PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1392103
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1392103
The Global Rust Lubricant Market size was valued at US$ 39 billion in 2022, and is expected to reach US$ 50.99 billion by 2030, exhibiting a CAGR of 3.4% from 2023 to 2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 39 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 3.40% | 2030 Value Projection: | US$ 50.99 Bn |
Rust lubricants have a wide range of applications in many industries, and these are often applied in combination with paints to prevent corrosion on steel structures. These are especially important in the construction industry, where rainwater can damage metal pieces and cause rusting. Some of the most common lubricants are oil, grease, and antifreeze. These products are formulated from a variety of additives, including antiwear, extreme pressure, and rust & oxidation (R&O) agents. These are a great way to help protect a surface from corrosion and can save money on maintenance costs.
Global rust lubricant market is expected to witness growth significantly due to the increasing use of these products in various industries. These products are also beneficial for the environment as these are non-toxic and do not harm the local ecosystem. Increased production of automobiles in countries such as China and India is also contributing to the overall market growth. These markets have high demand for lubricants because of the heavy production of automobiles and the fact that they require a lot of lubrication. Lubricants help keep metal pieces from grinding against each other, which reduces wear and tear on the equipment, and this can save money in the long run by reducing the need for repairs or replacements. he right oil, grease, or aerosol can help mitigate oxidation and rust in many types of key equipment, including reducers, motors, compressors, bearings, and hydraulic power units. Proper lubrication through regular, preventative maintenance will provide a range of benefits to ensure reliability of machinery parts and equipment.
Increasing environmental regulations and government initiatives that encourage the use of nontoxic corrosion inhibitors can hamper the market growth.
Rust Lubricant Market Detailed Segmentation: