“The Global Lubricants Market is projected to grow at a CAGR of 3.6% during the forecast period 2021-2028″.
Lubricants are materials that help reduce the friction between moving parts or surfaces to enhance the efficiency of machines. They are used in different applications ranging from automobiles to large multitudes of industries. This report covers factors impacting the market, Lubricants Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles. The report profiles the major players of this market.
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Growth in the automotive industry, increasing urbanization and harsh traffic conditions are favoring the growth of Lubricants Market.
Passenger and commercial vehicles are the major consumers of lubricants. This is due to the rising vehicle production and improving standard of living in the developing nations.
Mineral oil to drive the market for lubricants during the forecast period owing to it’s low cost.
The increasing industrial investments and the growing automotive sector is projected to fuel the growth of the lubricants market in the Middle East & Africa region.
By Base Stock
Mineral Oil Lubricants
By Product Type
General Industrial Oils
Transmission & Hydraulic Fluids
By End-User Industry
Automotive and Transportation
Food & Beverage
Metallurgy and Metalworking
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This report segments the market based on geography into North America, South America, Europe, Asia- Pacific and RoW.
Asia-Pacific is a developing and continuously growing region with rapidly expanding Industrial and Automotive sectors. It is the leading consumer of lubricants with a demand of nearly 30% of the global production.
The Global Lubricants Market Share is predominantly divided between the leading players of the market which include Total Oil Asia-Pacific Pte Ltd, Texas Petrochemical Asia Pacific Pte Ltd, Ro-Quip Asia Pacific Pte Ltd, Fuchs Lubricants India Pvt. Ltd, Paras Lubricants Limited.