Procurement As a Service Market is Anticipated to Witness High Growth Owing to Automation Demand

Procurement as a Service (PaaS) integrates cloud-based procurement solutions, strategic sourcing, spend analysis, supplier management, and contract lifecycle management into a single outsourced model.

The Procurement As a Service Market Demand is driven by the rising need for digital procurement transformation across small and medium-sized enterprises (SMEs) and large corporations alike.

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Lubricants & Greases Procurement Intelligence Report, 2023 - 2030 |

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The lubricants & greases category is anticipated to grow at a CAGR of 4.0% from 2023 to 2030. The growth is attributed to the rising trade of vehicles & spare parts and the demand for automotive oils. There is a significant increase in the utilization of eco-friendly industrial lubricants & greases due to rising environmental awareness which has resulted in the need of more energy-conserving and green industrial solutions. These solutions are made using organic, and biodegradable ingredients and they offer premium protection that increases the life of machinery and reduces waste. Additionally, determining the correct ISO viscosity grade and viscosity index while choosing industrial lubricants is also crucial as it is used to measure the stability, and flow resistance of the lubricants.

As the popularity of electric and hybrid vehicles continues to rise, there is a growing demand for lubricants that can minimize wear and protect vehicle electronics. The advancements in hybrid and electric car technology have led to new requirements for lubricants, such as enhanced fluidic performance, as well as improved electrical and thermal properties. However, achieving high performance and reliability in lubricants while maintaining the energy efficiency of electric and hybrid vehicles poses a significant challenge. This has spurred a need for extensive research to develop advanced lubricants that can enhance the energy efficiency of these vehicles.

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