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Lubricants market
Lubricants Market Report Explores Share, Latest Trends, Size, industry Overview, Forecast 2021-2031
Lubricants are substances used to reduce friction between surfaces in mutual contact, improving efficiency and reducing wear and tear in machines, engines, and other mechanical systems.” - David CorreaPORTLAND, OR, UNITED STATES, September 9, 2024 /EINPresswire / -- According to the report published by Allied Market Research, the global lubricants market was valued at $123.8 billion in 2021, and is projected to reach $168.2 billion by 2031, growing at a CAGR of 3.2% from 2022 to 2031 report provides an extensive analysis of changing market trends, key investment pockets, pricing strategies, top winning strategies, major segments, and competitive landscape.
A lubricant is a substance that aids in decreasing friction between surfaces in close proximity, which, in turn, lowers the heat produced as the surfaces move. It may also have the function of transmitting forces, transporting foreign particles, or heating or cooling the surfaces.
The property of reducing friction is known as lubricity. Lubricants reduce friction, prevent wear, protect the equipment from corrosion, control temperature, control contamination, transmit power (hydraulics), and provide a fluid seal.
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Covid-19 Scenario:
The outbreak of the COVID-19 pandemic has had an adverse impact on the global economy as governments globally were forced to implement lockdowns to prevent the spread of the virus. As a result, the activities in the lubricants market were hampered.
COVID-19 has spread to almost 213 countries around the globe, with the World Health Organization declaring it a public health emergency on March 11, 2020.
Some of the major economies suffered from the COVID-19 crisis include, Germany, France, Italy, Spain, the UK, and Norway.
The COVID-19 pandemic impacted negatively on the manufacturing and industrial industries due to scarcity of resources in various parts of the globe. The industry's top players are concerned about the market's prospects and are rethinking their strategies to meet the challenge.
The report offers detailed segmentation of the global lubricants market based on product, application, and region.
By product type, the engine oil segment dominated the global lubricant market in 2021. The engine oil lubricates the engine parts for its efficient movement, thereby reducing the extent of metal contact, friction, and heat generation within the engine.
In addition, cleaning & cooling the engine parts, sealing the gaps, and rust prevention are the other functions carried out by the engine oil.
Get Detailed COVID-19 Impact Analysis on the Plastic Resins Market @
By end-use industry, the automotive & other transportation segment dominated the global lubricant market in 2021.
Passenger cars offer maximum market potential in the automotive lubricants market, owing to increase in demand for these cars and general utility vehicles globally along with rise in public transportation expenditure.
By region, Asia-Pacific is projected to be the fastest growing market. Asia-Pacific is expected to dominate the market, owing to increase in urbanization, specifically in China, India, Brazil, and other developing countries.
The major players operating in the industry include British Petroleum, Chevron Corp, ExxonMobil Corp, Marathon Petroleum Corporation, Neste OYJ, Philips 66 Company, Saudi Aramco, Shell Co, Sinopec Corp, and S-Oil Corporation. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.