by Market Overview:
Bicycle chain lubricant is a type of oil applied to lubricate bicycle chains. It plays a vital role in protecting and increasing the lifespan of bicycle chains by reducing friction between rolling components. Regular application of chain lubricant allows for smooth shifting and silent pedaling. Growing popularity of cycling as a recreational activity and means of daily transportation has been boosting the demand for bicycle chain lubricants. Majority of lubricants sold in market are wet lubricants which contain oil that attracts dirt but provides better protection and wet lube is generally used for regular cyclists riding in wet or dirty conditions.
Market Dynamics:
Growing health awareness among consumers and rising participation in sports activities are major drivers spurring growth of bicycle chain lubricant market. According to recent survey, over 50% of cyclists ride for exercise purpose and over 30% ride weekly for transportation indicating increased cycling activities. Further, increasing bicycle infrastructure development by governments across countries is also contributing towards elevated demand for chain lubes. For instance, Indian government aim to develop over 30,000 km of cycling tracks by 2030 to promote cycling as mode of transport.
Another key factor propelling market growth is growing urbanization leading to traffic congestion which is encouraging commuters to opt for cycling.However, availability of substitutes like dry lubricants and degreasers can hinder market expansion to some extent over the forecast period.
The global Bicycle Chain Lubricant Market is estimated to be valued at US$ 118.03 Million in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global bicycle chain lubricant market is segmented on the basis of type and application. Based on type, the market is segmented into dry lubricants and wet lubricants. The dry lubricants segment is dominating the market owing to its advantage of not collecting mud or dirt. The dry lubricants are made up of dry film lubricants and create a protective layer that prevents dirt from sticking to the chain and gears.
PEST Analysis
Political: There are no major political factors affecting the bicycle chain lubricant market currently.
Economic: The growing demands for affordable mode of transportation and increasing bicycle tours and recreational activities are driving the economic growth of the bicycle chain lubricant market.
Social: With growing health awareness, many people are opting for bicycles as a mode of exercise and recreation which is positively impacting the social factors of this market.
Technological: Advancements in lubricant formulations to provide better protection and last longer on chains are helping companies to grow in this market. Technologies offering lubricants in spray cans for easy application are also gaining traction.
Key Takeaways
The global bicycle chain lubricant market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing health awareness and promotions of cycling as recreational activity across the world. Regionally, North America accounts for the largest share in the global bicycle chain lubricant market owing to high number of cyclists and developed cycling infrastructure in the US and Canada.
The North American region is dominating the market and is expected to grow at a CAGR of 7.5% during the forecast period. High number of cyclists and developed cycling infrastructure in countries like the US and Canada are some of the factors driving the demand.
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. These companies are focusing on innovations in formulations to enhance wear protection and offering spray cans or biodegradable options for eco-friendly solutions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
