BANGALORE, India, Jan. 20, 2024 /PRNewswire/ -- Automotive Lubricants Market By Base Oil (Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants, Bio-Based Lubricants), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Others), By Application (Engine Oil, Gear and Brake Oil, Transmission Fluids, Greases, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Global Automotive Lubricants Market was valued at USD 77.8 Billion in 2022 and is projected to reach USD 116.1 Billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.
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Major factors driving the growth of Automotive Lubricants Market:
Mineral oil lubricants are preferred by both manufacturers and customers because they provide an affordable option for engine protection and performance.
Engine oil plays a vital role in preserving engine efficiency and dependability by lowering friction, dispersing heat, and avoiding wear and corrosion.
The increasing production of vehicles worldwide, strict emission regulations requiring the use of advanced lubricants for better fuel efficiency, continuous technological advancements improving lubricant formulations, growing awareness among vehicle owners of the value of routine maintenance, the expanding automotive aftermarket driven by an expanding global vehicle park, and the rise in industrialization and commercial transportation are some of the major factors driving the growth of the autos.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL AUTOMOTIVE LUBRICANTS MARKET:
The automobile industry uses them extensively because of their comparatively reduced production costs, which make them an affordable option for a variety of cars. Furthermore, mineral oil lubricants' well-established market presence and accessibility, together with their suitability for a range of engine types, reinforce their position as the industry leader in the automotive lubricants market. Engine oil is a key product in the automotive lubricants industry, playing a crucial role in the regular maintenance and upkeep of vehicles all over the world due to the extensive use of internal combustion engines in a variety of vehicle types and the requirement for frequent oil changes and maintenance.
The rising worldwide car production is directly related to the expansion of the automotive lubricants industry. Lubricants are in high demand to maintain the longevity and effective operation of engines and other vital components, and this demand is mirrored in the expansion of the automotive sector, which is being driven by growing consumer demand and economic growth. This tendency is especially noticeable in developing nations where a rising middle class encourages a greater number of car ownership.
Stronger pollution standards and environmental laws are pressuring automakers to create vehicles that are more fuel-efficient. Automotive lubricants are essential for accomplishing these goals because they increase engine efficiency and decrease friction. The market is expanding due in large part to the requirement for lubricants that enhance fuel efficiency and reduce pollutants. Automotive lubricants are in high demand as a result of growing awareness among car owners of the value of routine maintenance. Customers are realizing how important premium lubricants are in minimizing friction, avoiding engine wear, and increasing the total life of their cars. This knowledge helps to sustain the demand for automobile lubricants in the aftermarket.
The market for automotive lubricants is significantly driven by the growth of the automotive aftermarket, which is powered by the rising number of vehicles on the road worldwide. The need for lubricants for regular maintenance, repairs, and oil changes rises with the number of cars on the road, maintaining a stable demand for automotive lubricants in the aftermarket. The need for automotive lubricants is on the rise due to the expansion of industrialization and commercial transportation, which includes trucks, buses, and heavy-duty vehicles. Further driving market development are the demanding operating conditions of these vehicles, which call for lubricants that can tolerate greater temperatures, large loads, and longer operating hours.
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AUTOMOTIVE LUBRICANTS MARKET SHARE
Mineral oil lubricants were the top revenue-generating sector in 2022 and are expected to expand at a compound annual growth rate (CAGR) of 56% over the course of the projection period. It is said that this is because. With a 56% worldwide market share in 2022, the mineral oil lubricants automotive lubricants market had a significant market share and is expected to expand at the fastest compound annual growth rate (CAGR) throughout the forecast period. Reducing the impact of automobile lubricants on the environment is a topic of considerable importance.
With a 56% share of the global market in terms of revenue in 2022, the passenger vehicle sector is leading the industry worldwide. This is because Passenger automobiles are more convenient and accessible as road networks, highways, and transportation infrastructure are developed and improved. Car ownership and use are encouraged by improved infrastructure.
With 65% of the global market in terms of revenue in 2022, the engine oil category is leading the global market. Fleets of vehicles are expanding significantly in emerging economies. The number of cars on the road has expanded significantly in nations like China and India, which has raised the demand for engine oil. The design of modern engines focuses on improving efficiency, performance, and pollution control.
With a 40% market share in the worldwide automotive lubricants market in 2022, the Asia-Pacific market is expected to develop at the fastest rate of compound annual growth (CAGR) over the forecast period. The region's main drivers include growing industrial growth, rising population-driven power consumption, and rising demand for autos.
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Key Players:
- Fuchs
- Indian Oil Corporation Limited
- PetroChina Company Limited
- Chevron Corporation
- Exxon Mobil Corporation
- TotalEnergies
- BP p.l.c.
- Valvoline
- Royal Dutch Shell plc
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