Multi Purpose Lubricants Market Report 2024

This Multi Purpose Lubricants market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The multi-purpose lubricants market size has grown strongly in recent years. It will grow from $17.95 billion in 2023 to $19.3 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The expansion observed during the historic period is due to the growth in the automotive sector, increased demand for industrial machinery, higher vehicle ownership, escalating maintenance requirements, and the need for better fuel efficiency.

The multi-purpose lubricants market size is expected to see strong growth in the next few years. It will grow to $25.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period is driven by stricter environmental regulations, a rising preference for eco-friendly products, increased industrial applications, growing consumer awareness, and higher automotive production. Key trends during this period include a shift toward synthetic lubricants, a greater emphasis on sustainability, a rise in online sales channels, innovations in packaging solutions, and the use of IoT for monitoring lubricants.

The expansion of the automotive industry is expected to drive the growth of the multi-purpose lubricants market in the future. The automotive industry encompasses the design, development, manufacturing, marketing, and sale of motor vehicles. The sector's growth is fueled by rising consumer demand, technological advancements, and increasing global transportation needs. Multi-purpose lubricants are essential in the automotive industry for reducing friction, preventing wear, and protecting components such as engines, gears, and hinges from corrosion. For example, a June 2024 report from Statistics Canada, a national statistical organization, noted that in 2022, the number of registered road motor vehicles in Canada reached 26.3 million, marking a modest increase of 0.3% from 2021. Consequently, the expanding automotive sector is boosting the demand for multi-purpose lubricants.

Leading companies in the multi-purpose lubricants market are focusing on developing advanced products, such as multilub synthetic high-performance grease, to improve efficiency and meet evolving industry standards. This type of advanced lubricant is designed for superior performance and durability in extreme conditions, using synthetic base oils and additives. For instance, in May 2022, DuPont de Nemours Inc., a US-based chemical company, introduced MOLYKOTE multilub synthetic high-performance grease. This grease offers enhanced performance and durability compared to traditional mineral-oil-based greases and remains effective at temperatures as low as -58°F (-50°C), making it suitable for a range of applications. It is designed for multiple uses, including gears, centrifuge pump slides, blend tank agitators, spindles, gearboxes, bushings, actuators, and springs.

In February 2024, Sanoat Energetika Guruhi (Saneg), an oil and gas company based in Uzbekistan, acquired CGC Lubricants Italy for an undisclosed sum. This acquisition marks a significant step in Saneg’s expansion into the European market and enhances its position as a technological leader in the lubricants industry. CGC Lubricants Italy is an Italian producer of high-quality automotive and industrial oils and lubricants.

Major companies operating in the multi-purpose lubricants market are Exxon Mobil Corporation, Royal Dutch Shell plc, TotalEnergies SE, BP p.l.c., Chevron Corporation, Eni S.p.A., Indian Oil Corporation Limited, Idemitsu Kosan Co. Ltd., Lukoil Oil Company, Suncor Energy Inc., Phillips 66 Company, Lubrizol Corporation, Clariant International Ltd., MOL Hungarian Oil and Gas Public Limited Company, Fuchs Petrolub SE, Kraton Corporation, Houghton International Inc., Nynas AB, Valvoline Inc., Castrol Limited, Raven Industries Inc., Hunt Refining Company.

Asia-Pacific was the largest region in the multi-purpose lubricants market in 2023 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the multi-purpose lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the multi-purpose lubricants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Multi-purpose lubricants are adaptable substances intended to minimize friction, wear, and corrosion on a variety of surfaces and moving components. They are utilized in numerous settings, from home maintenance to industrial machinery, offering lubrication, protection, and sometimes functions such as cleaning or moisture displacement within a single product.

The primary types of multi-purpose lubricants include industrial grade, technical grade, food grade, and others. Industrial grade lubricants are high-performance solutions tailored for rigorous applications in machinery and equipment, delivering exceptional lubrication and protection in challenging conditions. They are available in different packaging formats such as aerosol sprays and squeeze bottles. These lubricants are applied across diverse sectors including agriculture, automotive and transportation, sports and leisure, construction, food and beverages, metallurgy, electrical and electronics, marine, and more.

The multi-purpose lubricants market research report is one of a series of new reports that provides multi-purpose lubricants market statistics, including multi-purpose lubricants industry global market size, regional shares, competitors with a multi-purpose lubricants market share, detailed multi-purpose lubricants market segments, market trends and opportunities, and any further data you may need to thrive in the multi-purpose lubricants industry. This multi-purpose lubricants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The multi-purpose lubricants market consists of sales of penetrating oils, spray lubricants, silicone-based lubricants, graphite-based lubricants, and gear oils. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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