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Multi Purpose Lubricants Market Size, Growth, Analysis And Forecast 2033
Multi Purpose Lubricants Market Size
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According to The Business Research Company's, The multi purpose lubricants market size has grown strongly in recent years. It will grow from $17.95 billion in 2023 to $19.30 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to automotive industry growth, industrial machinery demand, rising vehicle ownership, increasing maintenance needs, and fuel efficiency requirements.
The multi purpose lubricants market size is expected to see strong growth in the next few years. It will grow to $25.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to environmental regulations, demand for eco-friendly products, growth in industrial applications, rising consumer awareness, and increased automotive production. Major trends in the forecast period include a shift towards synthetic lubricants, an increasing focus on sustainability, a rise in online sales channels, innovations in packaging solutions, and the adoption of IoT for lubricant monitoring.
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Market Drivers and Trends:
The growing automotive industry is expected to propel the growth of the multi purpose lubricants market going forward. The automotive industry refers to the sector involved in the design, development, manufacturing, marketing, and sale of motor vehicles. The rise in the automotive industry is driven by increasing consumer demand, technological advancements, and growing global transportation needs. Multi-purpose lubricants are used in the automotive sector to reduce friction, prevent wear, and protect components such as engines, gears, and hinges from corrosion. For instance, in June 2024, according to a report published by Statistics Canada, a Canada-based national statistical organization, in 2022, the total number of registered road motor vehicles in Canada reached 26.3 million, showing a slight increase of 0.3% compared to 2021. Therefore, the growing automotive industry is driving the multi purpose lubricants market.
Major companies in the multi purpose lubricants market are focusing on developing innovative products such as multilub synthetic high-performance grease to enhance efficiency and meet evolving industry standards. Multilub synthetic high-performance grease refers to a type of advanced lubricant designed for superior performance and durability in extreme conditions using synthetic base oils and additives. For instance, in May 2022, DuPont de Nemours Inc., a US-based chemical company, launched MOLYKOTE multilub synthetic high-performance grease. This new grease offers enhanced performance and durability over traditional mineral-oil-based greases. It remains effective at temperatures as low as -58°F (-50°C), making it versatile for various environments. Designed for multiple uses, it is suitable for gears, centrifuge pump slides, blend tank agitators, spindles, gearboxes, bushings, actuators, and springs.
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Major Key Players of the Market:
Exxon Mobil Corporation, Royal Dutch Shell plc, TotalEnergies SE, BP p.l.c., Chevron Corporation, Eni S.p.A., Indian Oil Corporation Limited, Idemitsu Kosan Co. Ltd., Lukoil Oil Company, Suncor Energy Inc., Phillips 66 Company, Lubrizol Corporation, Clariant International Ltd., MOL Hungarian Oil and Gas Public Limited Company, Fuchs Petrolub SE, Kraton Corporation, Houghton International Inc., Nynas AB, Valvoline Inc., Castrol Limited, Raven Industries Inc., Hunt Refining Company
Multi Purpose Lubricants Market 2024 Key Insights:
• The multi purpose lubricants market size is expected to see strong growth in the next few years. It will grow to $25.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Impact Of Automotive Industry Growth On Multi-Purpose Lubricants Market
• Advancements In Multi-Purpose Lubricants Enhanced Market Growth
• Asia-Pacific was the largest region in the multi purpose lubricants market in 2023
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