Global Automotive Lubricants Market
The automotive lubricants market is estimated at 19,244.73 kilo tons in 2018 and is projected to reach 21,720.60 kilo tons by 2023, at a CAGR of 2.44% during the forecast period from 2018 to 2023.
Lubricants play a vital role in numerous commercial and industrial sectors such as automotive, marine, manufacturing, and aviation. Automotive applications like engine oil and brake oil dominate the lubricants market. The automobile manufacturers, to ensure the proper functioning of the components and reduce the wear and tear, use lubricants to reduce friction between the moving parts of automobiles. In addition, they also help in cooling the components and in debris removal. One of the vital properties of the automotive lubricants is the viscosity, i.e., the fluid's ability to resist motion. Consequently, the use of lubricants helps in reducing friction, in turn enhancing fuel efficiency as well as the longevity of automotive components.
Lubricants, owing to their thermal stability, high viscosity index, high boiling and low freezing point, corrosion resistance, and high resistance to oxidation, is becoming an integral part of automotive engine brake, gear, and transmission fluid. In the automotive lubricants market report, we have taken the following applications into consideration: engine oil, gear and brake oil, and transmission fluid.
Drivers for the global automotive lubricants market are:
Increasing Automotive Sales in the Emerging Markets
Increasing Adoption of High-Performce Lubricants
Restraints faced by the global automotive lubricants market are:
Extended Intervals of Oil Change
Modest Impact of Electical Vehicles in Future
The global automotive lubricant market, based on product type, is segmented into engine oil, transmission & hydraulic fluids, general industrial oils, gear oil, greases, process oils, and others. The engine oil dominates the market with ~77% share followed by transmission & hydraulic fluids. Process oils is the fastest growing segment with a CAGR of ~2.5% during the forecast period.
The market has also been geographically segmented into Asia-Pacific, North America, Europe, South America, Middle-East and Africa. In terms of consumption in 2018, Asia-Pacific leads the market with a share of ~49%. Consistent improvement in the economic conditions in the Asia-Pacific countries, especially in India and China, has led to improvement in the financial status of the consumers, which in turn has boosted the demand for and productionand of automobiles. In addition, a rise in the average life span of the vehicles in operation and increasing demand for and usage of light commercial vehicles in China and India, will also propel the growth of the automotive lubricants market in the Asia-Pacific region. The Asia-Pacific region is also the fastest growing region with a CAGR of ~ 3.6% during the forecast period.
Furthermore, the growing demand for automotive and investment by the automotive production companies in the Middle-East & African region will offer numerous opportunities in the growth of the global automotive lubricants market.
Some of the major companies dominating this market for its products, services, and continuous product developments are:
Royal Dutch Shell
Key Deliverables in the Study:
Analysis for the global automotive lubricants market, with region specific assessments and competition analysis on global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global automotive lubricants market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is blooming and identification of the regions that are still untapped.
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