Automotive Lubricants Market Analysis

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Automotive Lubricants Market Analysis By Base Oil
(Mineral Oil, Synthetic, Semi-synthetic,
Bio-Based), Vehicle Type (Passenger Cars, Light
Commercial, Heavy Commercial), Application
(Engine Oil, Gear Oil, Brake Fluids, Coolants,
Greases) Forecast To 2027
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Automotive Lubricants Market Synopsis
The Global Automotive Lubricants Market valuation
is expected to reach USD 112.20 Billion by 2027.
The oil markets now look adequately supplied
through 2020, coupled with gains from Brazil,
Canada, and Norway. A considerable increase in
oil demand is expected to aid strong world
economic growth over the next five years.
According to the International Monetary Fund,
over the next five years, the global economy is
expected to grow at a rate of 3.9. Strong
economies will create more demand for oil, and it
is projected that the demand will grow at an
average annual rate of more than 1.2 mb/d over
the forecasted period. Petrochemicals are the
fastest growing sectors for global oil demand,
and this is especially the case in the United
States and China. The shale revolution in the
United States has opened a major source of cheap
domestic feedstock. One of the major advantages
of global economic growth is that it is bringing
more people into the middle class in developing
countries. With people having higher incomes,
there has been a sharp increase in the demand for
automobiles that have added stimulus to the
automotive lubricants market. The market growth
is driven by the growing adoption of lightweight
and high-performance vehicles globally. An
automotive lubricant reduces friction and the
heat generated thereof while aiding metal
components to impart better and efficient
functioning of the overall mechanism. This
enhances the life-cycle and performance of
vehicles. Increasing demand for vehicles is
positively impacting the automotive lubricant
industry growth. Automotive production increased
from 84.2 million in 2012 to 95.7 million in
2018, growing at a CAGR of 13.6.
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Growing consumer focus on increasing the
efficiency of vehicles has prompted automotive
lubricants industry players to make constant
improvements in the lubricant quality. A rise in
investment directed towards RD for developing
better quality synthetic and semi-synthetic
lubricants will augment industry revenue share
over the forecast period. Free Report Sample _at_
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/1064 Drivers and Restraints Growing consumer
preference towards low fuel consumption has also
stimulated the demand for high-mileage engine
oils that aid in the prevention of oil leaks and
significantly reduce fuel consumption. Strong
environmental guidelines introduced by EPA and
REACH, has also fostered the adoption of
bio-based lubricants, which will also drive
automotive lubricants market trends in the coming
years. The stringent environmental regulations
for CO2 emission has resulted in a paradigm shift
towards electronic vehicles, which may hamper
industry growth. The introduction of
eco-friendly, less toxic automotive lubricants
will aid product proliferation.
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Competitive Landscape Key participants include
Chevron Corporation (U.S.), ConocoPhillips
Corporation (U.S.), ExxonMobil Corporation
(U.S.), Fuchs Lubricants Co. (U.S.), LUKOIL Oil
Company (Russia), IDEMITSU Kosan Co. Ltd.
(Japan), Royal Dutch Shell plc (Netherlands),
Total S.A. (France) and Valvoline (U.S.)., and
Castrol (U.K.). Industry News In October 2020,
U.S.-based tyre company Goodyear announced it had
made an entrance into the automotive lubricants
market in India. Goodyear entered into a
collaboration with Assurance International, a
Satya Group company, to launch a new line of
engine oils that will be sourced, manufactured,
and distributed in India to complement Goodyears
tyre product portfolio in Asia Pacific. In
November 2020, Austria-based Lukoil International
GmbH announced that it acquired the 99.8 stake
of the Lukoil Serbian unit of Dutch-based Lukoil
Europe Holdings. Lukoil International has
reportedly acquired 11.1 million shares of Lukoil
Serbia from Lukoil Europe Holdings. Also, in
November 2020, the FUCHS Group, one of the global
players in the automotive lubricants industry,
acquired PolySi Technologies Incorporated. The
North Carolina based PolySi Technologies is an
innovative leader in the formulation and
manufacturing of silicone lubricants.
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Automotive Lubricants Market Segmentation For
the purpose of this report, the market is
segmented on the basis of Base Oil, Vehicle Type,
Applications. According to region, the market is
classified into Asia Pacific, Europe, North
America, and the Rest of the World (RoW). On the
basis of base oil, the global automotive
lubricants market is segmented as Mineral Oil,
Synthetic, Semi-synthetic, and Bio-Based
Lubricants. On the basis of vehicle type, the
global automotive lubricants market is segmented
as Passenger Cars, Light Commercial Vehicles,
Heavy Commercial Vehicles, Others. On the basis
of application, the global automotive lubricants
market is segmented as Engine Oil, Gear Oil,
Brake Fluids, Transmission Fluids, Coolants, and
Greases. Automotive Lubricants Market Regional
Analysis In the regional landscape, Asia Pacific
accounted for 43.9 of the automotive lubricants
market revenue in 2019 and is estimated to
witness the fastest growth rate through 2027 on
account of the availability of low-cost labor,
expansion of the automotive industry, and
government policies across the region that will
favor the market. Indonesia is one of the major
consumers of lubricants in the region, while
Japan is the fifth-largest consumer of lubricants
globally.
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Chinas automotive lubricants market is estimated
to exhibit a growth rate of 6 over the analysis
period due to the growing demand for
high-performance, luxurious passenger cars along
with massive investments from international auto
players in the country. Moreover, a major shift
in production facilities in the APAC will bolster
regional industry growth. In 2019, North America
accounted for over 19 of the total market
volume, and the U.S. is estimated to account for
a revenue share of USD 20.2 billion by the end of
2020. North America is likely to contribute
considerably to the global automotive lubricants
market revenue share over the analysis period due
to the developed automotive industry along with
the massive demand for bio-lubricants from the
region. Browse Complete Report _at_
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otive-lubricants-market
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