Increasing Number of Passenger Cars to Stimulate the Global Automotive Lubricants Market: Forecast (2023-2032)

Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Automotive Lubricants Market. 

Market Scenario

The global automotive lubricants market is predicted to demonstrate a robust CAGR during the forecast period (2022-2030) owing to the increasing number of passenger cars, asserts Market Research Future (MRFR). Lubricant is referred to as a substance that is utilized to minimize the friction between surfaces that are mutually in contact, thus reducing the heat generated when the surfaces are in motion. In the automotive sector, lubricants are used to enhance the overall function and durability of a vehicle and safeguard it from friction, wear and tear, and high temperatures.Drivers and Constraints Impacting the Market

The automotive lubricant market is expanding at a remarkable rate across the globe owing to several driving factors. The growth in population coupled with rising levels of income are creating several opportunities for the market to expand. The increasing consumption of synthetic lubricants due to its superior characteristics, such as low emission of volatile compounds and is thicker layer compared to the traditional mineral oil lubricants is considered to supplement the market across the globe. The growth of the automotive industry coupled with the increasing demand for premium-quality lubricants are further estimated to contribute to the global market during the appraisal period. Automotive lubricants are considered to register the highest growth rate in passenger cars due to the increasing per capita income and rising consumer preference towards new models with high fuel efficiency and low emissions. Moreover, with the rapid urbanization across the world coupled with the surge in personal mobility needs, the market is considered to flourish during the assessment period. Additionally, the increasing popularity of auto racing and motor sport has influenced the market growth to a great extent.

On the flip side, volatile prices of raw materials are considered to slow down the overall market growth in the coming years. Moreover, the increasing sales of electric vehicles is estimated to limit the consumption of automotive lubricants across the world. Vehicles running on battery does not require engine oil owing to the absence of IC engine. They also have fewer reciprocating parts, thus impeding the market growth of automotive lubricants.

Global Automotive Lubricants Market: Segmental Analysis

The global automotive lubricants market has been segmented on the basis of type, vehicle, and region.

By mode of type, the global automotive lubricants market has been segmented into gear oil, engine oil, transmission fluids, grease, engine coolant, and other fluids. Gear oil is referred to as a type of lubricant made for differentials in trucks, automobiles, transmissions, and other types of machinery. Engine coolant is a water-based liquid that absorbs heat from the engine and the coolant turns hot itself which is later transferred to a radiator located at the front of the car. Among these, the engine oil segment occupies a dominant share owing to it slow drain interval time and is extensively used in diesel trucks, passenger cars, and light-duty trucks.

By mode of vehicles, the global automotive lubricants market has been segmented into light, heavy, and commercial vehicles.

Regional Insights

Geographically, the automotive lubricants market span across regions namely, North America, Europe, the Middle East, South America, Asia Pacific, and Africa.

Among all the regions, the Asia Pacific region is considered to be one of the dominating regions during the appraisal period. the growth is attributed to the increasing demand for vehicles due to the growing population in this region. Moreover, in developing economies like India and China, the automotive sector is surging at a tremendous rate which is contributing to the market growth in this region. With the growth in the average lifespan of vehicles in operation, burgeoning demand for light passenger vehicles, and augmenting number of vehicle manufacturing facilities due to the low production cost have further fueled the production capacity in this region.

The North American region is predicted to expand with the highest CAGR owing to the presence of the U.S. High demand for automotive lubricants accounts for a substantial increase in the demand for lubricants with environmental advantages and high performance. Moreover, the rising number of automotive vehicles in this region is also considered to generate profits.

Industry Updates

January 14, 2018: The market leader in lubricants, Shell Lubricants has recently announced a new strategic partnership with Mahindra & Mahindra Ltd, which is a part of the USD 20.7 billion Mahindra Group. Mahindra and shell will be working together in order to provide market-leading and high-performance lubricant products like transmission and axle oils, engine oils, under the 'Maximize' brand.

Competitive Dashboard

The prominent players operating the global automotive lubricants are ConocoPhillips Corporation (U.S.A), Total S.A., Fuchs Lubricants Co. (U.S.A), Royal Dutch Shell plc (Netherlands), BP plc (U.K.), IDEMITSU Kosan Co. Ltd. (Japan), LUKOIL Oil Company (Russia), Chevron Corporation (U.S.A), ExxonMobil Corporation (U.S.A), and Valvoline (U.S.A).

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