Automotive lubricants are used to reduce friction between the surfaces and contact such as road and vehicle, which protects the automotive parts and hence, increase the vehicle performance. The growth in this market is majorly driven by the growing automotive industry, increasing production of vehicles, and rise in disposable income. Further, significant opportunities from emerging economies and increasing demand for environment friendly lubricants are boosting the adoption of automotive lubricants.
Meticulous Research® – leading global market research company published a research report titled “Automotive Lubricants Market by Product (Engine Oils, Transmission & Hydraulic fluids), Vehicle (Passenger Cars, Two/Three-Wheeler), Type (Mineral Oil, Synthetic, Semi-synthetic Lubricant), Sales Channel (OEM, Aftermarket)- Global Forecast to 2025”.
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According to this latest publication from Meticulous Research®, the global Automotive Lubricants Market is expected to grow at a CAGR of 7.3% from 2019 to reach $53.43 billion by 2025. Moreover, on volumetric basis, the market is expected to grow at a CAGR of 2.4% from 2019 to 2025 to reach 26,632 thousand tons by 2025. The growth in automotive lubricants market is mainly attributed to growing automotive industry, increasing production of vehicles, and rise in disposable income. In addition, significant opportunities from emerging economies and increasing demand for environment friendly lubricants offer growth opportunities for the players operating in this market. However, growing popularity of electric vehicles and volatile pricing of raw materials are the key factors expected to hinder the adoption of automotive lubricants.
The global automotive lubricants market study presents historical market data in terms of values and volume (2017 and 2018), estimated current data (2019), and forecasts for 2025 – by product (engine oil, transmission & hydraulic fluid, gear oil, grease, process oil), vehicle (passenger cars, light weight commercial vehicle, two/three-wheeler), type (mineral, synthetic, semi-synthetic), sales channel (aftermarket, OEMs), and geography. the study also evaluates industry competitors and analyzes the market at regional and country level.
Browse key industry insights spread across 257 pages with 276 market data tables & 46 figures & charts from the report: https://www.meticulousresearch.com/product/automotive-lubricants-market-5036/
Based on product, the engine oil segment is estimated to account for the largest share of the overall automotive lubricants market in 2019. The large share of this segment is mainly attributed to the growing production of vehicles across the globe, rising consumer awareness regarding the use of oil, and huge demand from automobile aftermarket segment.
Based on vehicle type, the passenger cars segment is estimated to account for the largest share of the overall automotive lubricants market in 2019. However, light-weight commercial vehicles market is projected to grow at the fastest CAGR during the analysis period due to growing need for transportation of people, goods and services; growing penetration of light-weight commercial vehicle in rural and semi-urban areas; and stringent government regulations related to CO2 emission.
Based on type, the mineral oil lubricants segment is estimated to account for the largest share of the overall automotive lubricants market in 2019, mainly attributed to its low cost than other types of lubricants. However, synthetic lubricants segment is projected to grow at the fastest CAGR during the analysis period due to growing adoption of high-performance and advanced engines, their ability to provide high quality lubrication than other lubricant types, growing need for better fuel economy, and changes in the legislation to reduce vehicle emissions.
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Based on sales channel, aftermarket segment accounted for the largest share of the overall automotive lubricants market in 2019 and is projected to grow at the fastest CAGR during the analysis period. The large share of this segment is mainly attributed to the increasing need for car ownership, especially in emerging economies; growing urbanization; and rising consumer awareness regarding the use of lubricants to maintain vehicle efficiency and achieve better fuel economy.
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, Russia, Italy, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Philippines, and RoAPAC), Latin America, Middle East, and Africa (Egypt, South Africa, Algeria, Nigeria, Morocco, and Rest of Africa). Asia-Pacific region is estimated to command the largest share of the global automotive lubricants market in 2019, followed by North America and Europe. In addition, Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Growth in this market is expected to be driven by growing economy; increasing urbanization and disposable income; rapid growth in the automotive industry; growing transportation industry; stringent regulations on CO2 emissions; and strong support from the government to promote automotive industry. Moreover, the increasing presence of the key lubricants as well as auto manufacturers in the region further supports the growth of automotive lubricants market in the region.
The key players operating in the global automotive lubricants market are Shell International B.V., Exxon Mobil Corporation, FUCHS PETROLUB SE, Motul, Phillips 66 Company, Repsol S.A., SK lubricants Co., Ltd., China National Petroleum Corporation, Klüber Lubrication München SE & Co. KG, Amsoil Inc., Petróleo Brasileiro S.A., Valvoline, Inc., JXTG Nippon Oil & Energy Corporation, Chevron Corporation, and BP P.L.C. (CASTROL).
Key questions answered in the report-
- Which are the high growth market segments in terms of product, vehicle, type, sales channel, and region/countries?
- What was the historical market for automotive lubricants across the globe?
- What are the market forecasts and estimates for the period 2019–2025?
- What are the major drivers, restraints, and opportunitiesin the global automotive lubricants market?
- Who are the major players in the global automotive lubricants market?
- How is the competitive landscape and who are the market leaders in the global automotive lubricants market?
- What are the recent developments in the global automotive lubricants market?
- What are the different strategies adopted by the major players in the global automotive lubricants market?
- What are the geographical trends and high growth regions/countries?
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