How are New Marketing Strategies Driving Demand for Lubricants?

The economic situation in various emerging economies has improved significantly, owing to which, the disposable income of people has increased as well. Ascribed to this, the expansion of the automotive sector has been steady in countries including Brazil, China, Mexico, and India. As the purchasing power of people in these countries has grown, they are spending widely on new vehicles. In addition to this, the awareness regarding the use of lubricants for proper functioning of vehicles has risen as well.

Attributed to these factors, the global lubricants market is predicted to reach a value of $115,350.6 million by 2030, rising from $95,403.9 million in 2019, exhibiting a 2.3% CAGR during the forecast period (2020–2030), according to a report by P&S Intelligence. Even though lubricants are utilized in a number of industries, the awareness regarding its utilization has been mostly limited to the western world up till now. But these days, the situation seems to be changing for the better.

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People in developing countries as well have started becoming aware about the advantages of utilizing lubricants in vehicles, machinery, and other equipment. Furthermore, enterprises in the domain have also started adopting different marketing strategies for creating more awareness about their products. For example, companies are adopting methods such as promotional campaigns and trade shows, in addition to offering free samples to customers. This is predicted to lead to increased interest among consumers, thereby resulting in high demand for lubricants.

Geographically, the Asia-Pacific region emerged as the largest lubricants market in the past, owing to the shift of manufacturing plants to Asian countries from across the globe. Countries including India and China have less strict environmental regulations and rules and less labor cost, as compared to western countries, owing to which, manufacturing plants are being shifted in these countries. The demand for lubricants is also expected to increase in Middle East and Africa in the years to come.

Hence, the market is growing due to the rising sales of vehicles and increasing awareness about lubricants in emerging economies.