Automotive Lubricants Market: Global Size and Trends 2020
The GlobalAutomotive Lubricants Market size valued to USD 77.91 billion in 2019, ispredicted to garner USD 120.06 billion by 2030, with a CAGR of 3.9% from2020-2030.
The Automotive Lubricants Market observed avolumetric sale of 27,050 kilotons in 2019; it shall hike up to 38,607 kilotonsby 2030, witnessing a CAGR of 3.2% from 2019-2030. Automotive lubricants aresubstrates introduced to reduce friction between two surfaces in mutualcontact, hence ensuring smooth functioning and high performance of vehicles.Theses lubricants enhance the engine efficiency and prolongs the lifespan ofvehicles by reducing wear and tear of the automotive parts. Automotivelubricants circulate the access heat generated during engine operations byabsorbing and transmitting it to the cooler, hence controlling the vehicletemperature.
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MarketDynamics and Trends:
Theautomotive lubricants market is gaining momentum over the period owing to thefact that these lubricants amplify the performance of vehicles as well asintensifies its average age by reducing friction rates, lowering fuelconsumptions and consequently boosting-up the efficiency of automotive engines.
Besides,market dynamics like increased inclination towards efficient transport, growingdemand for commercial utility vehicles and passenger cars as well as the trendof possessing personal automotive transports especially in premium vehiclessegment, imposes the need to cater the demand-supply gap for automotivelubricants, hence supplementing the growth of the global automotive lubricantsmarket, throughout the forecast period.
Market Segmentations andScope of the Study:
Theglobal automotive lubricants market share analysis is based on base oil,vehicle type, application, and geography.
Basedon base oil, the market is segmented into Mineral Oil Lubricants, SyntheticLubricants, Semisynthetic Lubricants, and Bio-Based Lubricants. Based onapplication the market is fragmented into Engine Oil, Gear & Brake Oil,Transmission Fluids, Greases, and Others. Based on vehicle type, the market isdivided into Passenger Cars, Light Commercial Vehicles (LCV), Heavy CommercialVehicles (HCV), and Others (Motorbikes). Geographic breakdown and analysis ofeach of the previously mentioned segments include regions comprising NorthAmerica, Europe, Asia-Pacific, and RoW.
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Geographical Analysis:
NorthAmerica region is expected to grow at a considerable rate, accounting a notableamount market share in the global automotive lubricants market. This is due tothe strict government policies on emission standards and higher inclinationtowards the use of electric vehicles.
Europeis expected to demonstrate a significant growth rate owing to higher demand andproduction of synthetic and semi-synthetic oils in this region. Asia Pacific isexpected to dominate the global automotive lubricants market, holing thehighest market shares. This is attributable to factors such as growing economy,increase in disposable income, rapid urbanization, proliferating transportationindustry, presence of key lubricant manufacturers in this region, higherpopulation, and consequently escalating demand of owning a vehicle amongpurchasers.
Competitive Landscape:
Theautomotive lubricants market, which is highly competitive, consists of variousmarket players. Some of the major market players include Exxon MobilCorporation, Royal Dutch Shell Plc., Total S.A., BP Plc., Petro China CompanyLimited, Chevron Corporation, Valvoline, Indian Oil Corporation Ltd., FuchsLubricants and Basf Se among others.
Theprominent players have adopted product launches and collaborations as their keystrategies to gain substantial share in the global automotive lubricantsmarket.
Key Benefits:
Theautomotive lubricants market report provides a quantitative analysis of thecurrent market and estimations through 2020-2030 that assists in identifyingthe prevailing market opportunities to capitalize on.
Thestudy comprises a deep dive analysis of the automotive lubricants market trendincluding current and future trends for depicting the prevalent investmentpockets in the market.
Thereport provides detailed information related to key drivers, restraints,opportunities and their impact on the automotive lubricants market.
Thereport incorporates a competitive analysis of the market players along withtheir market share in the global automotive lubricants market.
Thestudy elaborates SWOT analysis and Porters Five Forces model for the automotivelubricants market.
Valuechain analysis in the automotive lubricants market study provides a clearpicture of the stakeholders’ roles.
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