With the mushrooming sales of automobiles, especially in the developing nations such as China, Mexico, India, and Brazil, due to the increasing per capita income of the inhabitants, the demand for lubricants is growing rapidly. This is because lubricants are extensively used in the crankcase of a vehicle engine for ensuring its efficient operation. Additionally, these crude oil by-products assist in reducing friction, which, in turn, leads to lesser wear and tear on the vehicle.
Through these methods, companies provide free samples and gifts to customers for creating curiosity and generating awareness about lubricants. Apart from this, the expansion of the automobile industry in several countries is also positively impacting the sales of lubricants. This is consequently causing a sharp surge in the global lubricants market. As a result, the market is predicted to progress at a CAGR of 2.3% from 2020 to 2030 and generate a revenue of $115,350.6 million by 2030.
The lubricants market is also classified, on the basis of product type, into transmission and hydraulic fluid oil, engine oil, gear oil, grease, general industrial oil, metalworking oil, and process oil. Out of these, the engine oil category held the largest share in the market in 2019. This was primarily because of the huge demand for engine oils, on account of the huge sales of new automobiles all over the world.
Globally, the lubricants market will exhibit the fastest growth in the Middle East & Africa (MEA) region in the coming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the presence of several oil wells in the region. Moreover, owing to the availability of crude oil and its by-products at affordable prices, lubricants are extensively used by manufacturing industries in the regional countries.
Hence, it can be said with confidence that the sales of lubricants will surge in the upcoming years, mainly because of the ballooning sales of automobiles, especially in the emerging economies, and the growing public awareness about the advantages of using these products in vehicles and factory equipment across the world.
No comments:
Post a Comment