Top 20 Lubricants Companies, Worldwide 2023: MarketsandMarkets 360 Quadrant Revealed
MarketsandMarkets has released 360 Quadrant for 20 Top Lubricant Companies , Worldwide 2023 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually. The global lubricants market was valued at USD 164.8 billion in 2022 and is projected to reach USD 187.9 billion by 2027, growing at a CAGR of 2.7% from 2022 to 2027. Rapid industrialization in the Asia Pacific and the Middle East & Africa post-COVID-19, coupled with the rise in process automation in most industries and the gradual increase in the number of vehicles on-road are key factors expected to drive the global industry during the forecast period. Furthermore, the growing e-commerce industry and the demand for renewable energy act as an opportunity for market growth. However, volatile crude oil prices and stringent environmental norms are the major challenges in the market. Acknowledging its signif...