According to a report by Future Market Insights (FMI), the global firearm lubricants market is expected to reach US$ 523.8 Mn by 2031. Asia-Pacific has been identified as an emerging market for firearm lubricants. It is expected to continue exhibiting high growth backed by increasing demand from countries such as India and China.
A key example to support this statement is that countries like India, China, and Israel are investing large sums in their defense sector. According to FMI, the military and defense sector over 60% of global sales.
Shift from mineral-based lubricants to bio-lubricants due to their excellent properties and environmentally friendly nature, especially in the defense industry is set to be a new trend witnessed in the market.
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Key Takeaways of Global Firearm Lubricants Market Study
- The global firearm lubricants market is estimated to expand at a CAGR of 2.5% during the forecast period of 2021-2031
- The U.S. is expected to account for over 85% of firearms lubricants sold in North America in 2021
- The U.K. market will continue exhibiting a moderate Y-o-Y growth at 1.6% in 2021
- The demand from Germany and France will remain positive through the forecast period
- China will continue leading sales in East Asia
“Growing demand from military & defense industry is expected to drive the firearm lubricants market through the forecast period 2021-2031. Companies operating in the market are focusing on expansion of their footprint especially in emerging countries with strong military infrastructure,” says an FMI Analyst.
The global firearm lubricants market is expected to gain considerably from increasing demand from the military & defense industry. Manufacturers in the firearm lubricants market are focusing on capitalizing on opportunities in Asia. Increasing security threats across several countries give tailwinds to growth recorded in the region.
The expansion of distributors & trade partners across developing regions is intended at creating a strong footprint. India, China, Russia, the U.S., and Israel, among other countries are providing ample opportunities for the firearm lubricants market.
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Who is winning?
The global firearm lubricants market has been forecast to witness an influx of regional-level manufacturers. The Tier 3 manufacturers account for the maximum share of the global market. Some leading players included in the report are Lucas Oil Products, Inc, ITW-ROCOL, L&R Ultrasonics, Amsoil Inc, MPT Industries, G96 Products Inc., Radco Industries, Inc., Pacific Specialty Oils, Ballistol and Tier 3 manufacturers such as Clenzoil Unlimited, Taurus Petroleum Pvt. Ltd., and many regional players’ manufacturers across the globe are anticipated to create a tough competitive environment on the global level.
Want to Know More?
Future Market Insights has published a market research report on the Global Firearm Lubricants Market that contains a global industry analysis of 2016–2020 and an opportunity assessment for 2021–2031.
The report provides the depth analysis of the Global Firearm Lubricants Market through different segments, namely by type, form, application, end-user, and region. The Global Firearm Lubricants Market report also provides supply and demand trends, along with an overview of the parent market.
About FMI
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
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