The global automotive lubricants market size is expected to reach USD 97.59 Billion in 2030 and register a revenue CAGR of 5.3% over the forecast period, according to the latest report by Reports and Data. Rising demand for synthetic oil and an increasing number of passenger cars in developing countries are driving automotive lubricants market revenue growth.
Automotive lubricant is a fluidic material that primarily reduces friction between surfaces that come into contact. Lubricant efficiently reduces energy loss caused by friction. Moreover, it also aids in cleaning, cooling and protecting metal parts from corrosion and rust, as well as many other challenges faced by a machine during operation. Engine oil, for example, is a type of lubricant designed specifically for use in engines. High-quality engine oil is essential for an engine's proper functioning; it improves engine efficiency by preventing damage and extending engine life.
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Top Players in the Global Automotive Lubricants Market:
Castrol Limited, Gulf Oil International, Panama Petrochem Ltd., GP Petroleums Ltd., Shell International B.V., Chevron Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Valvoline Inc. and Petróleo Brasileiro S.A.
Some Key Highlights from the Report
- In January 2022. Lucas Oil, a manufacturer and distributor of high-performance automotive oil, additives and lubricants based in California, U.S., announced the rollout of customer-centric QR codes across the entire lineup of racing, everyday car care, motorcycle, marine and industrial products. This new QR code smart packaging improves the customer experience in a simple and effective way, allowing the company to provide customers with instant access to relevant product details.
- Synthetic oil is being increasingly adopted by automotive manufacturers as it extensively reduces carbon emissions. The manufacturing process involves capturing carbon elements and combining them with hydrogen elements. Synthetic oil aids in engine performance and even reduces sludge formation. This engine oil also has improved detergent properties, which help to combat corrosion and carbon deposits in the engine.
- Passenger Cars segment accounted for largest revenue share in 2020. Passenger vehicles are the most common mode of transportation in developed countries, and their use is increasing in emerging countries as per capita income rises. These cars are also convenient and time-saving. Furthermore, these vehicles are comfortable enough to accommodate a large family on a tour or vacation, which is increasing their demand.
- Engine oil segment accounted for significant revenue share in 2020. Engine oil provides better lubrication, a cleaner engine, effective cooling and most importantly, protects the engine from corrosion. Furthermore, if an engine is overused or its lubricant level is too low, friction between metal parts reduces engine efficiency and increases fuel consumption. As a result, using good engine oil helps to reduce pollution and fuel consumption.
- Market in Asia Pacific accounted for largest revenue share in 2020 due to rising number of on-fleet vehicles in countries such as China, Japan, India and South Korea. Consumption of automotive lubricants varies by country and region. Synthetic lubricants, for example, are used more frequently in South Korea, with high usage in commercial and passenger vehicles. Commercial vehicles consume a significant volume of automotive lubricants in India, followed by two-wheelers, which account for roughly one-fourth of total demand. With a large number of on-road fleet and rising per capita lubricant consumption, China contributed to largest market revenue share in Asia Pacific in 2020.
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Market segmentation based on Base Oil Market:
- Mineral Oil
- Synthetic
- Semi-Synthetic
- Bio-Based Lubricants
Vehicle Type Outlook:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Application Outlook:
- Engine Oil
- Gear Oil
- Brake Fluids
- Transmission Fluids
- Coolants
- Greases
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global Automotive Lubricants market over the forecast period?
- What are the major factors driving the global market revenue growth?
- Which are the leading manufacturers and suppliers in the global Automotive Lubricants market?
- Which regional market is expected to lead in terms of revenue share in the global Automotive Lubricants market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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