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Oct 13, 2020 1:44 AM ET

Lubricants Market To Generate Over $115,000.0 Million by 2030

Lubricants Market To

iCrowd Newswire - Oct 13, 2020

The most important drivers for the growth of the lubricants market are people’s increasing awareness about these products and the rising demand for them from the automotive and transportation industry. Owing to these reasons, the sales of these products will be worth $115,350.6 million in 2020, compared to $95,403.9 million in 2019. During the forecast period (2020–2030), the market is projected to advance with a CAGR of 2.3%. Colloquially called lubes, lubricants are used to reduce the friction between moving parts and those in contact with each other in machinery.

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Bio-based oil, mineral oil, and synthetic oil are the three categories of the lubricants market, when it is segmented on the basis of base oil. Among these, the mineral oil category dominated the industry during the historical period (2014–2019), and it is expected to keep doing so throughout the forecast period. This is because mineral oils are easily available and are cost-effective, which is why lubricants with a mineral oil base witness heavy consumption in the manufacturing sector.

This market research report provides a comprehensive overview of the lubricants market

The market is classified into engine oil, metalworking oil, gear oil, general industrial oil, grease, transmission and hydraulic fluid oil, process oil, and others, based on product type. In 2019, the largest share in the lubricants market was held by the engine oil category, on account of the burgeoning sale of automobiles. As per Organisation Internationale des Constructeurs d’Automobiles (OICA), 91 million vehicle sales were registered globally in 2019, compared to 66 million in 2005.

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The growing automotive and transportation sector is among the strongest factors influencing the market advance in a positive way. Lubricating the engine and other mechanical components of automobiles increases their lifespan and fuel efficiency, by reducing friction. Owing to the rising levels of air pollution, the focus on increasing the fuel efficiency of vehicles is growing. The more the engine has to work, more is the fuel consumed; thus, it is essential to reduce the wear and tear within the engine, by lubricating it regularly.

The research includes detailed analysis of;

Based on Base Oil

Based on Product Type

Based on End User

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Industrial Lubricants Market

The industrial lubricants market is expected to grow at a CAGR of 4.3% during the forecast period. The increasing demand for industrial lubricants from the textile, chemical manufacturing, and metal working industries is helping the market grow.

Global Lubricants Market for Mining and Quarry Applications

The global lubricants market for mining and quarry applications is expected to witness a CAGR of 5.0% during the forecast period, due to the rapid growth in the mining sector and increasing demand from end-use industries such as coal mining and iron ore mining.

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Keywords:    Lubricants Market, global Lubricants Market Growth, Lubricants Market size, Lubricants Market overview, Lubricants Market share, Lubricants Market trends

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