The growing awareness among customers on the usage of lubricants and flourishing automotive industry in emerging economies will increase the size of the lubricants market during the forecast period of 2020–2030. The growth, which will be at a CAGR of 2.3%, will be from $95,403.9 million in 2019 to $115,350.6 million in 2030. The increasing demand for vehicles and heavy equipment from the transportation industry and construction sector, respectively, will drive the advancement of the market during the forecast period.
The demand for vehicles is increasing at an exponential rate in the developing nations of India, Mexico, Brazil, and China due to their rising per capita income. Owing to this, the demand for lubricants is also increasing, as they are applied to reduce friction in vehicles, which ensures their longevity by reducing wear and tear. Lubricants are further used in the cranckcase of a vehicle engine to ensure the efficient functioning of the vehicle; this additionally leads to a significant reduction in greenhouse gas emissions.
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Another factor that will drive the lubricants market growth during the forecast period is the surging awareness about such products. Lubricants find wide applications in various sectors, such as industrial, automotive, and construction. In addition to developed nations, customers in developing nations are also making substantial use of lubricants in vehicles, machinery, and industrial equipment. Market players are now focusing on the adoption of a customer-oriented methods to create brand awareness through print and visual media.
The highest revenue for the lubricants market was generated in the Asia-Pacific (APAC) region in 2019, and this trend is likely to be replicated during the forecast period. This growth would be due to the shift of production units to Asian countries, such as India and China, due to their low labor costs and flexible environmental rules and regulations. Due to the surge in the number of production units, lubricant producers are investing huge sums in the APAC region.