Asia-Pacific automotive lubricants market size was valued at USD 26.8 billion in 2022. The automotive lubricants industry is projected to grow from USD 29.1 Billion in 2023 to USD 55.84 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.50% during the forecast period (2023 - 2032). The expanding demand for high-performance and lightweight vehicles in emerging economies, including India and China, is one of the major market drivers driving the automotive lubricants market in Asia-Pacific. Increasing automotive production coupled with a shift in trend from heavy vehicles to lightweight vehicles is a key driving factor since the latter contributes immensely to weight protection and lower carbon emissions.
Source: Secondary Research, MRFR Database, Primary Research, and Analyst Review
The Asia-Pacific automotive lubricants market CAGR is expanding due to growing high-performance requirements in vehicles, fueling product adoption. Automotive lubricants play a major role in ensuring the efficient performance of customer and industrial automobiles in diversified and severe environmental conditions. Furthermore, key players in the Asia-Pacific automotive lubricants market employ diverse strategies to gain a competitive edge. These include product innovation, strategic partnerships, and market expansion initiatives. Leading companies leverage advanced technologies to develop high-performance lubricants, ensuring optimal engine efficiency. Collaborations with automotive manufacturers and distributors enhance market reach, while geographical expansion taps into emerging markets. These dynamic strategies collectively drive growth, foster innovation, and solidify the market presence of key players in the rapidly evolving Asia-Pacific automotive lubricants sector.
Furthermore, the elements of automotive lubricants, such as durability and automobile security, surge their adoption in the market. They deliver protection against wear and tear of the elements and systems of a vehicle by significantly decreasing friction between the parts. Further, the industry's usage of smaller and more complicated automotive systems is continuously improving the necessity for low-viscosity and better-performing lubricating oils. This will help the innovation and development of high-quality lubricating oils in the coming years, driving the automotive lubricants market revenue.
The Asia-Pacific automotive lubricants market segmentation, based on vehicle type, includes commercial vehicles, motorcycles, and passenger vehicles. The passenger vehicle segment dominated the market due to the escalating demand for these lubricants for commercial vehicles. As passenger vehicle usage continues to surge, drivers in the region prioritize high-quality lubricants to enhance efficiency and minimize wear and tear, contributing to the robust growth of the automotive lubricants sector. However, commercial vehicles are the fastest-growing category as these specialized fluids ensure optimal engine function, reduce friction, and extend the lifespan of crucial components. As drivers navigate diverse terrains, high-quality lubricants contribute to a smoother and more efficient driving experience across the region's automotive landscape.
Figure 1: Asia-Pacific Automotive Lubricants Market, by Vehicle Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Asia-Pacific automotive lubricants market segmentation, based on product type, includes engine oils, greases, hydraulic fluids, and transmission & gear oils. Engine oils hold a major market share as these high-performance lubricants are available in various categories, including fully synthetic, part synthetic, and mineral oils. Engine oils exhibit many exceptional characteristics, such as high viscosity, heat resistance, wear protection, and strength. Thus, all these factors are contributing to the growth of engine oils. However, transmission & gear oils are the fastest-growing category owing to the region's robust automotive industry, growing vehicle ownership, and increasing demand for high-performance lubrication solutions.
The rapid expansion of the advancing commercial, automotive lubricants has resulted in a boom in demand for automotive lubricants in the Asia-Pacific region in recent years. The industry is expanding due to the rising demand for passenger automobiles, commercial vehicles, and two-wheelers in emerging countries like India, China, and the ASEAN nations. The market for automobile lubricants is expanding due to the region's increased urbanization, rising disposable income, and expanding population. The region's implementation of strict emissions regulations is also fueling demand for high-performance lubricants. The region's demand for automotive lubricants is anticipated to stay high due to the presence of significant automakers, including Toyota, Honda, and Hyundai. Moreover, the expanding automotive industry, rising vehicle ownership, and growing demand for high-performance lubricants. Increasing urbanization and industrialization, coupled with a surge in transportation activities, fuel the demand for efficient lubrication solutions, propelling market growth in the region.
Figure 2: ASIA-PACIFIC AUTOMOTIVE LUBRICANTS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Leading market participants are investing heavily in research and development to extend their product lines, which will allow the automotive lubricants market to grow even more. Market participants are also undertaking numerous strategic activities to extend their footprint, with significant market outcomes including new product expansions, contractual agreements, mergers and acquisitions, more elevated investments, and collaboration with other organizations. The automotive lubricants industry must offer cost-effective items to enhance and survive in a more competitive, expanding market climate.
Major participants in the automotive lubricants market are attempting to expand market needs by investing in research and development operations, including ExxonMobil Corporation, BP PLC (Castrol), China Petroleum & Chemical Corporation, China National Petroleum Corporation, and Royal Dutch Shell Plc.
BP PLC (Castrol)
CHEVRON CORPORATION
China National Petroleum Corporation
China Petroleum & Chemical Corporation
ExxonMobil Corporation
GS Caltex
Idemitsu Kosan Co. Ltd
Indian Oil Corporation Limited
D. Motul
PT Pertamina
Royal Dutch Shell Plc
TotalEnergies
March 2021: Nissan Motors India and ExxonMobil signed a contract to supply lubricants for passenger car aftermarket. ExxonMobil will increase its lubricant output by offering a selection of engine oils suited for BS3, BS6, and BS4 models from OEMs.
Commercial Vehicles
Motorcycles
Passenger Vehicles
Engine Oils
Greases
Hydraulic Fluids
Transmission & Gear Oils
Asia-Pacific
China
Japan
India
Australia
South Korea
Indonesia
Thailand
Vietnam
Malaysia
Singapore
Rest of Asia-Pacific
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 26.8 Billion |
| Market Size 2023 | USD 29.1 Billion |
| Market Size 2032 | USD 55.84 Billion |
| Compound Annual Growth Rate (CAGR) | 8.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Market Competitive Landscape, Revenue Forecast, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, Product Type, and Region |
| Region Covered | Asia-Pacific |
| Countries Covered | China, Japan, India, Australia, South Korea, Thailand, Vietnam, Malaysia, Singapore, Indonesia and Rest of Asia Pacific |
| Key Companies Profiled | BP PLC (Castrol), CHEVRON CORPORATION, China National Petroleum Corporation, China Petroleum & Chemical Corporation, ENEOS Corporation, ExxonMobil Corporation, GS Caltex, Idemitsu Kosan Co. Ltd, Indian Oil Corporation Limited, and D. Motul |
| Key Market Opportunities | Rising demand for high-performance and lightweight automobiles in emerging economies |
| Key Market Dynamics | Growing need to protect automotive components and systems Increasing automotive production coupled with a shift in trend from heavy vehicles to lightweight vehicles. |
Asia Pacific Automotive Lubricants Market Highlights:
Frequently Asked Questions (FAQ) :
The Asia-Pacific automotive lubricants market size was valued at USD 26.8 Billion in 2022.
The market is anticipated to expand at a CAGR of 8.50% during the forecast period, 2023-2032.
The key players in the market are BP PLC (Castrol), CHEVRON CORPORATION, China National Petroleum Corporation, China Petroleum & Chemical Corporation, ENEOS Corporation, ExxonMobil Corporation, GS Caltex, Idemitsu Kosan Co. Ltd, Indian Oil Corporation Limited, and D. Motul.
The passenger vehicles category dominated the automotive lubricants market in 2022.
The engine oils category had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
