Lubricants Market is expected to grow at a CAGR of 3.7% from 2021 to 2028
Lubricants Industry Overview The global lubricants market size is expected to reach USD 167.48 billion by 2028, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 3.7% from 2021 to 2028. Growth in demand for biobased lubes, as they are eco-friendly, is estimated to augment the market growth over the coming years. Furthermore, the manufacturers are shifting and expanding their production units in developing nations owing to various factors, such as availability of raw material and reduced costs of infrastructure and labor. This, in turn, is anticipated to boost the market growth over the forecast period. Lubricants Market Segmentation Grand View Research has segmented the global lubricants market on the basis of application and region: Based on the Application Insights, the market is segmented into Industrial, Automotive, Marine and Aerospace. In terms of volume, the automotive segment dominated ...