The market is driven by vehicle manufacturing and sales are the key factors fuelling the market expansion. Escalating demand for sustainable and bio-based lubricants opportunities for market growth. However, Fluctuations in crude oil prices affect the cost of lubricant production as a notable restraint affecting the market. Furthermore, the highly competitive lubricant industry manufacturers require constant innovation and differentiation challenge market growth. The continuous evolution of lubricant technology is a rising opportunity that has the potential to lead to market growth. Resistance to switching from conventional lubricants to more expensive alternatives have emerged as significant challenges impacting the growth trajectory of the market.
