Westford, USA, July 18, 2024 (GLOBE NEWSWIRE) -- As per new projections by SkyQuest, the global Lubricants Market will attain a value of USD 186.73 Million by the end of 2031, by registering a CAGR of 3.7% during the forecast period (2024-2031). Lubricants are active solid, semi-solid, or liquid hydrocarbon substances used to reduce the friction between two colliding substances. This allows the machines to run smoothly and protects them from friction damage and wear and tear. It has many practical applications, especially in unit operations with moving products. The automotive industry, where lubricants are used to reduce friction, is the ultimate application of the chemicals.
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Lubricants Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 139.63 Million |
| Estimated Value by 2031 | USD 186.73 Million |
| Growth Rate | Poised to grow at a CAGR of 3.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Grade, Application, End-Use |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising Demand for High-performance Lubricants |
| Key Market Drivers | Increasing Industrialization |
Synthetic Oil Segment to Dominate Due to Low Vehicle Emissions
The synthetic oil segment dominated the global lubricants market in 2022. Due to low vehicle emissions, compatibility with vehicle hardware and low cost, synthetic oils are increasingly popular as base oils for lubrication. Synthetic base oil lubricants are also useful as lubricants for automotive parts exposed to contact. To provide improved shear stability and chemical stability, and high viscosity index are also some of the factors expected to drive the demand for synthetic base oils for lubrication, contributing to the segment’s revenue growth over the forecast period.
Gear and Engine Oil Segment to Drive Market Due to Increasing Variety of Applications and Environments
The gear and engine oil are the growing segment in the global lubricants market in 2022. The gear oil should be changed regularly to ensure long vehicle life, prevent limited component wear and reduced maintenance costs. Like this, engine oil reduces friction between engine parts that move when the car is reversed. Lubricants not only lubricate but also help reduce heat, preventing corrosion. By transferring suspension colonies to the oil filter, engine oils also stop depositing dirt and microorganisms on engine components without reducing engine performance.
Asia-Pacific is Dominating Due to Rapid Growth in the Automobile Industry
The Asia-Pacific region is expected to dominate the global lubricants market. The rapid growth in the automobile industry, industrial development and automotive manufacturing in countries like Japan, India and China is credited for this increase in Automotive engine oils. Asia-Pacific is beginning to emulate the US. and European regulatory regimes, and as a result, countries such as Japan and South Korea prioritize environmental controls on lubricants.
The North America region in the market is expected to grow rapidly in terms of revenue. Rapidly growing aerospace industry and increasing crude oil production boosts the revenue of this segment market. After recovering from the impact of COVID-19, the US Energy Information Administration forecasts that crude oil production will meet the 2019 peak in the third quarter of 2023. Increased crude oil production is expected to provide more resources for lubricants by distillation.
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Drivers
Restraints
Prominent Players in Lubricants Market
The following are the Top Lubricants Companies
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Key Questions Answered in Lubricants Market Report
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