The rapidly growing automotive sector in the developing nations such as India, China, Mexico, and Brazil, on account of the surging sales of new automobiles and the soaring per capita income is causing a sharp rise in the demand for lubricants. Moreover, the ballooning sales of new cars and commercial vehicles are providing lucrative growth opportunities to the lubricant producing companies. This is because lubricants are used in the crankcases of engines for ensuring the efficient operation of automobiles.

 

Additionally, lubricants are used in automobiles for reducing friction, which, in turn, leads to lower wear and tear and longer lifespans. The increasing public awareness of lubricants and their role in ensuring vehicle and machine functioning is another major factor fueling the sales of lubricants across the globe. Moreover, many organizations are adopting highly customer-oriented methods such as those involving print and visual media for creating greater customer awareness about lubricants. 

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Promotional campaigns and trade shows, where companies offer gifts or free samples to customers are some of the biggest examples of these customer-oriented methods. Because of these reasons, the demand for lubricants is growing rapidly around the world. This is, in turn, driving the progress of the global lubricants market. As a result, the value of the market is predicted to rise from $95,403.9 million to $115,350.6 million from 2019 to 2030.

Additionally, the presence of less strict environmental protection policies in these countries in comparison to the developed nations fuel the sales of mineral oil-based lubricants, which, in turn, drives the category’s growth in the market. Geographically, the lubricants market recorded the highest growth in the Asia-Pacific (APAC) region in the past years and this trend will also continue in the future years, as per the forecast of P&S Intelligence, a market research company based in India. 

 

The rapid market advancement in the region would be caused by the existence of huge manufacturing zones and facilities in the region. Moreover, the region is a global manufacturing hub and is predicted to witness the setting up of numerous plants in the coming years. Furthermore, the flourishing automotive industry in the region, on account of the rising per capita income of the people, is massively boosting the growth of the market.