As per the “Automotive Lubricant Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast 2017-2027” report by TechSci Research, the Global Automotive Lubricant Market is projected to achieve a Compound Annual Growth Rate (CAGR) of 6.88% throughout the forecast period. This growth is attributed to increasing sales and the expanding vehicle fleet. Notably, China, as the world’s largest automotive lubricant producer, is expected to register a CAGR of 3.45% during this period.
The Global automotive lubricant market is categorized based on vehicle type, demand category, product type, and region. Vehicle types include two-wheelers, passenger cars, light commercial vehicles, and medium & heavy commercial vehicles. Demand categories encompass Original Equipment Manufacturers (OEM) and the aftermarket. The market is divided by product types such as engine oils, transmission oils, hydraulic fluids, and greases.
Within the vehicle type segmentation, the passenger cars segment claims the largest revenue share due to the extensive production and substantial fleet of passenger cars globally. Furthermore, this segment is anticipated to demonstrate the fastest CAGR throughout the forecast period. The surge in passenger car sales, driven by a substantial population and increased disposable income, fuels the demand for this segment.
In the context of demand categories, the aftermarket exhibits the most rapid growth, accounting for the highest volume within the market. Meanwhile, the OEM market is projected to achieve a CAGR of 5.97% during the forecast period.
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Concerning product types, engine oils play a pivotal role in ensuring the smooth operation of engines by enhancing the functioning of reciprocating parts and boosting thermal stability. Regular engine oil changes are essential to minimize sludge and contaminants, thus extending engine longevity. Consequently, the replacement rate for engine oil surpasses that of other automotive lubricants. Moreover, advancements like chemical-free, bio-based lubricants contribute to growth. These environmentally-friendly lubricants offer enhanced lubricity and mitigate the negative ecological impacts associated with synthetic alternatives. Factors such as increased consumer spending power and substantial research and development efforts to improve oil quality further propel market growth.
Regionally, the Asia-Pacific region commands the global automotive lubricant market due to the substantial on-road vehicle fleet in countries like China, Japan, and India. Various countries and regions have distinct automotive lubricant consumption patterns. For example, South Korea outpaces India in synthetic lubricant consumption, primarily in commercial and passenger cars. The two-wheeler market, accounting for a significant portion of India’s lubricant demand, follows commercial vehicles. Given China’s substantial on-road automotive fleet and growing per capita lubricant consumption, it maintains a dominant position in the Asia-Pacific market.
China and the USA are poised to grow at respective CAGRs of 3.45% and 5.15%, bolstering market growth throughout the forecast period.
The implementation of COVID-19 lockdowns initially led to a substantial decline in automotive lubricant sales during the first and second quarters, impacting the performance of the current year. However, recovery was observed across most global regions by the end of the second quarter and was complete by the third quarter, leading to a positive outlook for the 2022 market forecast.
In terms of market share, Royal Dutch Shell leads the 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., and 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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