Lubricants Market - Industrialization and Urbanization
The lubricants market demand is primarily driven by growing industrialization and urbanization. The rise in the usage of machinery and equipment due to rapid industrialization in the emerging economies of Asia-Pacific and Latin American regions opens up opportunities for the lubricants market growth. Moreover, urbanization processes increase demand for lubricants, especially in the automotive sector. With increasing urbanization, the number of vehicles also increases, thereby directly enhancing the demand for automotive lubricants. Moreover, infrastructural development initiatives initiate construction and transportation industries that demand industrial lubricants. Therefore, as economies grow and urbanize, the lubricants market grows in proportion. Modern lubricants are formulated with the aid of advanced additives and base oils that offer better performance characteristics. Development in these areas increases thermal stability and resistance to oxidation, thus extending servic...