Lubricants Market Size, Share, Growth Analysis, By Base Oil (Mineral Oil-Based Lubricants, Synthetic Oil-Based Lubricants, Bio-Based Oil Lubricants), By Product Type (Engine Oil, Industrial Oil, Hydraulic Oil), By End Use (Transportation, Industrial), By Region - Industry Forecast 2025-2032


Report ID: SQMIG15E2157 | Region: Global | Published Date: August, 2024
Pages: 184 |Tables: 96 |Figures: 79

Lubricants Market Insights

Lubricants Market size was valued at USD 139.63 Billion in 2023 and is poised to grow from USD 144.8 Billion in 2024 to USD 193.64 Billion by 2032, growing at a CAGR of 3.7% during the forecast period (2025-2032).

The lubricant market is growing exponentially due to the increasing demand for automotive oils and greases used in vehicles and spare parts. The lubricants market is involved with the production, distribution, and sale of lubricating oils and greases. Lubricants are utilized for reducing friction, heat, and wear among the moving parts in machinery and equipment. It helps them to extend their lifespan and enhance efficiency. The lubricant market consists of a vast range of applications in various sectors like automotive, industrial, marine, aerospace, construction, and agricultural. Based on their application, lubricants also have the potential to transmit power, secure against damage, and mitigate wear and heat debris, boosting the market growth. Increasing manufacturing activity with increased consumption of machinery and equipment across various sectors is driving the demand for lubricant. Rapid industrialization and urbanization in the developing economies are also creating more opportunities for lubricant manufacturers, expanding the market growth. Innovative products development and utilization of bio-based and synthetic lubricants are increasing sustainability, expanding the progress of the market.

US Lubricants Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 134.65 million

Largest Segment

Synthetic Oils

Fastest Growth

Synthetic Oils

Growth Rate

3.7% CAGR

Global Lubricants Market 2022-2030 ($ Bn)
Country Share for North America Region- 2021 (%)

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Lubricants Market Segmental Analysis

The lubricant market is segmented into base oil, product type, end use, and region. Based on base oil, the market is segmented into mineral oil-based lubricants, bio-based oil lubricants and synthetic oil-based lubricants. Based on product type, the market is segmented into engine oil, industrial oil, and hydraulic oil. Based on end use, the market is segmented into transportation and industrial. Based on region, the lubricant market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Lubricants Market Analysis by Base Oils

Based on base oils, the market is segmented into mineral oil-based lubricants, bio-based oil lubricants, and synthetic oil-based lubricants. The mineral oil-based lubricants segment is dominating the lubricant market. This is mainly because of easy availability and low manufacturing expense of the product. Investment in the R&D activities in the end-use sectors like chemical, power generation, and mining is also increasing, resulting in the expansion of the mineral oil segment. The mineral grade is the most utilized product as it is less expensive compared to the synthetic and semi-synthetic alternatives. Furthermore, it is made from crude oil and manufactured in several sectors like metal and mining, oil, and others. Mineral grades are available in light and heavy steps and their usage completely depends on end-use requirement.

Bio-based oil lubricants is the fastest growing segment in the lubricant market. These bio-based oils are derived from vegetable oils like canola, sunflower, palm, coconut, soyabean. The demand for these types of oils is increasing due to the shift towards eco-friendly products and governmental restrictions. These oils are mainly used in hydraulic fluids and engine oils, and rising demand for this equipment boosts their consumption. Bio-based lubricants are also used in the food processing sector due to the rise in environmental guidelines in the food & beverage industry. Recent developments in the healthcare sector have also augmented the demand for products that have low toxicity and high biodegradability. These factors are offering immense growth opportunities to the market.

Lubricants Market Analysis by Product Types

Based on product types, the engine oil is dominating the lubricants market as it assists in vital functions such as engine cooling, rust, and corrosion protection. Many governments are implementing strict fuel efficiency and emission rules due to which automakers are emphasizing on engine downsizing and improving techniques. Technologies such as turbocharging and direct fuel injection can make extraordinary enhancements in engine performance and place higher thermal and operational stresses on engine parts. It has encouraged the engine oil manufacturers to innovate formulations with the help of advanced detergency properties to mitigate sludge for keeping engines clean and allow better fuel combustion. Furthermore, lower viscosity grades ideal for modern small-displacement turbocharged engines are also gaining popularity. The demand for high-performance engine oils providing better lubrication and protection is constantly increasing in the engine oil segment.

The industrial oil segment is also witnessing the fastest growth in the lubricants market. The market is mainly driven by robust industrial production in developing economies. Furthermore, automotive lubricants are also playing a vital part in improving fuel efficiency, minimizing friction and wear, increasing the lifespan of automotive components. They also have the potential to resist component seizures and any serious damage. Furthermore, lubricants provide high resistance to oil degradation and reduce evaporation, contributing to enhanced fuel efficiency. The growing usage of industrial lubricants in new applications like battery cooling and noise reduction is further boosting the market demand.

