The sales of vehicles is increasing across the globe, primarily in developing countries. As the disposable income of people has risen in emerging economies, they are now able to afford private vehicles much more easily. Lubricant is a product that is used widely in vehicles, which is why their rising demand is leading to the high demand for lubricants as well. It is utilized in crankcase of the engine of the vehicle for ensuring that the vehicle operates efficiently.
Owing to this, the global lubricants market is predicted to advance at a significant pace in the years to come. Previously, the awareness regarding lubricants has been low among consumers, mostly limited to western countries. This is despite the high consumption of lubricants in almost all industries, including the automotive industry. However, now the situation is changing, and a larger number of consumers are aware about the advantages and benefits of lubricants all across the globe.
Companies in the domain are also making sure to adopt consumer-oriented methods for creating brand awareness among people. They are widely making use of print and visual media for ensuring that people know more about the uses of lubricants. Trade shows and promotional campaigns, where businesses provide free samples or gifts to consumers, are some examples of methods are being used by enterprises. This predicted to result in the growth of the market in the years to come.
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The lubricants market reached a value of $95,403.9 million in 2019, and it is projected to exhibit a 2.3% CAGR during the forecast period (2020–2030). When base oil is considered, the market is divided into bio-based oil, mineral oil, and synthetic oil, among which, the mineral oil division held the major share of the market in 2019. Owing to the low cost and easy availability of this base oil, manufacturing facilities are increasingly creating demand for it.
On the basis of product type, the market is categorized into process oil, metalworking oil, grease, general industrial oil, gear oil, transmission and hydraulic fluid oil, and engine oil. Out of all these, the engine oil category held the largest share of the market in 2019 and is further predicted to retain its position during the forecast period as well. The expanding transportation industry and the rising requirement for vehicles is expected to drive the demand for engine oil in the years to come.
Geographically, the Asia-Pacific region accounted for the largest share of the lubricants market in 2019, according to a report by P&S Intelligence. The region is further expected to create the largest demand for lubricants during the forecast period, owing to the shifting of manufacturing plants in Asian countries, majorly in India and China. This is because of less strict environmental rules and regulations and lower labor costs as compared to western nations.
Hence, the market is being driven by the growth of the automotive industry and increasing awareness regarding lubricants among consumers.