Automotive Lubricants Market
The Global Automotive Lubricants Market size valued to USD 77.91 billion in 2019, is predicted to garner USD 120.06 billion by 2030, with a CAGR of 3.9% from 2020-2030.
The Automotive Lubricants Market observed a volumetric sale of 27,050 kilotons in 2019; it shall hike up to 38,607 kilotons by 2030, witnessing a CAGR of 3.2% from 2019-2030. Automotive lubricants are substrates introduced to reduce friction between two surfaces in mutual contact, hence ensuring smooth functioning and high performance of vehicles. Theses lubricants enhance the engine efficiency and prolongs the lifespan of vehicles by reducing wear and tear of the automotive parts. Automotive lubricants circulate the access heat generated during engine operations by absorbing and transmitting it to the cooler, hence controlling the vehicle temperature.
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Top Companies: Exxon Mobil Corporation, Royal Dutch Shell Plc., Total S.A., BP Plc., Petro China Company Limited, Chevron Corporation, Valvoline, Indian Oil Corporation Ltd., FUCHS Lubricants and others.
The global automotive lubricants market share analysis is based on base oil, vehicle type, application, and geography. Based on base oil, the market is segmented into Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants, and Bio-Based Lubricants. Based on application the market is fragmented into Engine Oil, Gear & Brake Oil, Transmission Fluids, Greases, and Others. Based on vehicle type, the market is divided into Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), and Others (Motorbikes). Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America region is expected to grow at a considerable rate, accounting a notable amount market share in the global automotive lubricants market. This is due to the strict government policies on emission standards and higher inclination towards the use of electric vehicles. Europe is expected to demonstrate a significant growth rate owing to higher demand and production of synthetic and semi-synthetic oils in this region. Asia Pacific is expected to dominate the global automotive lubricants market, holing the highest market shares. This is attributable to factors such as growing economy, increase in disposable income, rapid urbanization, proliferating transportation industry, presence of key lubricant manufacturers in this region, higher population, and consequently escalating demand of owning a vehicle among purchasers.
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