The global automotive lubricants market is expected to exceed US$84.82 billion by 2031, growing at a CAGR of 1.45% during the forecast period. Rising demand for vehicles across the world is likely to increase the demand for automotive lubricant. Car manufacturers are more concerned with safety and comfort. On the other hand, manufacturers are using durable materials for automotive components to make vehicles more fuel efficient. This is expected to boost the automotive lubricants market.
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Increasing consumer trend towards luxury and high performance vehicles is driving the automotive lubricants market. Lubricant plays a crucial role in any vehicle by reducing friction between parts/components and increasing their performance and life. The demand for low viscosity, high quality lubricants is growing globally.
Expansion of the automotive lubricants market
Rising demand for durable and reliable vehicles leads to requirements for timely maintenance and servicing of vehicles, which is likely to drive the automotive lubricants market. Additionally, strict government standards for emission control and fuel efficiency drive the market across the globe. In November 2021, Plastic Omnium signed a strategic partnership with AVL, the world’s leading automotive company for development, simulation and testing in the automotive and energy sectors, for the development of hydrogen systems for medium and high power. The company is expected to develop a range of cost-effective, high-performance hydrogen systems for any vehicle. In March 2020, Shell International BV announced the doubling of production capacity at its plant in Bekasi, Indonesia, which is expected to be completed by 2022.
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Growth opportunities due to increasing applications of synthetic/semi-synthetic oil
The increase in the use of certain quality lubricants, such as synthetic/semi-synthetic oil, is expected to accelerate the growth of the market. This oil is commonly used as a lubricant in vehicles because it provides better lubrication than mineral oil. Growing consumer awareness around the world to use quality lubricants for vehicles is driving the demand for automotive lubricants. Growing consumer purchasing power is also expected to drive the expansion of the global automotive lubricants market. Synthetic/semi-synthetic oil is increasingly used due to the increasing level of emissions across the world.
Government agencies set minimum performance standards for lubricants to control rising emissions. Thus, the applications of low viscosity lubricants such as synthetic/semi-synthetic oil are increasing.
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The global automotive lubricants market has been segmented on the basis of product type, fluid type, vehicle type and region
On the basis of product type, the global automotive lubricants market has been divided into engine oil, transmission oil, brake fluid, hydraulic fluid, and greases. Engine oil consumption is high compared to other oils, and the engine oil segment is expected to maintain its dominance over the forecast period owing to the higher number of combustion engine vehicles on the road. Additionally, heavy-duty vehicles such as tractors and trucks are less likely to be replaced by electric vehicles.
Based on fluid type, conventional oils segment accounted for a major share of the automotive lubricants market in 2020. Additionally, the adoption of synthetic lubricants is increasing rapidly, but due to the high cost, semi-synthetic lubricants and synthetics are mostly adopted by developed regions such as North America and Europe.
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Automotive Lubricant Market Regional Analysis
In terms of region, the global automotive lubricants market has been segregated into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia-Pacific is an important market for automotive lubricants due to the high number of road vehicles in countries such as China, India, Japan, and South Korea in the region. Consumption varies by country and geographic area.
For example, the consumption of semi-synthetic and synthetic lubricants is higher in South Korea than in India, and it is mainly consumed by commercial and passenger vehicles. Europe and North America are respectively the second and third largest consumers of automotive lubricants.
Automotive lubricants market players
Some of the key players operating in the global automotive lubricants market include Shell International BV, Chevron Corporation, China National Petroleum Corporation, Exxon Mobil Corporation, Phillips 66 Company, Valvoline Corporation, BP PLC, Kluber Lubrication Munchen SE & Co. KG, FUCHS Petrolub SE and Petroleo Brasileiro SA
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