The global commercial automotive lubricants market will rise considerably driven the availability of low cost products across the world. The rising demand for the product is consequential to the increasing adoption of commercial automotive across the world. According to a report by Fortune Business Insights, titled “Commercial Automotive Lubricants Market Size, Share & Industry Analysis, By Type (Engine Oil, Gear Oil, Transmission Fluids, Brake fluids, Coolants, Grease, Others) and Regional Forecast, 2022-2029,” the market will benefit from the presence of several large scale companies operating across the world.
The recent coronavirus outbreak has brought major businesses to a standstill. Due to travel bans, companies in this sector are likely to take a huge hit in the coming years. Ultimately, the rapid spread of the disease has urged governments to take strict measures. The report includes the impact on Covid-19 pandemic on the global market and discusses how major companies are coping with this.
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Commercial automotive lubricants are used to perform functions such as prevention of engine wear, reducing friction, and prevention of rust. The massive investments in the research and development of efficient products will have a massive impact on the growth of the overall market in the coming years. These products are used to improve the performance of the automotive as well as increase the durability of the vehicle. The use of lubricants helps reduce the total maintenance cost that would be incurred in cases of improper handling. The availability of variants in commercial automotive lubricants will bode well for the growth of the overall market in the foreseeable future. The increasing transportation and trading activities will emerge in favor of growth of the overall market in the coming years.
Royal Dutch Shell Unveils New Lubricant Factory in Bengaluru
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number manufacturing units for commercial automotive lubricants has made the highest impact on market growth. The increasing product demand can be addressed through the rising manufacturing units, particularly in areas where commercial automotive demand is high. In May 2019, Royal Dutch Shell’s India unit announced the launch of a new manufacturing unit in Bengaluru. The company unveiled its first lubricant factory in the state consequential to the company’s increasing global as well as regional R&D activities. This factory has been set up to address the rising demand for the product in India, with the constantly rising population and subsequently increasing adoption of almost all major automotive.
Asia Pacific Projected to Emerge Dominant; Increasing Commercial Vehicle Sales will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing demand and subsequently rising production and sale of commercial automotive in densely populated countries such as India and China will have a massive impact on the growth of the regional market. The massive demand for automotive is also consequential to increasing daily commutes and rising IT sector that has resulted in a high employment rate across the region. Additionally, the presence of several large scale companies will provide impetus to the growth of the commercial automotive lubricants market in Asia Pacific.
List of companies profiled in the report:
- Exxon Mobil Corporation
- Royal Dutch Shell plc
- Total
- BP p.l.c.
- Chevron Corporation
- FUCHS
- LUKOIL
- AMSOIL INC.
- Valvoline Inc.
- Sinopec Lubricant Co. Ltd
Industry Developments:
January 2018: Tata Motors announced the launch of new oils for its commercial vehicle (CV) portfolio. The product range includes engine oil, gear oil, and rear axle oil for Tata Motors produced commercial vehicles for both on-and off-road applications.
Browse Summary
https://www.fortunebusinessinsights.com/commercial-automotive-lubricants-market-102831
