Global Automotive Lubricants Market - Segmented by Product Type and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global automotive lubricants market was expected to be 38,687.66 kilotons in 2017. Asia-Pacific is to lead the market with a larger share of the global market owing to the increasing automotive sales in the region.
Rapidly Growing Automotive Industry in Asia-Pacific
In the Asia-Pacific region, China is the largest producer of automotive, with more than 28 million automobiles (passenger and commercial vehicles combined) produced in the year 2016. Used car sales have also grown significantly in China. In India, the automotive industry has been growing at a higher pace, with the passenger vehicles exhibiting the highest growth of 7.9% in 2016 with more than 4.48 million units of vehicles produced in the country. It is expected that India will be a major passenger vehicle market and surpass countries, like Germany. The rising sales and production of automobiles in major developing regions, such as India, China, and Indonesia are expected to contribute to the growth of the automotive lubricants market.
Engine Oil Application Holds the Largest Share
Engine oils are used to reduce the metal-to-metal contact inside the engine to minimize friction and reduce damage, as automotive engines are more prone to wear and deform in the moving parts. These oils also remove the small particles, dirt, and other impurities present in the fuel.
North America is the largest market for engine oil lubricants owing to a large number of automotive vehicles in the region. Asia-Pacific countries, such as China, India, Thailand, Indonesia, the Philippines, and Malaysia are emerging as global automotive hubs, which is expected to drive the regional demand at the fastest pace in the global market.
Asia-Pacific to Lead the Global Market
The Chinese auto lubricants market was estimated to be worth USD 3 billion, for a volume of around 10 million metric tons. China dominates the global market, in terms of consumption and production of automobiles and auto refinishes. Increasing urbanization and supporting governmental policies are anticipated to boost the demand for automobiles in the country. Other countries, such as India and Japan, are also expected to experience significant growth.
Notable Developments in the Market
October 2017: Shell South Africa announced a new lubricant partnership agreement with BMW Car Club Gauteng.
June 2017: ExxonMobil Corporation entered an agreement with GE, for the supply of lubricants for GE’s Jenbacher gas engines.
Major players include ExxonMobil Corporation, Royal Dutch Shell PLC, BP PLC, and Chevron amongst others.
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