Lubricants Market Segmentation:
Application Segment Analysis
Automotive segment is projected to account for around 54.1% lubricants market share by 2035. The segment growth can be attributed to the growing sales of electric vehicles. As per the International Energy Agency (IEA), sales of electric vehicles increased by 3.5 million in 2023 compared to 2022, a 35% annual rise.
The market is anticipated to be driven by the adoption of EVs, which need lubricants in critical electrical components such as braking fluids, grease, gear oils for differentials, wheels, chassis, and gear reducers, and coolants for car batteries to improve efficiency, extend the life of the vehicle, and lessen friction and wear on its moving parts.
Base Oil Segment Analysis
The synthetic segment in lubricants market is estimated to gather the highest CAGR during the forecast timeframe. The major factor in the expansion of the segment is the rising focus on sustainability. In 2023, more than 55% of businesses globally began utilizing more environmentally friendly resources, such as recycled materials and goods with reduced emissions.
Synthetic lubricants ensure sustainable performance as they improve fuel efficiency, have low maintenance costs, and help to adopt a more environmentally friendly and sustainable strategy by lowering the need for packaging materials. Synthetic lubricants are made from sophisticated synthetic base stocks; therefore, there is less need for large-scale crude oil extraction, which also lowers the carbon emissions brought on by lubricant distribution, logistics, and transportation.
Product Type Segment Analysis
The hydraulic fluid segment is assessed to generate a significant lubricants market share by the end of 2035 due to its widespread applications across different sectors. For instance, hydraulic fluids are widely used in forklift trucks, log splitters, car lifts, snow plows, skid steerers, aircraft, air tools, tractors, cruise ships, and the marine industry. Hydraulic oil keeps moving parts lubricated, promotes effective power transmission, and ensures smooth operation of hydraulic equipment. The demand for hydraulic oil is mostly driven by the growing use of hydraulic equipment in heavy machinery and automobiles.
Our in-depth analysis of the global lubricants market includes the following segments:
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