Lubricants Market By Base Oil, Product Type, End User and Growth Forecast to 2030

The mushrooming sales of automobiles, especially in emerging economies, such as India, Mexico, Brazil, and China, owing to the surging disposable income of people, are fueling the demand for lubricants. This is because lubricants are heavily used in the crankcase of an automobile engine in order to ensure the smooth and efficient operation of the vehicle. In addition, these by-products of crude oil assist in reducing friction in vehicles, which subsequently leads to lesser wear and tear and longer lifespan.

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Furthermore, the soaring public awareness about the various benefits of utilizing lubricants in vehicles and machinery is also driving the sales of these crude oil by-products across the world. Many lubricant producers are increasingly adopting different customer-oriented methods for raising brand awareness via visual and print media. Some of the major examples of these methods are trade shows and promotional campaigns. With the help of these platforms, companies are offering free samples and gifts to customers in order to create curiosity and raise public awareness about lubricants and their benefits in various applications.

Apart from the aforementioned factors, the boom in the construction industry is also propelling the expansion of the global lubricants market, as a result of which, the revenue of the market is predicted to rise to $115,350.6 million by 2030. Lubricants are extensively used in various construction equipment in order to ensure their smooth functioning. Owing to this reason, the soaring construction and infrastructural development activities in several countries are predicted to fuel the market at a CAGR of 2.3% from 2020 to 2030.

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Geographically, the sales of lubricants will soar in the Middle East and Africa (MEA) region in the coming years, as per the estimates of the market research firm, P&S Intelligence. This will be a result of the presence of several oil wells in the region. Moreover, the availability of crude oil and its numerous by-products, such as lubricants, at affordable prices is allowing manufacturing firms to use lubricants extensively in the region. Furthermore, the surging number of manufacturing facilities is also fueling the demand for lubricants in the region.

Hence, it is quite clear that the sales of lubricants will explode in the coming years, mainly because of the surging sales of automobiles and the rising public awareness about the benefits of using these crude oil by-products in automobiles and construction machinery.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.