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 2024-2031

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.

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.