Singapore Lubricants Market Size (2024 - 2029)

Singapore Lubricants Market Analysis

The Singapore lubricants market is expected to witness a CAGR of over 3% during the forecast period.

The COVID-19 outbreak in 2020 and the first half of 2021 significantly affected the industrial and automotive sectors, caused major production disruptions, and negatively affected customers' purchasing power in Singapore, limiting the Singapore lubricants market growth. However, the industry recovered well in 2022, as the situation became normal. The number of motor vehicles on the road in the country was 988,755 units by the end of 2022.

• Over the medium term, one of the major factors driving the market studied is the growing demand for new automotive vehicles.
• On the flip side, the growing adoption of electric vehicles will likely hinder the market's growth.
• Furthermore, the increasing adoption of bio-based lubricants is likely an opportunity.
• The automotive and other transportation industries dominated the market, expected to grow during the forecast period.

Singapore Lubricants Industry Segmentation

A lubricant is a fluidic material that primarily reduces friction between surfaces that come into contact. Lubricant reduces energy loss caused by friction. At the same time, it can be beneficial in cleaning, cooling, and protecting metal parts from corrosion and rust and helps solve many other challenges a machine faces during operation. Singapore lubricants market is segmented by product type and end-user industry. By product type, the market is segmented into engine oils, greases, hydraulic fluids, metalworking fluids, transmission and gear oils, and other product types. By end-user industry, the market is segmented into automotive, heavy equipment, metallurgy and metalworking, power generation, and other end-user industries. For each segment, the market sizing and forecasts have been done based on volume (million liters).