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  • Published On : Sep 2023
  • Code : CMI6294
  • Pages : 140
  • Formats :
      Excel and PDF
  • Industry : Bulk Chemicals

The Bicycle Chain Lubricant Market size is expected to reach US$ 193.28 Million by 2030, from US$ 118.03 Million in 2023, at a CAGR of 7.3% during the forecast period. Bicycle chain lubricants are specially formulated oils and greases used to minimize friction between the metal pins, rollers and side plates in bicycle chains. They help prevent wear and tear, reduce noise, and keep the chain running smoothly. With growing cycling culture worldwide, sales of bicycle chain lubricants are increasing significantly.

The market is primarily driven by the rising popularity of cycling as a recreation and adventure sport. Growing awareness regarding the health benefits of cycling has led to increased bicycle sales, subsequently driving demand for chain lubricants. Product innovation and growing focus on sustainability are other factors supporting market growth.

Bicycle Chain Lubricant Market Regional Insights

  • North America is expected to be the largest market for Bicycle Chain Lubricant Market during the forecast period, accounting for over 38.5% of the market share in 2023. The growth of the market in North America is attributed to the high penetration of cycling culture and growing bicycle tourism industry in the region.
  • The Europe market is expected to be the second-largest market for Bicycle Chain Lubricant Market, accounting for over 25.2% of the market share in 2023. The growth of the market in is attributed to government initiatives to promote cycling and presence of major bicycle manufacturers in the region.
  • The Asia Pacific market is expected to be the fastest-growing market for Bicycle Chain Lubricant Market, with a CAGR of over 12.7% during the forecast period. The growth of the market in Asia Pacific is attributed to growing disposable incomes and rising adoption of cycling for daily commuting needs.

Figure 1. Global Bicycle Chain Lubricant Market Share (%), by Region, 2023 

 | Coherent Market Insights

Bicycle Chain Lubricant Market Drivers

  • Growing cycling culture and bicycle sales driving demand: The global bicycling culture has gained immense popularity over the last decade. Cycling has become a popular adventure sport and recreational activity. Many government and private organizations are promoting cycling through public bike sharing schemes and cycling events. This has led to a significant increase in bicycle sales worldwide. For instance, in UK, bicycle sales increased by over 60% in 2020 as compared to 2019 figures. With more bicycles in use, the demand for maintenance products especially lubricants has also surged proportionally. This presents a major driver for the growth of the bicycle chain lubricant market.
  • Product innovation and focus on sustainability: Bicycle chain lubricant manufacturers are continuously investing in R&D to develop innovative products that can deliver superior lubrication while meeting evolving consumer expectations. For instance, biodegradable lubricants infused with ceramic nanoparticles to enhance lubricating properties and environmental safety. Similarly, adoption of green chemistry and use of plant-based ingredients is rising. Companies are committed to sustainability through recyclable packaging and reduced carbon footprint. Such product innovations focused on efficiency and sustainability are expected to encourage consumers to purchase premium lubricants, thereby positively influencing the market growth.
  • Growth of bicycle tourism: Bicycle touring is becoming an increasingly popular activity among travel enthusiasts. Both domestic and international cycling holiday tours are witnessing high demand. Countries with established infrastructure for bicycle tourism such as Denmark, France, Italy attract cyclists from across the globe. Moreover, government initiatives like subsidies and promotional campaigns to boost local bicycle tourism are noteworthy trends. For instance, Europe witnesses over 2 million international cycle tourist arrivals annually. These factors are anticipated to drive bicycle fleet expansion, indirectly supporting the advancement of the lubricants market.
  • Increased adoption in developing economies: Developing countries especially in Asia Pacific are expected to present lucrative opportunities owing to improving economic conditions and rising disposable incomes. Countries including China, India, Philippines, Thailand are undertaking initiatives to promote cycling. Additionally, government investments in building bicycle infrastructure have opened new avenues. Rapid urbanization along with growing awareness about fitness are likely to push bicycle sales. The consequent high requirement for chain lubricants to maintain performance is forecast to propel market growth.

