by Rust lubricants play a vital role in preventing metal corrosion and are used across various end-use industries such as industrial machinery, automotive, and others. They are applied to protect machine parts, components, and other metal surfaces against corrosion and rust formation. Rust lubricants are available in different forms including oils, grease, and sprays to suit the protection requirement of different metal surfaces. They form a protective film around the metal parts to separate them from air and moisture. This film prevents oxygen and water molecules from reaching the metal surface and initiating corrosion. The global rust lubricant market is currently witnessing significant demand from the industrial machinery manufacturing sector. Manufacturers of industrial machinery extensively use metal components and parts in their equipment and machinery that require protection against rust and corrosion to enhance durability.
The global rust lubricant market is estimated to be valued at US$ 3.5 billion in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand from industrial machinery manufacturers referred from the heading is one of the key drivers propelling the growth of the global rust lubricant market. Machinery employed across various industries such as oil & gas, mining, construction, food processing, and others operate in harsh environment conditions involving moisture, dust, high temperatures, and other factors that accelerate corrosion. This necessitates effective rust protection of metal components. Rust lubricants ensure adequate corrosion protection and extend the working life of industrial machinery. Furthermore, rising industrialization and manufacturing activities globally have significantly driven the demand for industrial machinery over the past few decades. As per estimates, the global sales of industrial machinery reached over US$ 300 billion in 2020. This widespread consumption of industrial machinery provides a huge market potential for rust lubricants.
Segment Analysis
The rust lubricant market is dominated by the industrial segment which accounts for nearly 50% share. The industrial segment mainly includes manufacturing industries such as automotive, machinery manufacturing, metals and mining etc. These industries require lubricants to reduce friction and prevent rusting and corrosion of mechanical components. The automotive industry alone consumes over 30% of total rust lubricants owing to high demand for lubrication of engine parts and other automotive components.
PEST Analysis
- Political: The government regulations regarding emission standards in automotive and manufacturing industries have increased demand for environment friendly and high performance rust lubricants.
- Economic: Growth in industrialization and manufacturing sectors along with rising vehicle production have boosted consumption of rust lubricants. The cost of replacement and repair owing to rust and corrosion damages also drives the market.
- Social: Increasing focus on equipment safety, reliability and extending machinery life have led to higher preference for quality rust preventing lubricants.
- Technological: Development of advanced lubricant formulations with enhanced anti-rust, anti-corrosion and friction reduction properties along with bio-based and eco-friendly additives have widened product offerings.
Key Takeaways
The global rust lubricant market is expected to witness high growth on account of rising industrialization in developing economies and growing automotive production worldwide. Asia Pacific region currently accounts for over 35% market share led by China, India, Japan and South Korea. The region is projected to continue its dominance owing to rapid growth of manufacturing sector and automotive industry in the region.
Regional analysis: The Asia Pacific market is growing at the fastest pace due to strong presence of automotive and machinery manufacturing industries. China dominates the region due to large industrial and automotive production base. India is also emerging as a major hub for rust lubricants with expansion of automobile, metals and mining industries.
Key players operating in the rust lubricant market are Shell, ExxonMobil, BP, Chevron, Total, PetroChina, Sinopec, Quepet Lubricants, JX Nippon Oil & Energy Corporation, Lukoil. These players are focusing on developing bio-based and environment friendly rust preventing formulations to gain market share.
