The automotive lubricants market is expected to grow as quick lube centers and vehicle maintenance services have made it more convenient for vehicle owners to get regular oil changes and lubricant replacements, driving demand for lubricants.
PORTLAND, Ore., Dec. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “The Automotive Lubricants by Base Oil (Mineral Oil, Synthetic, Semisynthetic, and Bio-based Lubricants), Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), and Others), and Application, (Engine Oil, Gear & Brake oil, Transmission Fluids, Greases, and Others). Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global automotive lubricants industry generated $77.8 billion in 2022, and is estimated to reach $116.1 billion by 2032, witnessing a CAGR of 4.1% from 2023 to 2032.
Prime determinants of growth
Emerging economies, particularly in Asia-Pacific, have witnessed significant growth in vehicle ownership and production. This region contributes significantly to the automotive lubricant market’s growth due to increased vehicle usage. The ease of purchasing automotive lubricants online has expanded the reach of lubricant manufacturers and increased consumer access to a wide range of lubricant products.
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Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$77.8 billion |
|
Market Size in 2032 |
$116.1 billion |
|
CAGR |
4.1 % |
|
No. of Pages in Report |
618 |
|
Segments covered |
Base Oil, Vehicle Type, Application, and Region. |
|
Drivers |
Robust use of automotive lubricant in automotive industry Advancements in technology and high production of vehicles |
|
Opportunities |
High demand from industrial sectors |
|
Restraints |
Depletion of resources and environmental impact |
The mineral oil lubricant segment to maintain its leadership status throughout the forecast period
By base oil, the mineral oil lubricant segment held the highest market share in 2022, accounting for more than half of the global automotive lubricants market revenue and is estimated to maintain its leadership status throughout the forecast period. A growing interest in reducing the environmental impact of automotive lubricants has been witnessed. Mineral oil lubricants are derived from fossil fuels and contribute to carbon emissions. As a result, manufacturers develop low-viscosity mineral oil lubricants that improve fuel efficiency and reduce emissions. Furthermore, some consumers have become more environmentally conscious and choose lubricants that align with their sustainability goals. However, the synthetic lubricants segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032.
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The passenger vehicle type segment to maintain its leadership status throughout the forecast period
By vehicle type, the passenger segment held the highest market share in 2022, accounting for more than half of the global automotive lubricants market revenue and is estimated to maintain its leadership status throughout the forecast period. Development and improvement of road networks, highways, and transportation infrastructure contribute to the convenience and accessibility of passenger cars. Better infrastructure encourages car ownership and usage. Passenger cars offer convenience and flexibility, allowing individuals and families to travel comfortably and at their own pace. This is especially important as people seek to balance work, leisure, and family needs. Automotive lubricants are employed to protect frame components and suspension parts, such as control arms and stabilizer bars. However, the heavy commercial vehicle segment is projected to manifest the highest CAGR of 4.0% from 2023 to 2032.
The engine oil application segment to maintain its lead position during the forecast period
By application, the engine oil segment accounted for the largest share in 2022, contributing to nearly two-thirds of the global automotive lubricants market revenue, and is estimated to maintain its leadership status throughout the forecast period. In emerging economies, the expansion of vehicle fleets is significant. Countries like China and India have seen substantial growth in the number of vehicles on the road, contributing to increased demand for engine oil. Modern engines are designed for higher performance, efficiency, and emissions control. These advancements have led to the development of specialized engine oils that meet the specific requirements of advanced engines, driving demand for more advanced lubricants. Stricter environmental regulations and emissions standards have encouraged the use of higher-quality engine oils that reduce friction and improve fuel efficiency.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for two-fifths of the global automotive lubricants market revenue and is estimated to maintain its leadership status throughout the forecast period. Increasing population-driven electricity consumption, expanding industrial expansion, and increased demand for automobiles are the region’s primary drivers. The Asia-Pacific automotive lubricants market is anticipated to expand during the forecast period. India, China, and Japan are anticipated to contribute to the Asia-Pacific automotive lubricants market expansion. In addition, population growth-driven increases in power consumption, industrial expansion, and demand for electric and hybrid automobiles are anticipated to stimulate regional market growth. China is a major player in the automotive lubricants market.
Leading Market Players: –
- ROYAL DUTCH SHELL PLC
- FUCHS
- BP P.L.C.
- TOTALENERGIES
- INDIAN OIL CORPORATION LIMITED
- CHEVRON CORPORATION
- VALVOLINE INC.
- PETROCHINA COMPANY LIMITED
- EXXON MOBIL CORPORATION
The report provides a detailed analysis of these key players in the global Automotive lubricants market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/automotive-lubricants-market/purchase-options
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