The energy efficiency of industrial and automotive machinery is significantly increased by lubricants. Internal combustion engines, winches, compressors, motors, gearboxes, and other pieces of machinery on ocean-going ships can operate better and last longer when lubricants are used.

As per the P&S Intelligence, the lubricants market is expected to USD 179,060 million by 2030. This is attributed to various factors, including the expansion of the automotive and other manufacturing sectors in developing nations like Brazil, India, China, and Mexico; the rise in process automation in a variety of end-use industries; and the increase in the number of cars on the road.

The mineral oil category accounted for the biggest revenue share or over 68%, and it is anticipated that it would continue to hold that position throughout the projection period. This is attributed to the inexpensive cost of the raw materials, the simpler production method, the existence of more mineral oil manufacturers, and its widespread use in many industries including textile, automotive, industrial, and construction.

Get More Insights: Lubricants Market Revenue Estimation and Growth Forecast Report

Due to rising disposable income and expanding consumer knowledge about the use of lubricants in cars, the need for heavy-duty and light passenger vehicles is on the rise, which is a major factor in the increased usage of lubricants in the automotive sector. Therefore, the increase in vehicle sales and manufacturing expands the market for lubricant producers.

Modern lubricants, including bio-based lubricants, are replacing old lubricating materials in automobiles to improve fuel economy and lessen detrimental environmental consequences. The renewable and biodegradable ingredients used in bio-based oil and grease, such as fatty acids, are then reacted with synthetic alcohols to produce esters.

Moreover, government programs also encourage the use of these lubricants. For instance, by establishing a labeling scheme to allow the marketing of bio-based goods and a procurement priority program for federal agencies and their contractors, the FSRIA, founded by the U.S. Department of Agriculture, aids in the greater usage and procurement of bio-based products.