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Lubricants Market 2031: Industry Update, Report Explores Share, Latest Trends, Size, Industry Overview
Lubricants Market
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A lubricant is a substance that aids in decreasing friction between surfaces in close proximity, which, in turn, lowers the heat produced as the surfaces move. It may also have the function of transmitting forces, transporting foreign particles, or heating or cooling the surfaces.
The property of reducing friction is known as lubricity. Lubricants reduce friction, prevent wear, protect the equipment from corrosion, control temperature, control contamination, transmit power (hydraulics), and provide a fluid seal.
By product type, the engine oil segment dominated the global lubricant market in 2021. The engine oil lubricates the engine parts for its efficient movement, thereby reducing the extent of metal contact, friction, and heat generation within the engine.
In addition, cleaning & cooling the engine parts, sealing the gaps, and rust prevention are the other functions carried out by the engine oil.
By end-use industry, the automotive & other transportation segment dominated the global lubricant market in 2021.
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Passenger cars offer maximum market potential in the automotive lubricants market, owing to increase in demand for these cars and general utility vehicles globally along with rise in public transportation expenditure.
By region, Asia-Pacific is projected to be the fastest growing market. Asia-Pacific is expected to dominate the market, owing to increase in urbanization, specifically in China, India, Brazil, and other developing countries.
The major players operating in the industry include British Petroleum, Chevron Corp, ExxonMobil Corp, Marathon Petroleum Corporation, Neste OYJ, Philips 66 Company, Saudi Aramco, Shell Co, Sinopec Corp, and S-Oil Corporation. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
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