The global lubricants market was expected to be worth $162.3 billion by 2019, according to a report by a market research firm, Markets and Markets. It was valued at about $90billion in 2016.
This growth was projected on the back of the rising number of on-road vehicles and growing transportation, and logistics industry.
Industrialization and rapid infrastructure across the developing world are considered to be the key drivers of lubricant growth, adds the report.
Rapid industrialization has boosted the demand for lubricants in various end-use industries. Industrial machinery, automotive, and energy in developing economies are fuelling the demand for finished lubricants.
Asia-Pacific was the fastest-growing lubricants market, with an annual growth rate of 3% between 2014 and 2019.
The Middle East and Africa are the regions that drove the lubricants materials market. China, India, South Africa, Brazil and Iran are the next growing end-user industries.
The growing automotive sector and industrial production have resulted in enhanced demand for lubricants.
Transportation segment accounts for nearly 57% of the total lubricants market.
Bangladesh’s lubricants market database records 100 document
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