LUBRICANTS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Lubricants Market Analysis:

The Lubricants Market is anticipated to experience growth from 42.55 billion liters in 2023 to 50.58 billion liters by 2028, at a Compound Annual Growth Rate (CAGR) of 3.52% during the forecast period (2023–2028).

The COVID-19 pandemic had a significant impact on the global automotive supply industry, resulting in the sudden cessation of motor vehicle production and sales in most regions. These work stoppages led to a loss in the production of millions of vehicles worldwide. Lubricants are widely used in the automobile industry to control friction and wear in the engine, protect the engine from rusting and engine oil stored in the sump from combustion gases, and cool the pistons.

In the short term, the increasing demand for high-performance lubricants, owing to their superior and improved properties such as reduced flammability, reduced gear wear, and increased service life, is a significant factor driving the market. However, increasing drain intervals in the automotive and industrial sectors and the modest impact of Electric Vehicles (EVs) are expected to hinder the growth of the market during the forecast period. Engine oil dominates the market and is expected to grow during the forecast period, as it is widely used to lubricate internal combustion engines. The growing prominence of bio-lubricants is likely to act as an opportunity in the future.

Asia-Pacific dominates the global market, with the largest consumption coming from countries such as China and India.

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