Bicycle Chain Lubricant Market Opportunities

  • Growing popularity of electric bikes: Electric bicycles are gaining swift momentum in both developed and developing countries driven by falling prices and favorable regulations. China already accounts for over 90% of global e-bike sales. North America and Europe are also witnessing exponential year-on-year growth. E-bikes typically require more frequent lubrication owing to higher usage and wear and tear. Specialized lubricants for e-bike chains present significant opportunities for manufacturers to develop niche products and expand their customer base.
  • Surging demand for green and eco-friendly lubricants: With rising environmental consciousness, demand for eco-friendly lubricants is escalating. Manufacturers are utilizing biodegradable synthetic and plant-based oils over mineral oils to formulate sustainable lubricants. Moreover, growing consumer expectations regarding corporate social responsibility have compelled companies to adopt recyclable and eco-friendly packaging. These trends are projected to persist, providing immense opportunities for market players to launch plant-based, bio-degradable lubricants and gain consumer traction.
  • Growing presence in online retail channels: E-commerce platforms are gaining immense popularity worldwide driven by factors like convenience, discounts and wide product range. Leading giants like Amazon have strengthened their foothold in the bicycle accessories and parts category. Lubricant manufacturers have the opportunity to leverage such platforms to enhance their geographical reach and customer base. Online sales channels enable companies to provide detailed product information and user ratings, effectively influencing purchase decisions. Investing in digital marketing and partnerships with online retailers could provide access to untapped consumer segments.
  • Rising user base in developing regions: Developing countries especially in Asia, Africa and Latin America represent significant potential for future market growth. Expanding middle-class population, improving bicycling infrastructure and growing internet penetration make these markets highly lucrative. Players need to focus on establishing distribution networks by collaborating with domestic distributors and retailers. Adapting pricing strategies as per local price sensitivity and purchasing power are key. Effective localization by offering regional language labels and marketing content could also help capture larger shares.

Bicycle Chain Lubricant Market Trends

  • Increasing adoption of robotics and automation: Bicycle chain lubricant companies are increasingly adopting robotics and automation across the value chain. Robotic systems are being deployed for packaging and palletizing to enhance productivity and minimize human errors. Automated production allows manufacturers to scale up capacities while ensuring consistency. Moreover, advanced quality control systems help maintain stringent quality standards. Adoption of IIoT enables data-driven manufacturing optimizations. These tech-driven transformations are markedly reshaping the competitive landscape.
  • Strategic partnerships and collaborations: Leading as well as emerging market players are entering partnerships and joint ventures to enhance their R&D capabilities, expand product portfolios, and increase sales and distribution footprints. Such collaborations allow companies to leverage their respective expertise. For instance, lubricant manufacturer Motul and motorcycle company Ducati have a technology partnership for developing high-performance products. Similarly, bike manufacturer Canyon partnering with Finish Line for exclusive supply of lubricants is a strategic move to enter new markets. These partnerships are aiding companies to consolidate their positions and accelerate growth.
  • Growing adoption of sustainable packaging: Sustainable packaging is an emerging trend driven by stringent regulations, consumer activism and corporate commitments to environmental goals. Lubricant manufacturers are implementing recyclable polyethylene terephthalate (PET) bottles and tubes instead of non-recyclable packing. Moreover, flexible pouches with spout fitments are gaining popularity owing to low material usage. Branding is increasingly focused on sustainability claims and eco-friendly certifications to boost consumer trust. Refillable and compact packaging also offers convenience and cost benefits. These shifts are compelling companies to revaluate packaging strategies.
  • Rapid shift towards e-commerce platforms: The penetration of e-commerce in the bicycle lubricants category has expanded significantly over the past few years. Online retail platforms provide the convenience of home delivery along with discounts and cashbacks that appeal to price-sensitive buyers. They also enable customers to easily compare different brands and user reviews to make informed purchasing decisions. Lubricant companies are therefore increasingly focusing on D2C models through owned websites and third-party marketplaces. Collaborations with online influencers to boost brand awareness are also rising. Investments in digital infrastructure remain vital to leverage e-commerce potential.

