Lubricants Market Set to Expand, Driven by Automotive Industry Growth

New Report Forecasts Steady Growth in Lubricants Market Size, Fueled by Rise in Automotive Sector and Technological Advancements

The Business Research Company’s latest report on the Lubricants Market provides comprehensive insights into the industry’s dynamics, covering the period up to 2028. With a compound annual growth rate (CAGR) of 4.6% expected from 2023 to 2024, the market is projected to reach $156.67 billion by 2024 and further grow to $178.62 billion by 2028. Key factors driving this growth include industrialization, the expansion of the automotive industry, and ongoing technological advancements in lubricant formulations. The report delves into various market segments, including base oil types (bio-based oil, mineral oil, synthetic oil), product types (automotive oil, hydraulic oil, gear oil, etc.), and end-user verticals (automotive, industrial, marine, etc.). 

Furthermore, emerging trends such as the adoption of bio-based lubricants, advancements in lubrication technologies (e.g., nanotechnology), and the integration of lubricant management software are highlighted. Particularly noteworthy is the significant impact of the automotive industry’s growth on the lubricants market. The surge in vehicle production, coupled with the rising sales of electric vehicles, underscores the critical role of lubricants in ensuring smooth operations and extending the lifespan of engine components. As the automotive industry continues to evolve, driven by advancements in technology and sustainability initiatives, the demand for lubricants is expected to witness sustained growth, positioning the market for further expansion in the coming years.