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.

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.