Lubricants Market is projected to grow at a CAGR of 3.6% during the forecast period 2022-2029.
Ans) The market is expected to grow with a CAGR of 2.7% percent during the forecast period and is likely to reach USD 176.64 billion in 2029, from its recorded value of USD 152.37 billion in 2019.
Ans) Yes, The automotive and transportation industry is expected to grow due to increasing sales of vehicles, owing to the rising people per capita income across the world. For instance, as per the International Organization of Motor Vehicle Manufacturers, in 2014, 88.3 million new vehicles were sold, while in 2019, the number reached 91.3 million.
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Ans) They are classified into Bio-Based Lubricants, Mineral Oil Lubricants, Synthetic Lubricants, Semi-Synthetic Lubricants.
Ans) The global bio-based lubricants market is expected to grow with a CAGR of 3.90%, and the market is likely to reach USD 18.18 billion in 2029, from its recorded value of USD 14.27 million in 2019.
Ans) The Asia Pacific dominated the Lubricants Market report and accounted for a revenue share of 45.43% in 2019. The region is expected to emerge as the fastest-growing market for lubricants, with a CAGR of 4.5% from 2022 to 2029.
Ans) The high growth in the base oil market, Coupled with rapid industrialization, burgeoning population, and urbanization, are anticipated to drive the market's growth in the region. Moreover, high growth in major end-use industries such as textiles, chemicals, food processing, and metalworking is further anticipated to propel market growth.
Ans) BlueScope Steel Limited, Era Infra Engineering Limited, Everest Industries Ltd., Interarch, Building Products Pvt Ltd, Jindal Buildsys Limited, Kirby Building Systems, Lloyd Insulation Pvt Ltd, PEB Steel Buildings, Tiger Steel Engineering, Zamil Steel are some of the major key players in the global market.
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