The automotive lubricants market refers to the industry involved in the production, distribution, and sale of lubricants specifically designed for use in vehicles. Automotive lubricants are essential fluids used to reduce friction, minimize wear and tear, and provide smooth operation of various components in engines, transmissions, and other automotive systems.
The demand for automotive lubricants is directly influenced by the automotive industry’s growth and the increasing number of vehicles on the road. Lubricants play a critical role in maintaining optimal performance and extending the lifespan of vehicle engines and parts. They help reduce friction, dissipate heat, prevent corrosion, and provide necessary lubrication for moving parts, thereby enhancing fuel efficiency and reducing maintenance costs.
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Key Takeaways
- China is expected to be the biggest automotive lubricants market through 2021
- United States to emerge as a potential market backed by the rising adoption of passenger vehicles
- Automotive lubricants market in India expected to expand at over 6% CAGR
- Germany and Russia to dominate the European automotive lubricants market
- Countries such as UK, France and other European countries are expected to project impressive growth over forecast period
Prominent Drivers
- Increasing demand for light passenger vehicles and heavy duty vehicles likely to fuel the growth
- Strategic collaborations between automakers and regional players to provide growth opportunities in automotive lubricants market
- Government favorable policies for automotive lubricants to be a key driver
Competitive Landscape
- Shell Neft LLC, which is in charge of Shell’s retail and lubricants operations in Russia, will be sold to PJSC LUKOIL under a contract signed in May 2022 by Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij, both of which are subsidiaries of Shell Plc.
- ExxonMobil and PT Federal Karyatama, an Indonesian lubricant blender, announced their agreement to buy each other this week as part of a strategy to grow in the Asia-Pacific region. The deal is expected to close in May 2019. The $435 billion acquisition includes a new blending facility in Cilegon, Indonesia as well as the Federal Oil brand of lubricants.
Key Companies Profiled
- Royal Dutch Shell PLC
- ExxonMobil
- Chevron
- Total S.A.
- FUCHS
How Opportunistic are Growth Prospects across the U.S Market?
The automotive lubricants market in the United States can be analyzed based on various regional factors, including market size, growth rate, and market share. The United States is the second-largest automotive lubricants market in the world, with a high demand for lubricants in the country’s large and growing automotive industry. The market is primarily driven by the increasing number of vehicles on the road and the growing demand for high-performance lubricants that can extend the lifespan of automotive components and improve engine performance.
The United States automotive lubricants market can be segmented into various regions, including the Northeast, Midwest, South, and West. The Northeast region, which includes states such as New York and Pennsylvania, is expected to witness significant growth due to the growing demand for lubricants in the region’s large manufacturing and industrial sectors. The Midwest region, which includes states such as Illinois and Ohio, is also expected to witness significant growth due to the region’s large automotive industry and growing demand for high-performance lubricants.
The South region, which includes states such as Texas and Florida, is expected to hold the largest share of the market due to the region’s large population and growing demand for passenger cars and commercial vehicles. The West region, which includes states such as California and Washington, is also expected to witness significant growth due to the region’s focus on sustainability and the increasing adoption of electric and hybrid vehicles
Key Questions Covered in the Report
- Which base oil will be the most lucrative for automotive lubricants market?
- What is likely to be the future outlook of automotive lubricants market?
- What are the key drivers and restraints for the automotive lubricants market?
- Which region has the highest growth rate in automotive lubricants market?
- Which are the leading players operating in the automotive lubricants market?
Overall, the United States automotive lubricants market is expected to continue growing in the coming years, driven by factors such as the increasing number of vehicles on the road, the growing demand for high-performance lubricants, and the adoption of new automotive technologies