Multi Purpose Lubricants Market - Forecast(2023 - 2028)

Multi Purpose Lubricants Market Overview

Multi purpose lubricants market size is estimated to reach US$25.5 billion by 2027 and it is projected to grow at a CAGR of 5.5% during 2022-2027. Multi purpose lubricants is a chemical product utilized to lube, clean, and provide machine or tool protection. It facilitates easy disassembly of the highly corroded parts such as bolts, interference fits, nuts, and screws without creating oxidation. It is mainly suitable for small ball bearing, hinges, axles, and transmission chains. The benefits associated with the use of these lubricants are superior anti-rust power, anti-wear, better penetration, and protection from corrosion and rust. It is economical to use and effective to clean grease stains and tar. It is available as a spray lubricant or squeeze bottle. Multi purpose synthetic lubricant with polytetrafluoroethylene is considered as heavy duty lubricant which helps to reduce friction by preventing corrosion and rust. 

COVID-19 Impact

Many industries across the globe have faced several challenges due to the COVID-19 pandemic. The industries such as automotive and transportation, construction, electrical and electronics, sport and leisure, and food and beverages including many others have experienced pitfalls. Many projects in such industries have been halted due to an interrupted supply chain and employee shortages due to quarantines. Also, the production and demand in automotive industry has declined due to an interrupted supply chain and cessation in transportation of raw materials. According to International Organization of Motor Vehicle Manufacturers (OICA), in 2020, global auto production has dropped by 16%. To less than 78 million vehicles. Moreover, there was a sharp decrease in the electrical and electrical production due to unavailability of labor. Thus, the global pause in industrial production and distribution, the demand and consumption of multi purpose lubricants has hampered to an extent in several industries. 

Report Coverage

The “Multi Purpose Lubricants Market Report – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the multi purpose lubricants industry.

Key Takeaways

• Asia Pacific is the largest and fastest growing region in the global multi purpose lubricants market. This growth is mainly attributed to the increased demand for multi purpose lubricants in automotive and transportation, electrical and electronics and sports and leisure industries.
• Aerosol spray segment is a significant segment owing to its demand due to easy applicability and wide range of application.
•  Surge in demand for multi purpose lubricants from developing countries for household and industries uses is driving the global market growth

Multi Purpose Lubricants Market Segment Analysis – By Packaging Type

The aerosol spray segment held the largest share in the multi purpose lubricants market share in 2021 and it is expected to grow with a CAGR of around 6.0% during the forecast period. The spray packaging of multi purpose lubricants can be used on metal parts in order to protect it from corrosion and rust. These sprays can be utilized in extreme temperature or any climatic conditions in numerous applications such as marine, agriculture, automotive, and sports and leisure where long term protection from corrosion is required. The spray lubricant with extension tube facilitate the use on target spray into tight locations such as boats, garage doors, lawn equipment, trucks, and bicycles including many others. However, packaging, spray, and nozzle does not play an important role while choosing the suitable lubricant as the most significant aspect is the quality of multi purpose lubricant. Thus, the benefits associated with the use of spray packaging is boosting the demand for global multi purpose lubricants market.

Multi Purpose Lubricants Market Segment Analysis – By End Use Industry

The automotive and transportation segment is expected to grow at a fastest CAGR of 6.2% during the forecast period in the global multi purpose lubricants market. Multi purpose lubricants are widely used in range of industries as these lubricants enable better lubrication, cleans the surface, eliminates moisture, and loosens seized surfaces. These lubricants provides long term protection from corrosion and rust on metal surfaces and can be used in automotive industry for trucks, cars, boats, automotive doors and windows, and motorcycles. Additionally, it is can be used for truck lids, bolts & screws, brake cables, door locks, car door hinges, and rubber moldings including many other applications. According to The Economist Intelligence Unit Limited, global automotive industry witnessed double-digit growth in 2021 with new car sales increased by 15% in 2021 which was decreased by 18% in the year 2020. Thus, wide range of application of multi purpose lubricants in automotive along with the growing automotive sector is booting the global market growth.

