Pune, India, Oct. 18, 2022 (GLOBE NEWSWIRE) — The global automotive lubricants market size was valued at USD 66.87 billion in 2021 and is expected to reach a valuation of USD 68.63 billion in 2022. The market is expected to reach USD 76.61 billion by 2029 with a CAGR of 1.6% during the forecast period. High adoption due to the popularity of bio-based lubricants is expected to propel market growth.
Technological advances have benefits such as extended oil drain and service intervals, better fuel efficiency, and a more extended protection period. The need to protect automotive components and systems is propelling the growth of the market. Fortune Business Insights™ shares this information in its report titled “Automotive Lubricants Market, 2022-2029.”
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Report Scope & Segmentation:
|2029 value projection||USD 76.61 trillion|
|Automotive Lubricants Market Size in 2022||USD 68.63 trillion|
|No. of Pages||150|
|Segment covered||By Type, End-user and Regional Insights|
|Automotive Lubricants Industry Growth Drivers||Demand from the Automotive Industry to Thrust Market Development|
|Protection Against Wear and Tear of Vehicles to Surge Demand for Product|
Market Players to Adopt Various Strategies to Propel Market Growth
Key industry players in the market have been opting for diverse product portfolios to increase their market position. Leading players of the market such as Royal Dutch Shell, ExxonMobil, BP, and others dominate the market.
They offer a variety of lubricants and cater to different markets such as industrial, metalworking fluids, and automotive. They also have varied product portfolios. Royal Dutch Shell has a high base for formulation capacity, a production-distribution network, and a strong global presence.
List of Key Players Profiled in the Report
- Shell plc
- Exxon Mobil Corporation (US)
- BP plc (UK)
- Chevron Corporation (US)
- Total Energies SE (France)
- China National Petroleum Corporation (China)
- Idemitsu Kosan (Japan)
- Sinopec Group (China)
- Fuchs Petrolub SE (Germany)
- Valvoline Inc. (US)
- ENEOS Corporation (Japan)
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Asia Pacific to Lead the Market Owing to High Consumption of Automotive Lubricants
Asia Pacific is anticipated to hold majority part in the automotive lubricants market share due to high consumption of synthetic lubricants. High consumption of automotive lubricants in countries such as South Korea and India has propelled growth in the market. The market in the region stood at USD 27.36 billion in 2021.
Europe is projected to show noteworthy growth due to increasing need for high quality and effective lubricating oils.
NorthAmerica is anticipated to show similar trend in Europe due to rise in consumption of commercial vehicles, which is anticipated to drive the market growth.
conventional segment to Govern the Segment Due to its Benefits
On the basis of oil type, the market is segmented into synthetic, semi-synthetic, and conventional. The conventional segment is expected to hold the key part in 2021 due to its various benefits and as it’s used by drivers for regular driving. Synthetic oils are also set to have considerable growth due to increasing awareness regarding alternative solutions for oil-related goods, which is expected to drive market growth.
engine oil to be Prime the Part of the Segment Due to Need for Appropriate Functioning
Based on product type, the market is categorized into engine oil, gear oil, transmission fluids, coolant, brake fluid & greases, and others. Engine oil is set to have a majority part during the forecast period due to its role in keeping the engine cool and appropriate functioning of the parts. The segment is expected to continue to dominate due to the increasing number of gasoline and diesel vehicles. Demand for commercial and high-duty vehicles, such as tractors, trucks, and other similar automobiles, is set to generate the demand for engine oil.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Protection Against Wear and Tear of Vehicles to Surge Demand for Product
Features of automotive lubricants, such as durability and vehicle protection, are leading to a surge in demand for such lubricants, which is projected to drive the automotive lubricants market growth. They offer protection against wear and tear of the components and systems by reducing the friction between the parts. Growing high performance in the vehicles is expected to drive market. They are formulated to offer support for the functioning of the engine. Enhanced features and benefits of the product are anticipated to propel market growth.
However, innovation in vehicle technologies is anticipated to decrease the consumption of product and hamper the market development.
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Key Industry Development
- July 2022: Shell USA, Inc. and Shell Midstream Partners, LP announced that they will be executing their plan of merger. Shell USA is set to acquire all common units that represent limited partner interests in SHLX. The transaction is set to be carried out by the fourth quarter of 2022.
Table of Content:
- research scope
- Market segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market restraints
- Market Opportunities
- key insights
- Key Trends in the Global Market
- Key developments: mergers, acquisitions, partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porter’s Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Automotive Lubricants Industry
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Automotive Lubricants Industry Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Oil Type (Value and Volume)
- Semi Synthetic
- By Product Type (Value and Volume)
- engine oil
- Gear Oil
- transmission fluids
- Brake Fluid & Greases
- By Region (Value and Volume)
- Asia Pacific
- Latin America
- Middle East & Africa
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