NEW YORK, Aug. 30, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global automotive grease market size is estimated to grow by USD 421.1 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.4% during the forecast period. Expansion of automotive industry is driving market growth, with a trend towards increasing focus on biodegradable greases. However, fluctuations in raw material prices of automotive grease poses a challenge. Key market players include AB SKF, Auto Pickup Petro Chem Pvt Ltd., Axel Christiernsson International AB, Balmer Lawrie and Co. Ltd., BP Plc, Chevron Corp., China Petrochemical Corp., Dow Inc., Eni SpA, Exxon Mobil Corp., FUCHS PETROLUB SE, Indian Oil Corp. Ltd., Phillips 66, PJSC LUKOIL, San Miguel Corp, Schaeffler AG, Shell plc, Siddharth Grease and Lubes Pvt. Ltd, TotalEnergies SE, and Valvoline Inc..
Technavio has announced its latest market research report titled Global automotive grease market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
– |
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Segment Covered |
Distribution Channel (Aftermarket and OEM), Source (Mineral oil, Synthetic oil, and Bio-based oil), and Geography (APAC, North America, Europe, Middle East and Africa, and South America) |
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Region Covered |
APAC, North America, Europe, Middle East and Africa, and South America |
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Key companies profiled |
AB SKF, Auto Pickup Petro Chem Pvt Ltd., Axel Christiernsson International AB, Balmer Lawrie and Co. Ltd., BP Plc, Chevron Corp., China Petrochemical Corp., Dow Inc., Eni SpA, Exxon Mobil Corp., FUCHS PETROLUB SE, Indian Oil Corp. Ltd., Phillips 66, PJSC LUKOIL, San Miguel Corp, Schaeffler AG, Shell plc, Siddharth Grease and Lubes Pvt. Ltd, TotalEnergies SE, and Valvoline Inc. |
Key Market Trends Fueling Growth
The automotive grease market is experiencing steady growth due to increased demand for vehicle maintenance and production. Key players include Shell, Chevron, and ExxonMobil. Greases are essential for reducing friction, protecting against corrosion, and cooling engine parts. Automakers and workshops rely on high-quality greases to ensure optimal vehicle performance and longevity. Market growth is driven by factors such as rising vehicle production and increasing vehicle parc size.
The Automotive Grease Market is witnessing significant trends in the automotive industry. With the increasing number of private vehicles on the road, there is a growing demand for lubricants. Economic stability and consumer affordability are key factors driving the market. Synthetic lubricants, such as Savsol Ester 5 from Savita Oil Technologies, are gaining popularity due to their superior performance and longevity. Electric vehicles (EVs) are also impacting the market with the rise in EV production and registrations. While mineral oils continue to dominate the market, there is a shift towards environmentally friendly lubricants, including synthetic lubricating oils and bio-based lubricants. Two-wheelers, three-wheelers, passenger cars, lightweight commercial vehicles, and heavy-weight commercial vehicles all require various types of lubricants, including engine oil, brake oil, gear oil, and grease. Automobile manufacturing giants like Volkswagen, Mercedes-Benz, and Porsche are incorporating sustainable lubricants into their production processes to reduce carbon emissions. The market is further influenced by rapid industrialization, the ‘Aatma Nirbhar Bharat’ initiative, and the increasing popularity of battery-operated vehicles. Equipment Manufacturers are also focusing on developing fully synthetic, semi-synthetic, and bio-based oils to cater to the diverse needs of the automotive industry.
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Market Challenges
The automotive grease market is a significant sector, supplying essential lubricants for various vehicle components. Manufacturers produce high-performance greases to ensure smooth operation and durability. These greases reduce friction, protect against rust and corrosion, and enhance machinery lifespan. Market growth is driven by increasing vehicle production and sales, as well as the demand for fuel-efficient and environmentally friendly greases. Key players in this market include Shell, ExxonMobil, and Chevron.
