by Rust preventive lubricants are increasingly used as crucial protective coatings for various industrial components and assemblies exposed to moisture and corrosion. They form a thin film on metal surfaces to prevent rust formation due to water and oxygen. They also act as lubricants to reduce friction between moving parts. Some key advantages include long-term protection, low coefficient of friction for smooth operation, compatibility with various metals, and resistance to water wash-off. With rapid industrialization and expansion of manufacturing sectors worldwide, there is a growing need for reliable and high-quality lubricants to maximize equipment uptime and service life. The global Rust Lubricant Market is estimated to be valued at US$ 2.3 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:
One of the major trends gaining traction in the rust lubricant market is the rising preference for bio-based and environment-friendly solutions. Conventional petroleum-derived lubricants are known to release volatile organic compounds and pose disposal and contamination risks. This has prompted lubricant manufacturers to develop sustainable alternatives using plant-based oils and additives. For example, various natural esters from coconut, palm, soybean, and sunflower oils are being utilized to manufacture bio-lubricants with equal or better performance than fossil fuel-based products. They exhibit superior lubricity and corrosion protection properties along with biodegradability. Their adoption is increasing across industrial sectors to achieve greener operations and comply with stringent environmental regulations.
Porter’s Analysis
- Threat of new entrants: The threat of new entrants in the rust lubricant market is moderate to low. It requires high capital investment to build manufacturing plants and distribution channels. However, new small startups may enter by offering niche and specialized products.
- Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers have a variety of options available from different brands. In addition, the products have closer substitutes.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are many raw material suppliers but suppliers of specialized additives have some control over pricing.
- Threat of new substitutes: The threat of substitutes is moderate. There are alternative lubricants available but rust lubricants have customized value in certain applications and industries.
- Competitive rivalry: The competitive rivalry in the rust lubricant market is high. Major players compete on the basis of product quality, price, innovation, and brand positioning.
Key Takeaways
The global rust lubricant market is expected to witness steady growth over the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region is projected to remain the largest and fastest growing market during the forecast period. This is attributed to ongoing infrastructure development projects and growing manufacturing industries in major economies of China, India, and Japan. The region is a major producer and consumer of key end-use products including automotive, machinery, and metalworking.
Key players operating in the rust lubricant market are BP PLC, ExxonMobil, Shell, PetroChina, Sinopec, Chevron, Total, Lukoil, Idemitsu Kosan, Fuchs Group. Major brands compete on expanding their geographic footprint and product lines. BP PLC offers CorroBlock line of rust prevention oils while Shell provides Rost Off nano-additive based lubricants.
