Multi Purpose Lubricants Market size is estimated to reach US$25.5 billion by 2027 - IndustryARC

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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.

HYDERABAD, TELANGANA, INDIA, January 19, 2023 /EINPresswire.com/ -- 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.

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Key takeaways:

This IndustryARC report on the Multi purpose lubricants market highlights the following areas -

1. 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.

2. Aerosol spray segment is a significant segment owing to its demand due to easy applicability and wide range of application.

3. Surge in demand for multi purpose lubricants from developing countries for household and industries uses is driving the global market growth

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Segmental Analysis:

1. Multi Purpose Lubricants Market Segment Analysis – By Packaging Type : 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.

2. Multi Purpose Lubricants Market Segment Analysis – By End Use Industry : 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.

3. Multi Purpose Lubricants Market Segment Analysis – By Geography : 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.

Competitive landscape:

The top 5 players in the Multi Purpose Lubricants industry are:

1. 3M Company
2. B'laster LLC
3. Dupont
4. CONDAT Group
5. SealXpert Products

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