Global Lubricants Market By Application, 2021 (%)

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Lubricants Market Regional Insights

Asia Pacific holds the largest global lubricants market share, leading with market. Countries such as China, India, and Indonesia have experienced massive growth in their industrial and automotive sectors, fueling the demand for lubricants. Especially, China has become one of the biggest automotive markets along with global manufacturing hub. These factors have substantially augmented the consumption of automotive and industrial lubricants. Furthermore, the expansion of middle-class in the region has also increased the demand for consumer goods and appliances, driving the growth of lubricants market through the procedure of lubrication. Today, China is also a prominent exporter of base oil and finished lubricant products. Many small economies like Vietnam and Malaysia have also developed into a manufacturing hubs appealing foreign investments, boosting the market growth.  

North America has the fastest growing lubricants market mainly due to the presence of prominent lubricant manufacturers. The region also has robust industrial sector that needs massive amount of lubricants across different end use verticals like automotive, industrial machinery, and metalworking. Countries like US and Canada have developed automotive and transportation sectors that are some of the largest consumers of automotive and industrial lubricants. Furthermore, North America is also a major exporter of lubricant products. Many lubricants brands from the region have established themselves globally. The booming aerospace sector in the region along with a surge in crude oil production is also driving the market’s development. The increasing demand for automobile production and the steady growth of the manufacturing sector have also raised the popularity of high-quality lubricants, propelling the market’s expansion. Furthermore, the increasing adoption of eco-friendly lubricants and the incorporating of strict environmental rules in the region, boosting the market growth.

Global Lubricants Market By Geography, 2022-2030
  • Largest
  • Fastest

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Lubricants Market Dynamics

Lubricants Market Drivers

Increasing Demand for Lubricants in Automotive Sector

  • Lubricants are widely utilized in the applications of automotive like passenger car motor oils, heavy-duty diesel engine and transmission oils. Lubricants are also used in sone automobile processing like movement of chain and piston. The demand for lubricants is boosted by the development and expansion of automobile oils globally. Lubricants are immensely efficient in high temperature environments and deliver high heat resistance bolstering the lubricants market growth.

Growing Usage of Lubricants due to Outstanding Properties

  • The high demand for the lubricants is increasing due to their unique features. These primarily rely on specific features like hydraulic stability, high viscosity index, high resistance towards oxidation, high boiling point, and thermal stability. These factors help in minimizing the friction in various applications, which is also responsible for the increasing demand for lubricants worldwide. The growing use of lubricants for their properties is enhancing the growth of the market.

Lubricants Market Restraints

Growing Demand for Hybrid or Batter-Driven Vehicles

  • The growing demand for battery-driven or hybrid vehicles is gradually minimizing the demand for the IC engine in the automotive sector. This is massively influencing the demand for lubricant, restraining the growth of the market. The stringent vehicle emission laws and initiatives for restriction on the use of diesel engine in some regions are also hindering the growth of the lubricants market.

Fluctuations of Raw Material Prices to Restrict Growth

  • The factors hampering the market are the fluctuating prices of raw materials utilized for manufacturing lubricants. Mineral & synthetic base oils are mainly manufactured from crude oil and constant fluctuations in crude oil prices are acting as a restraint for market growth. Furthermore, strict environmental rules to minimize pollution and global warming are also impacting the market growth. These factors are massively restraining the growth of this market. 

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Lubricants Market Competitive Landscape

The market is fragmented due to the presence of many global and local players. Many organizations are investing massively in R&D and mergers to manufacture innovative products to gain a competitive edge in the market. The demand for bio-based raw materials is also increasing owing to the rising awareness related to the minimization of carbon emissions and energy conservation. The industry is also extremely competitive due to distribution partnerships, technological innovations, product portfolios, strategic developments, and capabilities.

Top Player’s Company Profile in Lubricants Industry

  • Royal Dutch Shell plc (UK)
  • ExxonMobil Corporation (US)
  • Chevron Corporation (US)
  • BP plc (UK)
  • TotalEnergies SE (France)
  • China Petrochemical Corporation (Sinopec) (China)
  • Petrochina Company Limited (China)
  • Idemitsu Kosan Co., Ltd. (Japan)
  • FUCHS PETROLUB SE (Germany)
  • Lukoil (Russia)
  • JXTG Holdings, Inc. (Japan)
  • Valvoline Inc. (US)
  • Indian Oil Corporation Ltd. (India)

Recent Developments in Lubricants Industry

  • In January 2024, MIDEL and MIVOLT was acquired by Shell U.K. Limited from M&I Materials Ltd. The products of these two organizations will be manufactured and distributed as part of Shell’s Lubricants portfolio. This will also help to strengthen Shell’s position in Transformer Oils.
  • In November 2023, TotalEnergies Luntifiants increased the incorporation of recycled plastics in their lubricant bottles. The objective was to contribute to a circular economy and to the reducing use of virgin plastics.
  • In March 2023, ExxonMobil publicized their investment of around USD 110 Million for constructing a lubricant manufacturing plant in Raigad, Maharashtra, India. This facility will cater to the increasing demand for sectors like construction, mining, power, steel, and manufacturing.

