Global Lubricants Market Size, Share, Growth, Global Trends, Industry Analysis and Forecast to 2027
The global lubricants market size was accounted for over USD 125 billion in 2019 and projected to grow at the CAGR of 3.3% market during the forecast 2020-2027. The lubricants market is expected to witness significant growth with the proliferation of the transportation sector. Growth in disposable income of the middle class is resulting in higher spending on various commodities, travel, cars, consumer goods, and other services. Rapid growth in the number of passenger vehicles and passenger aircraft due to increasing disposable income of the middle class especially in emerging economies such as China, India, South Korea, Brazil, and others. Thus, an increasing number of passenger vehicles is expected to fuel the demand for lubricants during the forecast period. Further, increasing movement of goods with growing international trade due to growth in demand for consumer goods fueling the demand for road transport, air cargo, and marine services is subsequently projected to propel the demand for lubricants during the forecast period.
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