Press Release

Automotive Lubricant Market to Register a CAGR of 6.88% until 2027

Increasing demand for lightweight and high-performance vehicle with rise in per capita income will lead to the growth of automotive lubricant all over the world during the forecasted period.

According to TechSci Research report, Automotive Lubricant Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Global Automotive Lubricant Market is expected to register a CAGR of 6.88% during the forecast period, owing to rising sales and growing vehicle fleet. China, being the largest automotive lubricant producer in the world, it is expected to register a CAGR of 3.45% during the forecast period.

Global automotive lubricant market is segmented on the basis of vehicle type, demand category, product type, and region. Based on vehicle type, the market is segmented into two wheelers, passenger cars, light commercial vehicles, and medium & heavy commercial vehicles.  Based on demand category, the market is segmented into OEM & aftermarket. Based on product type, the market is segmented into engine oils, transmission oils, hydraulic fluids, and greases.

On the basis of vehicle type, market is segmented into two wheelers, passenger cars, light commercial vehicles and medium & heavy commercial vehicles. Due to the large-scale production and massive fleet size of passenger cars around the world, the segment of passenger cars accounted for the largest revenue share. Also, during the forecast period, the segment is expected to register the fastest CAGR. Increase in sales of passenger cars owing to presence of huge population and growing disposable income is driving the demand for passenger cars. segment are driving the growth of passenger car segment.

On the basis of demand category, aftermarket is the fastest growing segment, and the segment is also accounted for the highest volume of the market. During the forecast period, the OEM market is expected to register a CAGR of 5.97%.

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On the basis of product type, market is segmented into engine oils, transmission oils, hydraulic fluids, and greases. For the smooth operation of engines, engine oils play a significant role in the proper functioning of the reciprocating parts also enhances the thermal stability. For minimizing the sludge and contaminants in the engine it is necessary to change the engine oil on regular intervals and increase the longevity of the engine. Thus, this makes the replacement rate of engine oil quite high compared to other automotive lubricants. Further growth-promoting elements include a wide range of product developments, such as the creation of chemical-free, bio-based automotive lubricants. These lubricants offer better lubricity and aid in reducing the negative environmental consequences brought on by synthetic lubricants. The market is expected to grow as a result of additional factors, such as rising consumer spending power and significant research and development (R&D) efforts to enhance oil quality.

In addition to that, on the basis of region, the market is segmented into Asia-Pacific, Europe, North America, South America, Middle East & Africa. Asia-Pacific region is dominating the global automotive lubricant owing to the large-scale fleet of on road vehicles in countries such as China, Japan, and India, etc. Numerous automotive lubricants are consumed in various ways depending on the country and region. For instance, South Korea consumes more synthetic lubricants than India does, with most of that consumption occurring in commercial and passenger cars.  Two-wheeler market, which makes up around one-fourth of the entire demand of lubricant in India, follows commercial vehicles in terms of the consumption of automotive lubricants. Due to its massive on-road automotive fleet and rising per capita lubricant consumption, China currently holds a dominant position in the Asia-Pacific market.

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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