Rust lubricants are commonly used oils that prevents corrosion and rust formation on metals. They form a protective film on metal surfaces that shields them from air and moisture. With growing infrastructure projects worldwide, there is increasing demand for metals and alloys. Rust prevention becomes important to increase longevity of machinery, equipment and components used in construction industries. The global Rust Lubricant Market is estimated to be valued at US$ 2.1 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 key trends:
Rising infrastructure development activities is one of the key trends driving the growth of the rust lubricant market. Governments across the globe are focusing on construction and expansion of roads, buildings, bridges and other infrastructure. This requires extensive use of metals and alloys which needs protection from rust and corrosion. The construction of new airports, rail routes, power plants and smart cities in developing nations are expected to generate significant demand for rust preventing lubricants. Further, maintenance and repair of existing infrastructure also contributes to the rust lubricant consumption. The market is anticipated to gain traction due to sustained infrastructure push over the forecast period.
SWOT Analysis
- Strength: Rust lubricants are known for their long-lasting corrosion protection. They help prevent rust and corrosion on metallic surfaces for a prolonged period.
- Weakness: Rust lubricants have a higher cost compared to regular lubricants. They also cannot protect against extreme environmental conditions like immersion in water.
- Opportunity: The growth of the automotive industry in developing regions increases the demand for rust lubricants to protect vehicle parts. Rust lubricants find increasing usage in the industrial sector to protect machinery.
- Threats: Stricter environmental regulations around the globe regarding the usage of certain chemicals in lubricants acts as a challenge. Substitute products like coatings and paints also compete with rust lubricants.
Key Takeaways
The global Rust Lubricant Market is expected to witness high growth over the forecast period of 2023 to 2030.
Asia Pacific region currently dominates the market and is expected to maintain its leading position during this period. Growing automobile production and rising industrial machinery usage drives the demand for rust lubricants in China, India, and other Asian countries.
Key players operating in the Rust Lubricant market are BP PLC, ExxonMobil Corporation, Royal Dutch Shell, Chevron Corporation, Total, Lukoil, Idemitsu Kosan Co Ltd., FUCHS, and Sinopec Corp. These companies have a long presence and wide distribution network globally. They offer a variety of rust preventing lubricants for automotive, industrial, marine and other applications. New product launches focusing on bio-based and environment-friendly rust lubricants help key players sustain in this competitive market.