Bicycle Chain Lubricant Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 118.03 Mn
Historical Data for: 2018 to 2021 Forecast Period: 2023 - 2030
Forecast Period 2023 to 2030 CAGR: 7.3% 2030 Value Projection: US$ 193.28 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa:  GCC Countries, Israel,  South Africa, North Africa, and Central Africa and Rest of Middle East
Segments covered:
  • By Product Type: Wet Lubricants, Dry Lubricants, Wax-based Lubricants, Others (PTFE, Ceramic)
  • By Bicycle Type: Mountain Bike, Road Bike, Hybrid Bike, Cruisers, Others (Folding, Touring etc)
  • By Distribution Channel: Online, Offline
Companies covered:

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

Growth Drivers:
  • Growing cycling culture and bicycle sales driving demand
  • Product innovation and focus on sustainability  
  • Growth of bicycle tourism
  • Increased adoption in developing economies
Restraints & Challenges:
  • Intense competition among organized and unorganized players   
  • Low brand loyalty among buyers
  • Fluctuating raw material prices

Bicycle Chain Lubricant Market Restraints

  • Intense competition among organized and unorganized players: The bicycle chain lubricant market is highly fragmented with the presence of several organized multinational firms as well as unorganized regional players. The competition is intense as products lack differentiation. Established brands compete on quality, reputation and advanced technologies while unorganized lubricant manufacturers operating locally offer products at lower prices. The high availability of counterfeit and fake products also restrains growth prospects of reputed companies. These factors limit the ability of players to impose higher profit margins and gain market share.
  • Low brand loyalty among buyers: The level of brand loyalty among bike owners remains relatively low, especially in the value-conscious developing markets. A large proportion of casual cyclists and bicycle mechanics opt for lubricants based on availability and affordability rather than brand reputation. Moreover, the technical know-how required for products evaluation is limited among average users, making them more price sensitive. Such low loyalty limits brand positioning opportunities and poses challenges for player retention and customer acquisition endeavors.
  • Fluctuating raw material prices: Volatility in the costs of key raw materials including base oils, additives and packaging materials impacts the profitability of finished lubricants. Sudden price hikes compels manufacturers to increase product prices which can adversely affect sales volumes. Manufacturers are therefore forced to absorb additional costs to maintain competitive price levels, affecting margins. Developing effective supply chain relationships and hedge management strategies remain critical to mitigate such risks.

Recent Developments

New product launches

  • In January 2022, Finish Line launched its new Eco Dry Lube, a biodegradable dry bicycle chain lubricant made from renewable materials. It provides smooth pedaling and quiet operation while minimizing environmental impact.
  • In April 2021, Muc-Off introduced its Ultra Dry Chain Lube, a fast-acting dry CERAMIC lubricant that forms a durable coating on metal surfaces to reduce friction and wear. It aims to provide superior all-weather lubrication.
  • In May 2020, White Lightning introduced its new Clean Ride product line of bicycle cleaning and maintenance products including Wet Ride All Conditions lubricant. It uses advanced fluoropolymer technology for superior wet weather chain lubrication.

Acquisition and partnerships

  • In October 2022, the bike care brand Squirt acquired energy bar maker Clif Bar to expand into the nutritional products segment. The partnership aims to develop new lubricant-infused food products targeted at bicycle enthusiasts.
  • In June 2021, Finish Line announced a partnership with leading German bicycle manufacturer Canyon to become the exclusive supplier of bicycle lubricants for all Canyon bikes worldwide. This partnership aims to reach new customer segments.
  • In December 2020, Morgan Blue was acquired by leading motorcycle lubricant brand Motul to enter the bicycle lubricants market by leveraging Motul's distribution networks across Europe and Asia.

Figure 2. Global Bicycle Chain Lubricant Market Share (%), by Product Type, 2023

 | Coherent Market Insights

Top companies in Bicycle Chain Lubricant Market

  • 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
  • Pedros

*Definition: Bicycle chain lubricants refer to wet and dry oils and greases that are specially engineered to minimize friction between the metal pins, rollers and plates in bicycle chains. They help reduce wear and tear, noise, and improve overall chain performance. With growing cycling popularity worldwide, demand for specialty bicycle chain lubricants is increasing rapidly. Leading manufacturers are focused on developing eco-friendly, high performance lubricants to meet evolving consumer needs. 

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Frequently Asked Questions

High competition, low brand loyalty, seasonality of demand, counterfeit products, volatility in raw material prices.

Growing cycling culture, rising bicycle sales, growth of bicycle tourism industry, increasing demand from developing countries, product innovation, focus on sustainability.

Finish Line, White Lightning, Tri-Flow, Pedro's, Park Tool, Muc-Off, Shimano, WD-40 Bike, Motorex, Rock N Roll.

Asia Pacific is expected to dominate the market with 38.5% share in 2023. 

The market is projected to grow at a CAGR of 7.3% from 2023 to 2030.
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