The global automotive lubricant market was valued at $4,403.0 million in 2014, and is expected to reach $6,839.9 million by 2019, growing at a CAGR of 9.2% from 2014 to 2019. Asia-Pacific is expected to hold a market share, in terms of volume, of 51% of the global automotive lubricant market by 2019, growing at a CAGR of 7.6% from 2014 to 2019. The automotive lubricant market is segregated into four regions: Asia-Pacific, North America, Europe, and RoW. The market is driven by factors such as the growing demand for LCVs and HCVs, increasing life span of vehicles, and government legislations on automotive lubricants. The restraining factors are engine downsizing in passenger cars and fluctuating oil prices. Automotive lubricants are crucial for the smooth functioning of the vehicle; it reduces friction and wear-and-tear. It also transfers heat and prevents rust and corrosion.
On the basis of vehicle type, the automotive lubricant market is divided into passenger car, LCV, and HCV. The automotive lubricant market for passenger cars attained an estimated market size, in terms of value, of $2,272.0 million in 2014, and is expected to reach $3,185.4 million by 2019, growing at a CAGR of 6.99% from 2014 to 2019.
In terms of application type, the global automotive lubricant market is divided into engine oil, transmission fluid, and brake fluid. The engine oil application of the lubricant market reached a market size, by value, of $1,792.5 million in 2014, and is expected to grow to $2,601.9 million by 2019, at a CAGR of 7.74%. The transmission fluid application segment of the automotive lubricant market is expected to grow at the highest CAGR—that is, 10.63%—during the forecast period.
Four regions are covered in the study: Asia-Pacific, North America, Europe, and RoW. Asia Pacific leads the market, and is expected to grow from $2,281.7 million in 2014 to $3,472.8 million by 2019, at a CAGR of 8.76% from 2014 to 2019. North America and Europe are expected to grow at CAGRs of 11.7% and 7.4%, respectively during the forecast period.
The global automotive lubricant market is a competitive market, with a number of market players possessing niche technologies. As of 2014, the global market is estimated to be dominated by Royal Dutch Shell PLC (Netherlands), Exxon Mobil Corporation (U.S.), and BP PLC (U.K.). New product launches and partnerships, agreements, collaborations, and joint ventures are the key strategies adopted by most market players to achieve growth in the global automotive lubricant market.