Lubricants Market Set to Prosper in Middle East and Africa in Coming Yearsby Vijay K. Web Marketing
With the mushrooming sales of automobiles, especially in the developing nations such as China, Mexico, India, and Brazil, due to the increasing per capita income of the inhabitants, the demand for lubricants is growing rapidly. This is because lubricants are extensively used in the crankcase of a vehicle engine for ensuring its efficient operation. Additionally, these crude oil by-products assist in reducing friction, which, in turn, leads to lesser wear and tear on the vehicle.
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This consequently increases the lifespan of the vehicle. Besides, the growing public awareness about the various advantages of using lubricants in vehicles and various machines and factory equipment is also fueling the sales of these crude oil by-products across the world. Furthermore, many lubricant producers around the world are increasingly adopting customer-friendly methods such as trade shows and promotional campaigns for raising public awareness about their brand through visual and print media.
Through these methods, companies provide free samples and gifts to customers for creating curiosity and generating awareness about lubricants. Apart from this, the expansion of the automobile industry in several countries is also positively impacting the sales of lubricants. This is consequently causing a sharp surge in the global lubricants market. As a result, the market is predicted to progress at a CAGR of 2.3% from 2020 to 2030 and generate a revenue of $115,350.6 million by 2030.
Globally, the lubricants market will exhibit the fastest growth in the Middle East & Africa (MEA) region in the coming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the presence of several oil wells in the region. Moreover, owing to the availability of crude oil and its by-products at affordable prices, lubricants are extensively used by manufacturing industries in the regional countries.
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Hence, it can be said with confidence that the sales of lubricants will surge in the upcoming years, mainly because of the ballooning sales of automobiles, especially in the emerging economies, and the growing public awareness about the advantages of using these products in vehicles and factory equipment across the world.
Created on Jun 9th 2021 09:11. Viewed 53 times.
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