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The Global Automotive Lubricants Market size valued to USD 77.91 billion in 2019, is predicted to garner USD 120.06 billion by 2030, with a CAGR of 3.9% from 2020-2030.
The Automotive Lubricants Market observed a volumetric sale of 27,050 kilotons in 2019; it shall hike up to 38,607 kilotons by 2030, witnessing a CAGR of 3.2% from 2019-2030. Automotive lubricants are substrates introduced to reduce friction between two surfaces in mutual contact, hence ensuring smooth functioning and high performance of vehicles. Theses lubricants enhance the engine efficiency and prolongs the lifespan of vehicles by reducing wear and tear of the automotive parts. Automotive lubricants circulate the access heat generated during engine operations by absorbing and transmitting it to the cooler, hence controlling the vehicle temperature.
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Market Dynamics and Trends:
The automotive lubricants market is gaining momentum over the period owing to the fact that these lubricants amplify the performance of vehicles as well as intensifies its average age by reducing friction rates, lowering fuel consumptions and consequently boosting-up the efficiency of automotive engines.
Besides, market dynamics like increased inclination towards efficient transport, growing demand for commercial utility vehicles and passenger cars as well as the trend of possessing personal automotive transports especially in premium vehicles segment, imposes the need to cater the demand-supply gap for automotive lubricants, hence supplementing the growth of the global automotive lubricants market, throughout the forecast period.
Market Segmentations and Scope of the Study:
The global automotive lubricants market share analysis is based on base oil, vehicle type, application, and geography.
Based on base oil, the market is segmented into Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants, and Bio-Based Lubricants. Based on application the market is fragmented into Engine Oil, Gear & Brake Oil, Transmission Fluids, Greases, and Others. Based on vehicle type, the market is divided into Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), and Others (Motorbikes). Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
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Geographical Analysis:
North America region is expected to grow at a considerable rate, accounting a notable amount market share in the global automotive lubricants market. This is due to the strict government policies on emission standards and higher inclination towards the use of electric vehicles.
Europe is expected to demonstrate a significant growth rate owing to higher demand and production of synthetic and semi-synthetic oils in this region. Asia Pacific is expected to dominate the global automotive lubricants market, holing the highest market shares. This is attributable to factors such as growing economy, increase in disposable income, rapid urbanization, proliferating transportation industry, presence of key lubricant manufacturers in this region, higher population, and consequently escalating demand of owning a vehicle among purchasers.
Competitive Landscape:
The automotive lubricants market, which is highly competitive, consists of various market players. Some of the major market players include Exxon Mobil Corporation, Royal Dutch Shell Plc., Total S.A., BP Plc., Petro China Company Limited, Chevron Corporation, Valvoline, Indian Oil Corporation Ltd., Fuchs Lubricants and Basf Se among others.
The prominent players have adopted product launches and collaborations as their key strategies to gain substantial share in the global automotive lubricants market.
Key Benefits:
The automotive lubricants market report provides a quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
The study comprises a deep dive analysis of the automotive lubricants market trend including current and future trends for depicting the prevalent investment pockets in the market.
The report provides detailed information related to key drivers, restraints, opportunities and their impact on the automotive lubricants market.
The report incorporates a competitive analysis of the market players along with their market share in the global automotive lubricants market.
The study elaborates SWOT analysis and Porters Five Forces model for the automotive lubricants market.
Value chain analysis in the automotive lubricants market study provides a clear picture of the stakeholders’ roles.
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