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Growing usage of heavy-duty trucks in China Heavy Duty Truck Lubricants Market

HYDERABAD, TELANGANA, INDIA, January 4, 2023 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that China Heavy Duty Truck Lubricants Market size is forecast to reach US$2.3 billion by 2026, after growing at a CAGR of 6.3% during 2021-2026. Lubricants are used as transmission fluids and hydraulic fluid to reduce friction between two surfaces of the components of a vehicle. They are also used to control the vehicle's high temperature by absorbing the heat generated while the vehicle is running. Lubricants offer various properties such as lubricity, high boiling point, corrosive prevention, and thermal stability among others. The growing economic activities in China are boosting the market growth for heavy-duty truck lubricants. The growing manufacturing sector along with the rapid increase in sales of heavy trucks for good transportation is further driving the market for lubricants during the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

Click here to browse the complete report summary:
https://www.industryarc.com/Report/18845/china-heavy-duty-truck-lubricants-market

Key takeaways:

This IndustryARC report on the China Heavy Duty Truck Lubricants Market highlights the following areas -

1. The growing usage of bio-based lubricants among heavy-duty trucks is driving the market growth. Bio-based lubricants are environmentally friendly and easily biodegradable compared to other lubricants available at the market place.

2. Growing demand for high-performance vehicles among transportation and manufacturing sectors is driving the demand for heavy-duty truck lubricants.

3. The manufacturers are involved in developing advanced lubricants for the automotive sector. Investments in research and developments to enhance the capabilities of heavy-duty truck lubricants are supporting the market growth.

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Segmental Analysis:

1. The mineral oil segment accounted for approximately 32% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. Mineral oils are lubricants derived from refined crude petroleum oil. Mineral oil is ideal for old vehicles and they are easily available and cost less compared to other oil types.

2. China heavy-duty truck lubricants are used as engine oils, brake oil, and transmission fluid among others. The engine oil segment accounted for approximately 45% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. Engine oil is the main component used for vehicle performance and the right engine oil will improve the lifespan of vehicles.

3. Rapid growth in the manufacturing sector along with the growing transportation sector in China is driving the market growth of heavy-duty trucks. The growing logistic activities and e-commerce sector is also driving the demand for heavy-duty trucks which is further driving the demand for heavy-duty trucks lubricants.

4. The infrastructure sector plays an important role in the Chinese economy. The Infrastructure sector in China includes the construction projects in different sectors, like Social Infrastructure, Extraction Infrastructure, Transportation Infrastructure, and, Manufacturing Infrastructure among others.

Competitive Landscape:

The top 5 players in the China Heavy Duty Truck Lubricants Industry are -

1. Jiangsu LOPAL Tech

2. Guangdong Delian Group Co

3. Shandong Yuangen Petroleum Chemical

4. Sinopec

5. PetroChina

Click on the following link to buy the China Heavy Duty Truck Lubricants Market Report:
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IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.

Related Reports:

A. Automotive Lubricants Market
https://www.industryarc.com/Report/18504/automotive-lubricants-market-research-report-analysis.html

B. Lubricants Market
https://www.industryarc.com/Report/11709/lubricants-market-analysis.html

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