Press release
Impact Of Automotive Industry Growth On Multi-Purpose Lubricants Market: Key Factor Driving The Growth In The Multi Purpose Lubricants Market
Multi Purpose Lubricants Market
What Is the Expected Multi Purpose Lubricants Market Size During the Forecast Period?
The multi-purpose lubricants market size will grow from $19.3 billion in 2024 to $20.8 billion in 2025, at a CAGR of 7.8%. The growth is attributed to the automotive industry growth, demand for industrial machinery, rising vehicle ownership, increasing maintenance needs, and fuel efficiency requirements.
The multi-purpose lubricants market is projected to grow to $27.76 billion by 2029, at a CAGR of 7.5%. Growth is driven by environmental regulations, demand for eco-friendly products, industrial application growth, consumer awareness, and automotive production increase. Trends include a shift to synthetic lubricants, sustainability focus, online sales growth, packaging innovations, and IoT adoption for lubricant monitoring.
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What Are the High-Growth Segments in the Multi Purpose Lubricants Market?
The multi purpose lubricantsmarket covered in this report is segmented -
1) By Grade: Industrial Grade, Technical Grade, Food Grade, Other Grades
2) By Packaging Type: Aerosol Spray, Squeeze Bottles, Other Packaging Types
3) By End Use Industry: Agriculture, Automotive And Transportation, Sport And Leisure, Construction, Food And Beverages, Metallurgy, Electrical And Electronics, Marine, Other End Use Industries
Subsegments:
1) By Industrial Grade: Heavy-Duty Industrial Lubricants, General-Purpose Industrial Lubricants, High-Temperature Industrial Lubricants, Anti-Wear Industrial Lubricants
2) By Technical Grade: Precision Machinery Lubricants, High-Performance Technical Lubricants, Chemical Processing Lubricants, Greases and Oils For Technical Applications
3) By Food Grade: H1 Registered Food-Grade Lubricants, H2 Registered Food-Grade Lubricants, Food-Grade Greases and Oils, Non-Toxic and Biodegradable Food-Grade Lubricants
4) By Other Grades: Automotive Lubricants, Marine Lubricants, Aerospace Lubricants, Environmental-Friendly Lubricants, Specialty Lubricants For Specific Applications
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What Key Drivers Are Expected to Influence Future Multi Purpose Lubricants Market Growth?
The expansion of the automotive industry is expected to drive the growth of the multi-purpose lubricants market. The automotive industry is experiencing growth due to rising consumer demand and technological advancements. Multi-purpose lubricants are crucial in automotive applications for reducing friction, preventing wear, and protecting components. In 2022, Statistics Canada reported a slight 0.3% increase in the number of registered motor vehicles. As such, the growing automotive industry is fueling the multi-purpose lubricants market.
Which Companies Hold the Largest Share Across Different Multi Purpose Lubricants Market Segments?
Major companies operating in the multi purpose lubricants market are 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
What Are the Latest Developing Trends in the Multi Purpose Lubricants Market?
Companies in the multi-purpose lubricants market are developing innovative products like multilub synthetic high-performance grease to meet evolving industry standards. DuPont de Nemours launched MOLYKOTE multilub grease in May 2022, offering superior performance and durability in extreme conditions, suitable for a wide range of industrial applications.
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What Are the Emerging Geographies for The Multi Purpose Lubricants Market Growth?
Asia-Pacific was the largest region in the multi purpose lubricants market in 2024 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the multi purpose lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Multi Purpose Lubricants Market?
2. What is the CAGR expected in the Multi Purpose Lubricants Market?
3. What Are the Key Innovations Transforming the Multi Purpose Lubricants Industry?
4. Which Region Is Leading the Multi Purpose Lubricants Market?
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