27-Apr-2022 | Zion Market Research
The global Automotive Lubricants market size was worth around USD 87,291.50 million in 2021 and is estimated to grow to about USD 113676.24 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.50 percent over the forecast period. The report analyzes the Automotive Lubricants market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Automotive Lubricants market.
Automotive lubricants are used to reduce friction between surfaces and points of contact, such as the road and the car, thereby protecting the automotive parts and improving vehicle performance. The booming automotive industry, rising car manufacturing, and rising disposable income are all driving this market forward. Furthermore, the use of automotive lubricants is being boosted by huge opportunities from emerging nations and rising demand for environmentally friendly lubricants. Owing to the rise in demand for Automotive Lubricants, the global Automotive Lubricants market is estimated to grow at a CAGR of 4.50% during the forecast period.
In terms of energy usage, the engine components utilize almost 60% of the energy in the vehicle. As a result, advances in car lubricants are an excellent area to start optimizing engine performance. High-performance automobile lubricants have excellent solvency and hydrophilic properties. Furthermore, superior synthetic lubricants with lower viscosity improve engine fuel economy to a greater extent. In addition, performance additives are added to automobile lubricants to improve performance and extend engine life. A variety of additives is utilized in modern vehicle lubricants to provide better engine lubrication. All of these factors combine to propel the automotive lubricants industry forward.
The global Automotive Lubricants market is segregated based on base oil, application, and vehicle type. Based on base oil, the global Automotive Lubricants market is distinguished into Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants, and Bio-based Lubricants. The mineral oil segment dominates the market. Based on application, the Automotive Lubricants market is segmented into Energy Oil, Gear & Brake Oil, Transmission Fluids, Greases, and Others. The engine oil segment is expected to lead over the forecast period. Based on vehicle type, the Automotive Lubricants market is segmented into Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others. The passenger cars and heavy commercial vehicles segment is expected to dominate the market.
The North American market is primarily driven by Mexico's rapid industrialisation. Since the last decade, Mexico has emerged as a major automobile manufacturing hub. Because of the country's low manufacturing costs, major automakers in the United States have relocated their production bases to Mexico. The growing demand for bio-lubricants is also evident in developed markets such as North America and Europe. Due to rapid economic development, mega construction projects, and the introduction of various favourable policies by the government, the Asia Pacific automotive industry is expected to grow at a rapid pace over the forecast period. Furthermore, the growing demand for high-performance, luxurious passenger cars has attracted significant investment from global automakers. Aside from that, major industry players are shifting their production facilities to the highly profitable Asia Pacific market due to the availability of low-cost labour, rising demand, and favourable government policies.
Key players functioning in the global Automotive Lubricants market include ROYAL DUTCH SHELL PLC., EXXON MOBIL CORPORATION, TOTAL S.A, BP PLC., CHEVRON CORPORATION, PETROCHINA COMPANY LIMITED, VALVOLINE, INDIAN OIL CORPORATION LIMITED, and FUCHS LUBRICANTS.
Browse the full “Automotive Lubricants Market By Base Oil (Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants, and Bio-based Lubricants), By Application (Energy Oil, Gear & Brake Oil, Transmission Fluids, Greases, and Others), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles and Others) and By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/automotive-lubricants-market
By Base oil
By Vehicle type
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