According to the latest report by IMARC Group, titled “Automotive Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global automotive lubricants market size reached a value of US$ 73.2 Billion in 2021. Automotive lubricants are liquids prepared with specialized oils and additives derived from petroleum sources for use in vehicles. By forming a friction-reducing layer, they reduce metal-on-metal contact and prevent rust accumulation. The usage of these lubricants also minimizes the heat generated between parts and improves the efficiency and function of critical components, such as engines, hinges, bearings, and hydraulic gears. In addition to this, the escalating demand for fuel-economical lubricants with an enhanced focus on improved vehicle performance is providing an impetus to the market growth.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Lubricants Market Trends:
The market is primarily driven by a considerable rise in the number of on-road vehicles across the globe. This can be attributed to the increasing dependency on private vehicles for regular transportation and commuting. Stringent emission regulations undertaken by the government bodies of several countries have further resulted in a higher uptake of eco-friendly and sustainable automotive lubricants, which, in turn, is propelling the market. Besides this, continual technological advancements, such as the emergence of automotive lubricant variants for hybrid engines, next-generation hydraulic systems and innovative engine developments, are creating a positive outlook for the market. The inflating disposable income levels of the consumers resulting in rising spending capacity is also providing an impetus to the market. Some of the other factors contributing to the market include the growing adoption of low viscosity automotive lubricants, rapid urbanization, and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 90.8 Billion by 2027, exhibiting a CAGR of 3.59% during 2022-2027.
- On the basis of the product, the market has been segmented into engine oil, gear oil, transmission fluids, brake fluids, coolants, greases, and others.
- Based on the vehicle type, the market has been divided into passenger cars, light commercial vehicles, heavy commercial vehicles, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.?Some of these players include Amsoil Inc., BP plc, Chevron Corporation, China National Petroleum Corporation, Exxon Mobil Corporation, Fuchs Group, Petronas Lubricants International Sdn Bhd, Phillips 66 Company, Royal Dutch Shell plc, SK Lubricants Co. Ltd., Total SE, and Valvoline Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800