The lubricants market is expected to grow by USD 156.21 billion
According to Market Research Future (MRFR) analysis, the global lubricant market It is expected to attain a significant valuation with a substantial CAGR over the forecast period.
Some of the main factors and trends affecting the global lubricants market are increasing industrialization, growing automobile production and demand, and constant growth of the construction sector. Furthermore, the growing mining and construction activities in emerging and developed markets are likely to drive the market growth over the forecast period. In addition, the expansion of production units to meet the growing demand for various goods depends heavily on machinery and industrial equipment, which further contributes to the need for lubricants for better efficiency. Hence, it is estimated that the market will witness healthy growth during the forecast period. Furthermore, growing demand for oilfield chemicals due to increasing exploration and drilling activities is likely to drive the growth of the global lubricants market during the period. In addition, increased research and development activities aimed at reducing the harmful effects of synthetic lubricants on the environment are likely to encourage the development of bio-based lubricants, which is expected to drive the growth of the lubricants market over the assessment period.
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The global lubricants market is divided into two based on type and application. Based on type, the lubricants market is segmented into bio-based, petroleum-based and synthetic lubricants. Based on application, the lubricants market is segmented into automotive, construction, industrial, marine, and others. The Industrial segment is further subdivided into General Industrial Oils, Industrial Motor Oils, Metalworking Fluids and Process Oils. The automotive segment is divided into gear oil, heavy-duty motor oils, hydraulic and…