Automotive Lubricants Market With A CAGR Of 3.7% During The Forecast Period
The global Automotive Lubricants Market size was projected at US$ 57.2 billion in 2014. It is expected to reach US$ 87.1 billion by 2025 with a CAGR of 3.7% during the forecast period. This could be attributed to increase in the number of vehicles on road. The usage of vehicles, in turn, gets boosted by high dependence on private transport and growing affordability of consumers. Use of lubricants has increased the vehicles’ age to 11 years.
OEMs do recommend using quality lubricants like semi-synthetic/synthetic oil due to the fat that they make way for better lubrication as compare to mineral oil. This is another factor bolstering the automotive lubricants market. Besides, government bodies are into establishment of performance standards with respect to lubricants for controlling the ever-increasing emissions.
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Increasing sales on the part of electric vehicles are expected to put a check on usage of automotive lubricants. Battery-driven electric vehicles do eliminate requirement of engine oil as IC engine is not present therein. Plus, electric vehicles are subject to lesser number of reciprocating parts.
The automotive lubricants industry is segmented on the basis of base oil, product type, and geography. By type of product, the segmentation goes like bio-based oil, semi-synthetic/synthetic oil, and mineral oil. Semi-synthetic/synthetic oil holds the largest market share; thanks to its splendid performance. By base oil, the market spans manual transmission fluid, automatic transmission fluid, and engine oil. By geography, the market constitutes North America, LATAM, Asia Pacific, Europe, and MEA.
Asia Pacific is expected to witness the fastest growth due to increase in consumption of vehicles in economies like India. LATAM is fast catching up due to Brazil witnessing tremendous growth in sales of heavy and light vehicles.
The players contributing to the automotive lubricants market include Chevron Corporation, Sinopec Corporation, ExxonMobil Corporation, Royal Dutch Shell plc, LUKOIL, Valvoline LLC, JKTG Nippon Oil & Energy Corporation, Indian Oil Corporation Limited, Morris Lubricants, Petrobras, Bharat Petroleum Corporation Limited, and Total S.A.
The report “Automotive Lubricants Market” is available now at https://www.millioninsights.com/industry-reports/automotive-lubricants-market
Product Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2025)
• Engine Oil
• Gear Oil
• Transmission Fluids
• Brake Fluids
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
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