ID: MRFR/CnM/0717-HCR | February 2021 | Region: Global | 120 pages
Automotive Lubricants Market Overview
The automotive lubricants market was valued at USD 65.8 billion in 2018, and it is expected to grow at a higher CAGR of 4.6% in the global market to account for the higher market value of approximately USD 133.55 billion by the end of the forecasted period from 2021 to 2028 in the global market.
Substances used for decreasing the friction between the movement of machines are called automotive lubricants. Reduction in friction will result in a reduction in heat generation from the machines. This will help the machine to work better and more efficiently. It is largely used in almost all types of vehicles such as heavy-weight commercial vehicles, light-weight commercial vehicles, passenger cars, three-wheelers, and two-wheelers. It helps in the smooth running of all these vehicles.
COVID 19 Analysis
The global pandemic of COVID 19 has affected a large section of society. Most people have lost their livelihood because of this global pandemic. It has affected the growth and dynamics of several industries. Owing to the lockdown situation most of the manufacturing units in the automotive industry were shut down which negatively affected the sales revenue.
The market is expected to recover in the third quarter of the coming year by properly strategizing according to the needs of society.
Various factors drive the demand for automotive lubricants market all across the globe. Lubricants used in industrial operations help the company in saving cost as the lubricated machines produce less friction and hence require less fuel, and emit carbon dioxide in less amount. Also, an increase in population results in more demand for automobiles which directly affects the market demand for lubricants. Moreover, world motor vehicle has been increasing at a higher CAGR of 13.6% to account for higher market value from 84.2 million in 2012 to 95.7 million in 2018.
The rise in demand for lubricants in the global market. Increasing vehicles demand in various developed and underdeveloped countries directly increases the demand for automotive lubricants in the global market. Also, high investment is made in the research and development sector for getting regular improvement in oil quality which also provides various growth opportunities. Improvement in the quality of semi-synthetic and synthetic oil also provides growth opportunities during the forecasted period.
Though the automotive lubricants market is growing rapidly in the global market various factors restrict its growth. The presence of stringent environment-related rules and norms regarding the emission of carbon dioxide hampers growth. Most of the manufacturers are shifting towards electronic vehicles which highly restricts the growth of the automotive lubricant market. According to the report of the International Energy Agency published in 2018, electric cars in China have increased from 39% to 45% within one year.
Value Chain Analysis
Using lubricants helps in fuel-saving and hence results in more cost savings. It helps in the reduction of emission of carbon dioxide. It also helps in improving the functioning of the machines and vehicles. It also helps in keeping the engine clean for a longer period.
The automotive lubricants market has been divided all across the globe based on material, product type, and application.
Based on the Material
The market has been divided all across the globe based on the type into bio-based oil, semi-synthetic oil, fully synthetic oil, and mineral oil. The largest market share in the global market is held by the mineral oil material dividend owing to ease of production and availability. Synthetic oil is also expected to grow faster during the forecasted period as it has superior qualities as compared to mineral oils.
Based on the Product Type
The market has been divided all across the globe based on the product type into gear oil, brake oil, grease, engine oil, and other fluids. The largest market share in the global market is held by the engine oil as it helps in increasing performance, and efficiency, along with a reduction in harmful emissions.
Based on the Application
The market has been divided all across the globe based on the application into heavy-weight commercial vehicles, light-weight commercial vehicles, passenger cars, three-wheelers, and two-wheelers. The largest market share is held by passenger cars as it various benefits like good resale value, low cost, individual safety, better mileage, basic and more reliability.
The automotive lubricants market has been divided all across the globe based on the region into North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region. Owing to the fastest-growing region, the Asia-Pacific region holds the largest market share in the global market. Increasing demand for owning vehicles coupled with the increasing population of this region drives the market growth. Also, increasing demand for semi-synthetic lubricants and synthetic lubricants in countries like Indonesia, Japan, China, and India fuels the market growth.
The second-largest market share in the global market is held by the Middle East and African region as this region still relies on the old automotive industry due to the lack of technological advancement in this region. They need more maintenance of old vehicles and hence drives the growth of automotive lubricants.
The third-largest market share in the global market is held by the European region owing to the presence of strict government policies regarding carbon dioxide emission. Automakers are shifting towards the manufacturing of electric vehicles.
The fourth-largest market share in the global market is held by the North American region owing to shifting demand towards electric vehicles. Also, the strict rules regarding the emission of carbon dioxide restrict the market growth in this region.
Latin American region also shows a positive growth rate owing to increasing demand for commercial vehicles as the initial cost for manufacturing electrical vehicles is high and hence provides a growth opportunity for automotive lubricants in this region.
The most prominent major key players in the automotive lubricants market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the automotive lubricants market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new production process, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the automotive lubricants all across the globe.
This global automotive lubricants market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the automotive lubricants market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth during the forecasted period are mentioned. The impact of COVID 19 on the sales revenue of the automotive lubricants market all across the globe is mentioned.
Potential investors, raw material suppliers, traders and suppliers, automotive producers, automotive lubricant producers, and many others.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Product Type, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ExxonMobil Corporation (US), Chevron Corporation (US), Fuchs (US), ConocoPhillips Corporation (US), BP PLC (UK), LUKOIL (Russia), IDEMITSU Kosan Co., Ltd (Japan), Royal Dutch Shell PLC (Netherlands), PT Pertamina (Persero) (Indonesia), Total (France), Ashland Inc. (US), LIQUI MOLY GmbH (Germany), Gulf Oil (India), American Synthol, Inc. (US), and ROCOL (UK)|
|Key Market Opportunities||Increasing vehicles demand in various developed and underdeveloped countries|
|Key Market Drivers||Lubricants used in industrial operations help the company in saving cost as the lubricated machines produce less friction|
Frequently Asked Questions (FAQ) :
The automotive lubricants market is expected to grow at a higher CAGR of 4.6% in the global market during the forecasted period.
The automotive lubricants market is expected to account for the higher market value of approximately USD 133.55 billion by the end of the forecasted period.
The leading application of automotive lubricants is in passenger cars, followed by two-wheelers.
Asia Pacific holds the largest share in the global automotive lubricants market and is expected to remain in the position over the forecast period due to the growing automotive production in the country.
Leading players in the automotive lubricants market include ExxonMobil, Chevron Corporation, Fuchs, BP plc, LUKOIL, Idemitsu Kosan Co. Ltd., Royal Dutch Shell plc, Total, Ashland Inc., and Gulf Oil.