Press release
Russia Lubricants Market Share, Size, Analysis, Growth 2029
The Russia Lubricants Market is expected to grow at a high CAGR of 2.6% during the forecasting period (2022-2029).
Lubrication reduces friction and wears by introducing a friction-reducing coating between moving surfaces in contact. The substance utilized as a lubricant can be liquid, solid, or plastic. A surface can be lubricated using a wide variety of chemicals. The most prevalent are oils and greases. Oil is what lubricates and grease is made up of oil and a thickening ingredient to give it consistency. Oils can be made from synthetic materials, plants, minerals, or a combination.
Which base oil should be used depends on the application. Synthetic oils may be useful in extreme circumstances. Vegetable base oils can be used in environments where the environment is a concern. Oil additives are used in lubricants to improve, add or reduce basic oil qualities. The quantity of additives depends upon the type of oil and the intended purpose.
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Market Dynamic
The rising demand for electric vehicles hampers the market growth
A tiny internal combustion engine (ICE) and an electric motor are used in hybrid cars to maximize power efficiency and lower pollution. A car's ICE requires lubricants, primarily transmission fluid and engine oil. Russia's EV market is still emerging. Only 687 vehicles were sold in 2020 and there are currently only 11,000 registered EVs in the world's fleet of 46 million passenger cars.
The Russia Government adopted the Concept of Developing the Production and Utilization of Electric Road Transport in Russia through 2030 in August 2021. The factor will cause the global lubricants market's size to decline, together with rising battery parity. Electric car batteries are relatively expensive, but as technology advances, the price is coming down and the driving range per charge is rising. The variables significantly affect lubricant use.
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Market Segmentation
By Base Stock
• Bio-based lubricants
• Mineral oil lubricants
• Synthetic oil lubricants
• Semi-synthetic lubricants
By Group
• Group I
• Group II
• Group III
• Group IV
• Group V
By Product
• Engine Oil
• General Industrial Oils
• Gear Oil
• Greases
By End-User
• Automotive and Transportation
• Chemical Manufacturing
• Food & Beverage
• Heavy Equipment
• Metallurgy and Metalworking
• Power Generation
Competitive Landscape
The market's top companies own a healthy share of the Russia lubricants market share. In December 2021, ExxonMobil Corporation acquired Garvey Corporation to help develop its industrial process automation capabilities.
Major Russia lubricants market companies include BP PLC (Castrol), DelfinGroup, ExxonMobil Corporation, FUCHS, Gazpromneft - Lubricants, Ltd., Liqui Moly, Lukoil, Obninskorgsintez (SINTEC GROUP), Royal Dutch Shell Plc and Rosneft.
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