Lubricants Key Market Trends

Rising Demand for Bio-Based Lubricants

  • The advent of innovative lubricants like bio-based with better features is boosting the growth of the market. Several advanced lubricants have been released in the market by some of the companies that are leading the manufacturing organization. However, the rising demand for eco-friendly and bio-based lubricants is creating immense and new opportunities for the market's development. The growing demand for lubricants that has been developed by utilizing non-toxic and renewable substances with low sulphur levels is providing a considerably increasing growth of the lubricant market.

Increase in Disposable Personal Income

  • The Increasing middle-class income and the high demand of cars and bikes are raising the production and sales of new vehicles, boosting the market. Rising demand for vehicle oils is also contributing to the high price of the fuel market. But lubricants can increase the efficiency and lifespan of the vehicles, increasing the ROI of the vehicles for the customers.

Lubricants Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, the global lubricants market is experiencing robust growth in different sectors, boosted by the rising demand for specialty lubricants customized for applications. From high performance engines in automotive and marine applications to heavy-duty trucks, bulldozers, lubricants play a vital part in increasing performance and lifespan of moving parts. In the transport industry, vehicles such as shuttle buses, ambulances, and school buses, hydraulic fluids are important for power transmission and hydraulic machinery. The market is also offering a wide range of lubricants products like industrial lubricants for commercial machinery, metalworking fluids for cutting, and grinding. These factors are positively influencing the lubricants market. 

Report Metric Details
Market size value in 2022 USD 134.65 Billion
Market size value in 2031 USD 186.73 Billion
Growth Rate 3.7%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Base Oil
    • Mineral Oil-Based Lubricants, Synthetic Oil-Based Lubricants, Bio-Based Oil Lubricants
  • Product Type
    • Engine Oil, Industrial Oil, Hydraulic Oil
  • End Use
    • Transportation, Industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Royal Dutch Shell plc (UK)
  • ExxonMobil Corporation (US)
  • Chevron Corporation (US)
  • BP plc (UK)
  • TotalEnergies SE (France)
  • China Petrochemical Corporation (Sinopec) (China)
  • Petrochina Company Limited (China)
  • Idemitsu Kosan Co., Ltd. (Japan)
  • FUCHS PETROLUB SE (Germany)
  • Lukoil (Russia)
  • JXTG Holdings, Inc. (Japan)
  • Valvoline Inc. (US)
  • Indian Oil Corporation Ltd. (India)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Lubricants Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Lubricants Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Lubricants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Lubricants Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lubricants Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Lubricants Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Lubricants Market size was valued at USD 134.65 Billion in 2022 and is poised to grow from USD 139.63 Billion in 2023 to USD 186.73 Billion by 2031, growing at a CAGR of 3.7% in the forecast period (2024-2031).

The market is fragmented due to the presence of many global and local players. Many organizations are investing massively in R&D and mergers to manufacture innovative products to gain a competitive edge in the market. The demand for bio-based raw materials is also increasing owing to the rising awareness related to the minimization of carbon emissions and energy conservation. The industry is also extremely competitive due to distribution partnerships, technological innovations, product portfolios, strategic developments, and capabilities. 'Royal Dutch Shell plc (UK)', 'ExxonMobil Corporation (US)', 'Chevron Corporation (US)', 'BP plc (UK)', 'TotalEnergies SE (France)', 'China Petrochemical Corporation (Sinopec) (China)', 'Petrochina Company Limited (China)', 'Idemitsu Kosan Co., Ltd. (Japan)', 'FUCHS PETROLUB SE (Germany)', 'Lukoil (Russia)', 'JXTG Holdings, Inc. (Japan)', 'Valvoline Inc. (US)', 'Indian Oil Corporation Ltd. (India)'

Lubricants are widely utilized in the applications of automotive like passenger car motor oils, heavy-duty diesel engine and transmission oils. Lubricants are also used in sone automobile processing like movement of chain and piston. The demand for lubricants is boosted by the development and expansion of automobile oils globally. Lubricants are immensely efficient in high temperature environments and deliver high heat resistance bolstering the lubricants market growth.

The advent of innovative lubricants like bio-based with better features is boosting the growth of the market. Several advanced lubricants have been released in the market by some of the companies that are leading the manufacturing organization. However, the rising demand for eco-friendly and bio-based lubricants is creating immense and new opportunities for the market's development. The growing demand for lubricants that has been developed by utilizing non-toxic and renewable substances with low sulphur levels is providing a considerably increasing growth of the lubricant market.

Asia Pacific holds the largest global lubricants market share, leading with market. Countries such as China, India, and Indonesia have experienced massive growth in their industrial and automotive sectors, fueling the demand for lubricants. Especially, China has become one of the biggest automotive markets along with global manufacturing hub. These factors have substantially augmented the consumption of automotive and industrial lubricants. Furthermore, the expansion of middle-class in the region has also increased the demand for consumer goods and appliances, driving the growth of lubricants market through the procedure of lubrication. Today, China is also a prominent exporter of base oil and finished lubricant products. Many small economies like Vietnam and Malaysia have also developed into a manufacturing hubs appealing foreign investments, boosting the market growth.  

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