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Lubricating Oil Market - Global Industry Analysis 2024
Lubricating oils are essential in any use of machinery that leads to friction between mechanical parts. The industrial sector and the automotive sector are the two key consumers of lubricating oils and employ them in a variety of applications such as industrial gearboxes, internal combustion engines, turbines, and others. Lubricating oils perform the important role of curbing the temperature of the machinery during operation, but the long-term importance of lubricating oils goes beyond the maintenance of the machinery itself. Emissions resulting from industrial activities or engines are worsened by wear and tear, necessitating the use of lubricating oils in today’s environment-conscious age.
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By end use, the report studies the demand for lubricating oils into transportation, automotive, construction, and industrial machinery. Of these, the automotive industry held a dominant share in the global lubricating oil market and is likely to remain a key contributor to the market in the coming years. By product type, the global lubricating oils market is bifurcated into synthetic and mineral lubricating oils.
The report provides a comprehensive look at the performance of the global lubricating oils market in the recent past and presents reliable forecasts regarding the market’s likely trajectory in the coming years. The performance of each market segment is analyzed carefully in the report, which helps provide readers with a clear granular view of the market. The key regional segments of the global lubricating oil market and the leading players operating in it are also examined in detail in the report.
Global Lubricating Oils Market: Trends and Opportunities
The prime driver for the global lubricating oils market is the rapid growth of the global automotive industry. The automotive industry has made the most of the rising disposable income of consumers in developing economies to expand rapidly in countries such as China, India, Brazil, and South Korea. This is likely to remain a key driver for the lubricating oils market, as the demand for cars as well as commercial vehicles in emerging economies is likely to rise unabated in the coming years.
The rapid industrialization observed in developing economies is another key driver for the global lubricating oils market. The manufacturing sector, in particular, has experienced sustained growth at a brisk rate in China and India, which are likely to remain leading manufacturing hubs in the coming years.
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The consistent technological progress in the automotive industry has also ensured steady demand from the lubricating oils market in the coming years. In addition, the involvement of leading automotive players has also led to an influx of investment in the lubricating oils industry, which has helped drive innovation. The development of low-viscosity lubricants to fit modern machinery is a key opportunity for players operating in the global lubricating oils market.
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