The global automotive lubricants market size is expected to reach USD 97.59 Billion in 2030 and register a revenue CAGR of 5.3% during the forecast period. Rising urbanization, increasing income levels and advancements in automotive technology are propelling automotive lubricants market revenue growth. Furthermore, an increase in demand for high-quality lubricants is expected to fuel market growth. Additionally, an increase in consumption of synthetic lubricants due to their superior properties, such as low volatile compound emissions and a relatively thicker layer when compared to traditional mineral oil lubricants, is expected to drive overall demand for automotive lubricants during the forecast period.
Lubricant is an essential component of any vehicle. Rising demand for light passenger vehicles and heavy-duty vehicles, as well as increase in average lifespan of vehicles in operation, are driving lubricant demand. Furthermore, increased automotive production in developing countries is providing ample growth opportunities for lubricant manufacturers. Engine oil is the most commonly used automotive lubricant worldwide and it is expected to drive the global automotive lubricant market growth. Engine oil’s primary function is to reduce wear and friction on moving parts while also cleaning the engine of varnish and sludge. It also aids in neutralization of acids produced by fuel and lubricant oxidation, thereby improving piston ring sealing. Engine oil helps to cool the engine by transferring heat away from moving parts. Because of rising crude oil prices, people are opting for high mileage engine oils, which help to prevent oil leaks and reduce oil consumption. As vehicle age increases, the use of engine oil and other lubricants is becoming more important to maintain vehicle’s efficiency and performance.
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Top Players in the Global Automotive Lubricants Market:
Castrol Limited, Gulf Oil International, Panama Petrochem Ltd., GP Petroleums Ltd., Shell International B.V., Chevron Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Valvoline Inc. and Petróleo Brasileiro S.A.
Automotive lubricants improve the overall durability and performance of a vehicle. Consumer preference for high-quality synthetic automotive lubricants is another factor driving market growth. In addition, automotive lubricants exemplify futuristic technologies capable of producing durable surfaces while maximizing overall efficiency. Furthermore, the expansion of construction industry is expected to drive demand for commercial vehicles in construction activities, thereby increasing demand for automotive lubricants during the forecast period.
One of the top priorities of vehicle owners is keeping their vehicles on the road. This is where lubricants come into play. Automotive lubricants protect against wear and tear of various automotive components and vehicle systems by significantly reducing friction between the parts and extending their life. Furthermore, as smaller and more complex automotive systems become more prevalent in the industry, the demand for low viscosity and high-performance lubricants grows. This is expected to aid in the development and innovation of high-quality lubricants during the forecast period.
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Market segmentation based on Base Oil Market:
- Mineral Oil
- Synthetic
- Semi-Synthetic
- Bio-Based Lubricants
Vehicle Type Outlook:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Application Outlook:
- Engine Oil
- Gear Oil
- Brake Fluids
- Transmission Fluids
- Coolants
- Greases
Regional Outlook:
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- UK.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global Automotive Lubricants market over the forecast period?
- What are the major factors driving the global market revenue growth?
- Which are the leading manufacturers and suppliers in the global Automotive Lubricants market?
- Which regional market is expected to lead in terms of revenue share in the global Automotive Lubricants market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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