by The Bicycle Chain Lubricant market is estimated to be valued at US$ 118.03 Mn or in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The bicycle chain lubricant market involves lubricant products that are used to reduce friction in bicycle chains. Chain lubricants prevent wear and tear of chains and other moving parts in bicycles. The core function of a chain lubricant is to penetrate inside links of the chain and form a protective film that does not collect dirt or absorb water. Common chain lubricants are wet lubes, dry lubes, and wax-based lubes. Wet lubes work best in wet and dirty conditions as they remainwet for long and wash dirt away. Dry lubes are preferred for dry and clean conditions as they do not pick up dirt.
Market Dynamics:
The global bicycle chain lubricant market is witnessing high growth owing to rising bicycle sales around the world. According to the Electric Bike Market report by Grand View Research, the global e-bike market size was valued at USD 40.69 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 10.9% from 2022 to 2030. The growing popularity of cycling as a fitness activity and eco-friendly transportation alternative is driving the demand for bicycles, which in turn is boosting the bicycle chain lubricant market.
Another major driver augmenting the bicycle chain lubricant market growth is the need for regular chain maintenance. Bicycle chains require lubrication after every 500-1000 miles to extend their life. As more people take up cycling as a hobby or sport, the need for effective chain lubricants is increasing proportionately. Moreover, the chain lubricant prevents corrosion and rusting of chains exposed to outdoor weather conditions. This further reduces maintenance costs and time in the long run.
SWOT Analysis:-
- Strength: Bicycle chain lubricant helps protect chains from wear and tear, extending their lifespan. Their application is quick and easy. They also reduce noise and friction, resulting in a smoother riding experience. Bicycle chain lubricants come in spray or liquid forms for convenient usage.
- Weakness: Higher costs are associated with frequent application of lubricants. Exposure to dirt and debris reduces the longevity of lubrication.
- Opportunity: Growing bicycle industry and popularity of cycling as an exercise and recreational activity is driving the demand for chain lubricants. Increase in disposable incomes allow users to spend more on bicycle accessories including lubricants.
- Threats: Availability of low quality or counterfeit products impact sales of established brands. Volatility in raw material prices like oil can affect production costs of lubricant manufacturers.
Key Takeaways:-
The Global Bicycle Chain Lubricant Market Growth is expected to witness high, exhibiting CAGR of 7.3% over the forecast period, due to increasing health awareness and environmental consciousness. Promotional activities by cycling associations and availability of affordable models encourage the adoption of bicycles.
Regional analysis: North America dominates the global bicycle chain lubricant market, accounting for around 35% share. This can be attributed to large cycling culture and vibrant aftermarket. Europe follows next with a share of over 30% supported by stringent emission norms boosting non-motorized transport popularity. Asia Pacific exhibits fastest growth led by China, India and Southeast Asian countries experiencing rising incomes, infrastructure development and changing lifestyles.
Key players operating in the Bicycle Chain Lubricant market are Finish Line, White Lightning, Tri-Flow, Pedro’s, Park Tool, Muc-Off, Shimano, WD-40 Bike, Motorex, Rock N Roll, Maxima, Boeshield, Squirt, Morgan Blue, Mazola, Castrol, Weldtite, Phil Wood, ProGold. They compete based on product quality, brand recognition, pricing and distribution network. Major players are investing in new product launches catering to performance and mountain bike lubes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
