reacting fatty acids with synthetic alcohols. North America has been the largest consumer of bio-based lubes, majorly owing to the implementation of the Farm Security and Rural Investment Act (FSRIA), which has allowed for the marketing of such products.
Asia-Pacific (APAC) is the largest lubricants market currently, due to the increasing number of manufacturing plants in China and India, which offer low labor and raw material costs, along with less-strict environmental regulations than Europe and North America. During the forecast period, the Middle East and Africa (MEA) will observe the fastest advance in the industry, as it has some of the largest oil reserves on earth, which makes for cost-effective lubricant production. Further, countries in the region are setting up production facilities to diversify their economy, thus driving the lubricant demand.
Therefore, as automotive sales and the industrialization rate increase, so will the consumption of lubricants around the globe.
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