The global automotive lubricants market is treading a growth path mainly because of exponential growth of the automotive sector. Rising disposable incomes leading to increasing vehicle ownership in emerging economies of Asia Pacific has given a boost to the automotive lubricants market. Automotive lubricants help improve vehicle efficiency and increase operational life of engines which diminishes due to frequent stops, idling on the roads.
While new vehicles require relatively low maintenance, frequent oil change and maintenance much needed for old vehicles. This is favoring the automotive lubricants market.
On the flip side, high price of fully synthetic and semisynthetic lubricants is limiting the growth of automotive lubricants market. Considering a number of favorable factors, the global automotive lubricants market is likely to rise at a CAGR of 4.1% vis-à-vis revenue from 2017 to 2024.
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Passenger Cars to Account for Significant Revenue through 2024
The global automotive lubricants market is segmented on the basis of product, base oil, vehicle type, distribution channel, and geography. In terms of product, engine oil, gear oil, and transmission oil are the key products into which the automotive lubricants market is segregated. Among them, engine oil product segment dominates the automotive lubricants market; the segment is predicted to remain attractive during the forecast period. On the other hand, gear oil and transmission fluid are expected to display declined share through 2024. This is because of availability of lubricant products that can be used for gearbox as well as transmission. Also, vehicles manufactured using new technologies use single fluid for both gearbox and transmission. In terms of volume, transmission fluid segment is anticipated to amount to 6.92 mn tons by 2024.
Depending upon base oil, synthetic oil, mineral oil, and bio-based oil are the segments into which the automotive lubricants market is divided. Of them, mineral oil is the most attractive base oil segment in this market. In the years ahead too, mineral oil segment is anticipated to remain at the fore because of its high quantity and cheap price range, and the use of mineral oil in the manufacture of synthetic blends. Bio-based oil, on the other hand, is anticipated to hold a small share in the market as it is in developing stage.
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Some leading companies in the global automotive lubricants market are Royal Dutch Shell plc, Sinopec Corporation, ExxonMobil Corporation, BP plc, Total S.A., Chevron Corporation, Fuchs Lubricants, and LUKOIL Oil Company.