The Automotive Grease Market faces challenges from various sectors, including bio-based oils and the shift towards electric vehicles (EVs). Bio-based lubricants like bio-based greases are gaining popularity due to their eco-friendly nature. However, their high production cost is a significant hurdle. Engine oils, brake oils, gear oils, and greases are essential components in automotive manufacturing for Passenger cars, Lightweight commercial vehicles, Three-wheelers, and Heavy-weight commercial vehicles. The Lubricants Market is evolving with the rise of EV production, leading to development activities in sustainable lubricants. Two-wheeler and automobile manufacturing giants like Volkswagen, Mercedes-Benz, and Porsche are investing in EVs and battery-operated vehicles. Rapid industrialization and Aatma Nirbhar Bharat initiatives in India further boost the demand for greases and lubricants. However, the increasing focus on reducing carbon emissions and the development of Motor Equipment Manufacturers’ advanced technologies pose challenges to the traditional grease market. The market must adapt to these changes to remain competitive. Brake fluids and other automotive components require specialized greases, adding to the market’s complexity. The grease industry must innovate to cater to the evolving needs of the automotive sector.
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Segment Overview
This automotive grease market report extensively covers market segmentation by
Distribution Channel
1.1 Aftermarket
1.2 OEM
Source
2.1 Mineral oil
2.2 Synthetic oil
2.3 Bio-based oil
Geography
3.1 APAC
3.2 North America
3.3 Europe
3.4 Middle East and Africa
3.5 South America
1.1 Aftermarket- The automotive grease market is growing due to increasing vehicle production and sales. Grease is essential for reducing friction and protecting mechanical components from wear and corrosion. Key players in this market include Shell, Chevron, and ExxonMobil. They offer various types of automotive greases, such as lithium complex, calcium sulfonate, and multi-purpose greases. Automakers and workshops rely on these companies to ensure optimal vehicle performance and longevity.
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Research Analysis
The Automotive Grease Market is experiencing significant growth due to the increasing demand for private vehicles and the economic stability that comes with it. Consumers are looking for affordable solutions for maintaining their vehicles, leading to a rise in demand for both mineral oils and synthetic lubricants. Synthetic lubricating oils, such as Savsol Ester 5 from Savita Oil Technologies, are gaining popularity due to their superior performance and longer lifespan. The shift towards electric vehicles (EVs) is also impacting the market, with the need for environmentally friendly lubricants becoming increasingly important. Mineral oil-based lubricants are being replaced by fully synthetic oils and bio-based lubricants in the automotive industry. Rapid industrialization and the ‘Aatma Nirbhar Bharat’ initiative in India are driving the demand for automotive components, including lubricants. Major automobile manufacturers like Volkswagen, Mercedes-Benz, and Porsche are investing in EV production, further boosting the market. Electric vehicle registrations are on the rise, with battery-operated vehicles becoming more affordable and accessible to consumers. Overall, the Lubricants Market is expected to grow at a steady pace, driven by the demand for automotive greases and the need for high-performance lubricants in various industries.
Market Research Overview
The Automotive Grease Market is experiencing significant growth due to the increasing demand for private vehicles, driven by economic stability and consumer affordability. Synthetic lubricants, including synthetic lubricating oils, are gaining popularity over mineral oils due to their superior performance and longer lifespan. However, the shift towards environmentally friendly lubricants is also influencing market trends. Savsol Lubricants, a leading player in the industry, offers Savsol Ester 5, an eco-friendly ester-based lubricant. The rise of electric vehicles (EVs) and their production is another factor impacting the market, with a focus on developing bio-based lubricants for EV batteries and other automotive components. The automobile manufacturing industry, including brands like Volkswagen, Mercedes-Benz, and Porsche, is also contributing to the market’s growth. Rapid industrialization, government initiatives like Aatma Nirbhar Bharat, and the increasing registration of battery-operated vehicles are further boosting the market. The market includes various types of greases for different applications, such as engine oil, brake oil, gear oil, and grease for two-wheelers, three-wheelers, passenger cars, lightweight commercial vehicles, and heavy-weight commercial vehicles. Development activities in the Equipment Manufacturers sector are also driving the market for lubricants. The market also includes mineral oil, fully synthetic oil, semi-synthetic oil, and bio-based oil. Carbon emissions are a concern, and the use of sustainable lubricants is becoming increasingly important in the automotive industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Distribution Channel
Aftermarket
OEM
Source
Mineral Oil
Synthetic Oil
Bio-based Oil
Geography
APAC
North America
Europe
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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SOURCE Technavio