The bicycle chain lubricant market has witnessed significant growth in the recent times owing to the increase in number of bicyclists across the globe. Bicycle chain lubricants help reduce friction between chain links and sprockets, thereby increasing the cycle's efficiency and durability. The lubricants keep dirt and moisture away from contacting parts while providing smooth gear changes. The rising health awareness has encouraged many people to opt for cycling as an exercise regime and means of daily commute in traffic congested cities, thus driving the demand for lubricants that ensure trouble-free rides.
The Global bicycle chain lubricant market is estimated to be valued at US$ 2.16 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the bicycle chain lubricant market are Nautilus Inc., Brunswick Corporation, Core Health and Fitness LLC, True Fitness Technology Inc., Johnson Health Tech Co., Ltd., Amer Sports Corporation, Cybex International Inc., and Technogym SpA, Icon Health and Fitness Inc.
The increasing number of health-conscious individuals opting for cycling on a regular basis has augmented the demand for quality lubricants that protect bicycle chains from wear and tear. Cycling events and organized tours have also fueled the sales of chain lubricants globally For Bicycle Chain Lubricant Market Demand .
Technological advancements in lubricant formulations have led to the development of types that are effective even in wet conditions and at varying temperatures. Some lubricants are infused with rust and corrosion fighting elements to ensure longer chain life.
Market Trends
Penetration of e-commerce platforms: The easy availability of bicycle accessories including lubricants on leading e-commerce sites has boosted the market growth tremendously. Consumers can choose from a wide range at competitive prices delivered right at their doorsteps.
Focus on natural and organic products: With the rising focus on sustainability, players are increasingly offering natural and organic lubricants made from ingredients like plant oils that are environment-friendly.
Market Opportunities
Growth in bicycle touring: The trend of multi-day and long-distance bicycle touring has picked up momentum globally. This has led to an increased demand for high-performance and long-lasting lubricants.
Expansion in developing markets: Emerging economies in Asia Pacific and Latin America are witnessing a boom in cycling. Established brands have an opportunity to tap new users in these underpenetrated developing markets.
Impact of COVID-19 on Bicycle Chain Lubricant Market Growth
The outbreak of the COVID-19 pandemic impacted the growth of the bicycle chain lubricant market. During this period, there was a significant decline in the demand for bicycle chain lubricants due to lockdowns imposed globally which led to the closure of manufacturing facilities and disruption in the supply chain. As per Bicycle Chain Lubricant Market News This hampered the production and distribution of bicycle chain lubricant products. However, post lockdowns when economic activities resumed partially, there was a rise in demand for bicycles and bicycle accessories due to changing consumer preferences for indoor fitness and exercise. People started exploring cycling as an outdoor activity to maintain social distancing norms as gyms remained closed for a long time. This boosted the sales of bicycles along with bicycle chain lubricants. But supply chain disruptions continued to impact the market growth. Rising awareness about health and fitness even after the pandemic is likely to drive the demand for bicycling and related products in the coming years sustaining the market momentum.
The Asia Pacific region currently holds the largest share of the bicycle chain lubricant market in terms of value. This is due to rising health consciousness, growing cycling culture and rising disposable incomes in countries like China, India and other Asian countries. North America and Europe are also significant regions for the market and are expected to grow steadily driven by increasing use of bicycles for fitness, recreation and commute in these regions. However, the market in Latin America and Middle East & Africa region is anticipated to witness the fastest growth during the forecast period owing to growing infrastructure for cycling, rising awareness and government initiatives to promote cycling in these regions.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)