Global Automotive Lubricants Market to 2030
DUBLIN–(BUSINESS WIRE)–The “Automotive Lubricants Market Size, Share, Trends, By Base Oil, By Vehicle Type, By Application and By Region Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global automotive lubricants market size is expected to reach USD 97.59 Billion in 2030 and register a revenue CAGR of 5.3% over the forecast period, according to the latest report.
- Castrol Limited
- Gulf Oil International
- Panama Petrochem Ltd.
- GP Petroleums Ltd.
- Shell International B.V.
- Chevron Corporation
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Valvoline Inc.
- Petroleo Brasileiro S.A
The automotive lubricants industry is gaining momentum due to the rapid industrialization and economic development in developing countries.
The automotive lubricants market growth is further augmented by the rising demand for passenger cars and commercial vehicles. In addition, the stringent emission standards set by various government organizations are expected to fuel the market demand over the forecast period.
Automotive lubricant is a fluidic material used for reducing friction or resistance between two surfaces in contact with each other. Lubricants are derived from either natural sources such as animals and plants, or petroleum products. The automotive lubricants market is growing at a significant rate owing to the increase in demand for automobiles globally.
Automotive lubricants play an important role in the safe and efficient operation of a vehicle. These fluids provide a barrier between moving parts to reduce friction, prevent wear and protect against corrosion. Automotive lubricants are generally classified by their properties, such as viscosity, volatility and compatibility with different materials.
The global automotive lubricants market is anticipated to grow on account of rising demand for personal mobility amid COVID-19 pandemic. Moreover, growing preference for long distance travelling is projected to supplement the market growth. Rapid industrialization and urbanization are expected to create new opportunities for market players operating in Asia Pacific over the forecast period. Increasing focus on developing efficient and eco-friendly automotive lubricants is expected to create new opportunities for market players over the next decade.
Some Key Highlights from the Report
- In January 2022. Lucas Oil Products, Inc. was the largest player in the automotive lubricants market with a revenue of USD 1.4 billion. This was followed by ExxonMobil Corporation, Royal Dutch Shell plc, and Chevron Corporation.
- Synthetic oil is being increasingly adopted in the automotive industry due to its superior performance as compared to conventional mineral oils. Automotive lubricants are used for reducing friction and wear & tear of various automotive components, thereby ensuring their smooth functioning.
- Passenger Cars segment accounted for largest revenue share in 2020. The global automotive lubricants market by vehicle type is segmented into passenger cars, commercial vehicles, motorcycles, and other vehicles. Among these, passenger cars segment accounted for largest revenue share in 2020 owing to the large-scale production of passenger cars across the globe. The segment is projected to register fastest CAGR over the forecast period.
- The automotive lubricants market growth is attributed to the increase in demand for automotive engine oil due to its superior properties, including excellent wear protection, corrosion resistance, and ability to maintain viscosity under high temperatures.
- The Asia Pacific region is expected to dominate the global automotive lubricants market due to the growing demand from the automotive industry in this region. China is one of the leading countries in the Asia Pacific region and is anticipated to contribute significantly to the regional market growth over the forecast period. The North American region is expected to be the second-largest market for automotive lubricants due to the presence of leading market players in this region.
For the purpose of this report, the publisher has segmented the automotive lubricants market based on base oil, vehicle type, application and region:
Base Oil Outlook (Revenue, USD Billion; 2018-2030)
- Mineral Oil
- Bio-Based Lubricants
Vehicle Type Outlook (Revenue, USD Billion; 2018-2030)
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Application Outlook (Revenue, USD Billion; 2018-2030)
- Engine Oil
- Gear Oil
- Brake Fluids
- Transmission Fluids
Regional Outlook (Revenue, USD Billion; 2018-2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/22qu64
Laura Wood, Senior Press Manager
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