Multi Purpose Lubricants Market Segment Analysis – By Geography

The Asia Pacific is the leading region accounted for the largest share in the multi purpose lubricants market in 2021 and held nearly 35% of market share. This growth is mainly attributed to the increase in demand for multi purpose lubricants in several end use industries in this region such as automotive and transportation, construction, food and beverages, electrical and electronics, and agriculture including many others. These lubricant can be used in extreme weather condition and provide protection against corrosion and rust, thus, it is suitable for the changing weather conditions in Asia Pacific. According to World Green Building Council, Asia Pacific accounted for the 60% of the world population and more than 2 billion live in urban areas. This is expected to have a remarkable growth opportunity for new buildings and infrastructure in the coming decade. Thus, significant growth in construction sector in this region is further propelling the market growth.

Multi Purpose Lubricants Market Drivers

Growth of Sport and Leisure Industry

Multi purpose lubricants are extensively used in wide range of end use industries such as sports and leisure, agriculture, construction, metallurgy, marine, electrical and electronics, and automotive and transportation including others. In these industries, multi purpose lubricants is utilized for valves, switch gears, cable, rollers switches, bearing, and sockets including others. These are extensively used in bicycle chains for better lubrication and smooth working. These lubricants penetrates into the substrate product and loosen metal parts by removing corrosion. It helps to keep the sport and leisure equipment in better working conditions and avoid repair and expensive replacements. According to China Bicycle Industry Conference, the bicycle production in China was 117 million units in 2020, accounted a growth of 15.3% compared to 2019. Thus, such growth in the production of sports equipment are providing growth opportunity to the industry players in multi purpose lubricants market.

 Surge in Demand from Developing Countries

Multi purpose lubricants one of the most common used lubricants used in household as well as industrial purposes which offers thousands of uses. It provides rust and corrosion protection at the extreme weather condition. It also acts as a cleaner and controls moisture formation on the surfaces where it is applied. These are widely used in toys, bicycle chain, door, bolts & nuts, rusted metal parts, gardening tools, and spark plugs including many others. Developing countries across the world comprise of major chunk of the world. Increase in urbanization, growth in several industries, increase in working population, and large number of consumer base are making developing countries a lucrative segment for the market. For instance, according to Indian Brand Equity Foundation (IBEF), in October 2021, the production of quadricycles, two-wheelers, and three wheelers in India reached 2,214,745 units. Thus, such industrial growth along with the presence of large consumer base in increasing the demand for multi purpose lubricants.

Multi Purpose Lubricants Market Challenges

Harmful Environmental Impacts

Multi purpose lubricants can be used for both household and industrial purposes. However, presence of volatile organic compounds (VOCs) which is having a negative impact on the demand for these lubricants. Presence of VOCs is the serious issue for the sustainability of the environment. However, considering the government regulation regarding the low VOC products, many companies in the multi purpose lubricants market are now inclined towards providing low VOC or zero VOC lubricants which is expected to reduce the impact of this factor during the forecast period.

Multi Purpose Lubricants Industry Outlook

Multi purpose lubricants market top 10 companies include -

1. 3M Company
2. B'laster LLC
3. Dupont
4. CONDAT Group
5. SealXpert Products
6. Action Can
7. CRC Industries Americas Group
8. Klüber Lubrication
9. Exxon Mobil Corporation
10. Akemi

Recent Developments

• In March 2021, DuPont has introduced a brand named MOLYKOTE adhesive grease paste specifically formulated for sliding surfaces exposed to high pressure loading.
• In January 2021, DuPont launched MOLYKOTE specialty lubricant website, molykote.com in the aim of helping lubricant users such as OEMs, designers, and facility engineers across automotive and industrial sector to find the suitable MOLYKOTE solution as per their needs.
• In February 2020, Kluber Lubrication has launched a series of specialty lubricants for electric vehicles (EVs). The product helps to improve efficiency and enhance EVs battery performance.

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