Lubricant Market: Global Industry Analysis and Forecast (2022-2029)

Mayurikathade04 Apr, 2023Business

By 2029, the Global Lubricant Market is expected to reach US $245.63 billion, thanks to growth in the bio-lubricants segment. The report analyzes market dynamics by region and end-user industries. Global Lubricant Market Overview: The global Lubricant market was valued at US $188.71 Bn. in 2021, and it is expected to reach US $245.63 Bn. by 2029 with a CAGR of 3.35% during the forecast period. A lubricant is a material which, lowers friction between two surfaces in contact, lowering the amount of heat generated while the surfaces operate. It may have the potential to transfer forces, move foreign particles, and cool or heat surfaces. Lubricity is a quality that helps to reduce friction.