The ‘Global Automotive Lubricants Market Trends, Size, Price, Share, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the automotive lubricants market, assessing the market on the basis of its segments like product type, material, vehicle type, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Automotive Lubricants Market Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 04%
Lubricants are observing a rising demand from the automotive sector as lubrication in vehicles protect them from wear and tear, excessive heat, contamination, and corrosion. The ability of automotive lubricants to reduce exposure to such risks which can lead to equipment failures and breakdowns is resulting in an increased demand for automotive lubricants globally.
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Using automotive lubricants between moving machine parts prevent them from scraping against each other which leads to reduced wear of the equipment resulting in an extended equipment life. Lubrication reduces the maintenance cost of the vehicles as the process does not require manual point-to-point lubrication which is expected to help the automotive lubricants market grow further in the forecast period.
Automotive lubricants are considered an essential component in a vehicle as they are used for cleaning, cooling, and preventing metal parts from corroding and rusting, among other vehicle applications. Several vehicle parts including engines, bearings, hydraulic gears, and hinges, require lubricants reduce the heat generated between vehicle parts which helps in improving the performance and efficiency of the equipment. Moreover, the growing automobile sector around the world is increasing the demand for high performance automotive lubricants resulting in the growth of the automotive lubricants market.
Automotive Lubricants Industry Definition and Major Segments
An automotive lubricant refers to a fluid material which is used in vehicles to reduce friction between surfaces that are in contact. An ideal automotive lubricant possesses excellent thermal stability, demulsibility, hydraulic stability, and resistance to corrosion and oxidation. Grease oil and transmission fluid are the typical examples of an automotive lubricant.
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Based on product type, the market is classified into:
- Engine Oils
- Transmission Oils
- Hydraulic Fluids
On the basis of material, the market is segmented into:
- Mineral Oils
- Synthetic Oils
- Semi-Synthetic Oils
- Bio-Based Oils
By vehicle type, the market is classified into:
- Passenger Vehicles
- Commercial Vehicles
Based on region, the market is categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Automotive Lubricants Market Trends
The key trends in the automotive lubricants market include the development of innovative automotive lubricant products and rising demand for high performance lubricants. Leading players in the automotive sector are adopting premium high viscosity engine oils which are widely used for lubricating internal combustion engines.
Development of chemical free bio-based automobile lubricants has further contributed to the growth of the market, owing to their superior lubricity along with minimised impact that synthetic lubricants have on the environment. Various market key players are carrying out more research and development activities in order to improve the quality of oil which will further propel the growth of the automotive lubricants market globally.
The Asia Pacific is anticipated to account for a large share of the market owing to the rising construction projects and implementation of favourable policies by various governments such as smart cities. This is supported by the rising disposable income of the people which is increasing their power to purchase new vehicles resulting in the development of the overall market. Governments of emerging economies in the Asia Pacific are replacing old vehicles with ones that are upgraded and have high performance lubricants which is again expected to fuel the growth of the automotive lubricants market in the region.
Key Market Players
The major players in the global automotive lubricants market report are AMSOIL Inc., Bharat Petroleum Corporation Limited, BP International Limited, Chevron Corporation, China National Petroleum Corporation, ENEOS Corporation, Indian Oil Corporation Limited, and Exxon Mobil Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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