The Global Automotive Lubricant Market is projected to experience a 6.88% CAGR during the forecast period, as per the TechSci Research report titled “Automotive Lubricant Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”. This growth can be attributed to an increase in sales and expansion of the vehicle fleet. China, which is the largest producer of automotive lubricants globally, is predicted to register a 3.45% CAGR during the same period.
The market for automotive lubricants is segmented based on vehicle type, demand category, product type, and region. The vehicle type segment includes two wheelers, passenger cars, light commercial vehicles, and medium & heavy commercial vehicles. The market is also categorized by demand category, which consists of OEM & aftermarket, and by product type, which includes engine oils, transmission oils, hydraulic fluids, and greases.
Among the different vehicle types, the passenger cars segment holds the largest revenue share, due to the high production levels and significant fleet size of passenger cars worldwide. This segment is also projected to exhibit the fastest CAGR during the forecast period, owing to an increase in passenger car sales, driven by a growing population and rising disposable income.
Furthermore, the aftermarket segment is expected to grow at the fastest pace and account for the highest volume of the market. Meanwhile, during the forecast period, the OEM market is predicted to register a CAGR of 5.97%.
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The market is categorized into engine oils, transmission oils, hydraulic fluids, and greases based on the product type. Engine oils play a crucial role in ensuring the smooth functioning of reciprocating parts and improving thermal stability for optimal engine performance. Regular replacement of engine oil is necessary to minimize sludge and contaminants, thus increasing engine lifespan. As a result of developments in chemical-free, bio-based lubricants, the market is expected to expand, providing better lubricity and reducing synthetic lubricant-related environmental impacts. Other factors contributing to market growth include increased consumer spending power and significant research and development (R&D) efforts to improve oil quality.
The market is also segmented into Asia-Pacific, Europe, North America, South America, Middle East & Africa based on the region. Due to the large-scale fleet of on-road vehicles in countries such as China, Japan, and India, the Asia-Pacific region dominates the global automotive lubricant market. The consumption of various automotive lubricants varies by country and region. For example, South Korea consumes more synthetic lubricants than India, with most of the consumption in commercial and passenger vehicles. Two-wheelers make up about one-fourth of the total lubricant demand in India, following commercial vehicles in automotive lubricant consumption. China currently holds a dominant position in the Asia-Pacific market due to its massive on-road automotive fleet and rising per capita lubricant consumption.
China and USA will grow at a CAGR of 3.45% and 5.15% respectively and will help boost the market during the forecast period.
Due to the implementation of lockdown to prevent COVID-19 pandemic, sales of automotive lubricants at the end of first quarter and in second quarter fell substantially in most of the countries affecting current year’s performance. Nevertheless, in most of the regions across the globe, the market recovered partially at the end of second quarter and completely in the third quarter. Hence, giving positive outlook to the market forecast for the year 2022.
Royal Dutch Shell company holds the largest share in global automotive lubricant market, followed by Exxon Mobil Corporation, Valvoline Inc., BP PLC (Castrol), Gulf Oil Lubricants India Ltd (Hinduja Group), Repsol, PETRONAS Lubricants International, Chevron Corporation, AMSOIL Inc., FUCHS,
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Several prominent base oil producing companies and formulators, including Royal Dutch Shell, ExxonMobil, BP, and others, control most of the global automobile lubricant business. All the major players have a diverse product portfolio to meet the needs of a range of consumers and operate in several lubricants markets (such as industrial lubricants, metalworking fluids, automotive lubricants, and others). In comparison to its competitors, Royal Dutch Shell has a stronger global presence, distribution network, and high base oil production and formulation capacity, which positions it as the market leader. The regional market is dominated by numerous local competitors.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Automotive Lubricant By Vehicle Type (Two Wheeler, PC, LCV, MHCV), By Sales Channel (OEM & Aftermarket), By Product Type (Engine Oil, Transmission Oil, Hydraulic Oil, Grease), By Region, Competition Forecast & Opportunities, 2017-2027,” has evaluated the future growth potential of Global Automotive lubricant market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive lubricant market.
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