Market Overview:
Bicycle chain lubrication refers to lubricants that reduce friction between the rollers or pivot points of the bicycle chain and the surfaces they move over. They play a crucial role in smooth riding and prolonging the life of chains. The market has witnessed considerable growth due to the increasing popularity of cycling as a fun activity as well as a healthy lifestyle choice. Rising bicycling tourism globally and growth in bicycle infrastructure have further augmented demand. The use of high-quality lubricants provides advantages like better shifting, reduced wear & tear, extended chain life, and all-weather protection.
Market key trends:
One of the emerging trends fuelling the market expansion is the growing focus of lubricant manufacturers on eco-friendly, non-toxic, and sustainable products. Consumers are increasingly preferring naturally derived, plant-based, and biodegradable lubricants that have minimal environmental impact. This inclination toward green products provides opportunities for organic, vegetable-based, non-GMO and non-petroleum lubricant offerings. Companies innovating in this domain aim to satisfy increasing sustainability expectations and improve brand image. Additionally, the advancement of smart technologies has also enabled the development of lubricants offering real-time data on performance via sensors and mobile applications.
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.
Porter’s Analysis
Threat of new entrants: Low barriers to entry allow new players to enter the bicycle chain lubricant market easily. However, established brands have strong brand loyalty which acts as a deterrent.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various product options at different price points in the market.
Bargaining power of suppliers: A few large suppliers exist globally who supply raw materials to manufacturers. This gives them some bargaining power over pricing.
Threat of new substitutes: Limited threat as bicycle chain lubricants have no close substitutes and play an important role in bike maintenance.
Competitive rivalry: Intense competition exists among existing players. Companies compete based on product innovation, quality, and pricing.
Key Takeaways
The global bicycle chain lubricant market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to the increasing popularity of cycling as a fitness and recreational activity.
The North American region currently dominates the market owing to high bicycle ownership and participation in cycling events in the US and Canada. Europe follows in terms of market share and is expected to grow at a considerable rate due to increasing cycle tourism and infrastructure development encouraging bicycle commuting.
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, and ProGold. Companies are focusing on product innovations to cater to performance requirements of different bicycle components and drive chains. They are also expanding distribution channels to boost sales.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it