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Asia Pacific Automotive Lubricants Market Overview
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
Automotive Lubricants Market Trends
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The growing need to protect automotive components and systems drives market growth.
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.
Automotive Lubricants Market Segment Insights
Automotive Lubricants Vehicle Type Insights
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
Automotive Lubricants Product Type Insights
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.
Automotive Lubricants Country Insights
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
Automotive Lubricants Key Market Players & Competitive Insights
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.
Key Companies in the Automotive Lubricants market include
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BP PLC (Castrol)
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CHEVRON CORPORATION
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China National Petroleum Corporation
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China Petroleum & Chemical Corporation
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ExxonMobil Corporation
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GS Caltex
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Idemitsu Kosan Co. Ltd
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Indian Oil Corporation Limited
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D. Motul
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PT Pertamina
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Royal Dutch Shell Plc
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TotalEnergies
Automotive Lubricants Industry Developments
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.
Automotive Lubricants Market Segmentation
Automotive Lubricants Vehicle Type Outlook
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Commercial Vehicles
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Motorcycles
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Passenger Vehicles
Automotive Lubricants Product Type Outlook
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Engine Oils
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Greases
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Hydraulic Fluids
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Transmission & Gear Oils
Automotive Lubricants Regional Outlook
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Indonesia
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Thailand
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Vietnam
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Malaysia
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Singapore
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Rest of Asia-Pacific
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