The Global Automotive Lubricants Market valuation is expected to reach USD 112.20 Billion by 2027. The oil markets now look adequately supplied through 2020, coupled with gains from Brazil, Canada, and Norway. A considerable increase in oil demand is expected to aid strong world economic growth over the next five years. According to the International Monetary Fund, over the next five years, the global economy is expected to grow at a rate of 3.9%. Strong economies will create more demand for oil, and it is projected that the demand will grow at an average annual rate of more than 1.2 mb/d over the forecasted period. Petrochemicals are the fastest growing sectors for global oil demand, and this is especially the case in the United States and China. The shale revolution in the United States has opened a major source of cheap domestic feedstock. One of the major advantages of global economic growth is that it is bringing more people into the middle class in developing countries. With people having higher incomes, there has been a sharp increase in the demand for automobiles that have added stimulus to the automotive lubricants market.
The market growth is driven by the growing adoption of lightweight and high-performance vehicles globally. An automotive lubricant reduces friction and the heat generated thereof while aiding metal components to impart better and efficient functioning of the overall mechanism. This enhances the life-cycle and performance of vehicles. Increasing demand for vehicles is positively impacting the automotive lubricant industry growth. Automotive production increased from 84.2 million in 2012 to 95.7 million in 2018, growing at a CAGR of 13.6%. Growing consumer focus on increasing the efficiency of vehicles has prompted automotive lubricants industry players to make constant improvements in the lubricant quality. A rise in investment directed towards R&D for developing better quality synthetic and semi-synthetic lubricants will augment industry revenue share over the forecast period.
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Drivers and Restraints
Growing consumer preference towards low fuel consumption has also stimulated the demand for high-mileage engine oils that aid in the prevention of oil leaks and significantly reduce fuel consumption. Strong environmental guidelines introduced by EPA and REACH, has also fostered the adoption of bio-based lubricants, which will also drive automotive lubricants market trends in the coming years.
The stringent environmental regulations for CO2 emission has resulted in a paradigm shift towards electronic vehicles, which may hamper industry growth. The introduction of eco-friendly, less toxic automotive lubricants will aid product proliferation.
Key participants include Chevron Corporation (U.S.), ConocoPhillips Corporation (U.S.), ExxonMobil Corporation (U.S.), Fuchs Lubricants Co. (U.S.), LUKOIL Oil Company (Russia), IDEMITSU Kosan Co. Ltd. (Japan), Royal Dutch Shell plc (Netherlands), Total S.A. (France) and Valvoline (U.S.)., and Castrol (U.K.).
In October 2020, U.S.-based tyre company Goodyear announced it had made an entrance into the automotive lubricants market in India. Goodyear entered into a collaboration with Assurance International, a Satya Group company, to launch a new line of engine oils that will be sourced, manufactured, and distributed in India to complement Goodyear’s tyre product portfolio in Asia Pacific.
In November 2020, Austria-based Lukoil International GmbH announced that it acquired the 99.8% stake of the Lukoil Serbian unit of Dutch-based Lukoil Europe Holdings. Lukoil International has reportedly acquired 11.1 million shares of Lukoil Serbia from Lukoil Europe Holdings.
Also, in November 2020, the FUCHS Group, one of the global players in the automotive lubricants industry, acquired PolySi Technologies Incorporated. The North Carolina based PolySi Technologies is an innovative leader in the formulation and manufacturing of silicone lubricants.
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Automotive Lubricants Market Segmentation
For the purpose of this report, the market is segmented on the basis of Base Oil, Vehicle Type, Applications. According to region, the market is classified into Asia Pacific, Europe, North America, and the Rest of the World (RoW).
On the basis of base oil, the global automotive lubricants market is segmented as Mineral Oil, Synthetic, Semi-synthetic, and Bio-Based Lubricants.
On the basis of vehicle type, the global automotive lubricants market is segmented as Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Others.
On the basis of application, the global automotive lubricants market is segmented as Engine Oil, Gear Oil, Brake Fluids, Transmission Fluids, Coolants, and Greases.
Automotive Lubricants Market Regional Analysis
In the regional landscape, Asia Pacific accounted for 43.9% of the automotive lubricants market revenue in 2019 and is estimated to witness the fastest growth rate through 2027 on account of the availability of low-cost labor, expansion of the automotive industry, and government policies across the region that will favor the market. Indonesia is one of the major consumers of lubricants in the region, while Japan is the fifth-largest consumer of lubricants globally.
China’s automotive lubricants market is estimated to exhibit a growth rate of 6% over the analysis period due to the growing demand for high-performance, luxurious passenger cars along with massive investments from international auto players in the country. Moreover, a major shift in production facilities in the APAC will bolster regional industry growth.
In 2019, North America accounted for over 19% of the total market volume, and the U.S. is estimated to account for a revenue share of USD 20.2 billion by the end of 2020. North America is likely to contribute considerably to the global automotive lubricants market revenue share over the analysis period due to the developed automotive industry along with the massive demand for bio-lubricants from the region.
Read News About “Automotive Lubricants Market Analysis By Base Oil (Mineral Oil, Synthetic, Semi-synthetic, Bio-Based), Vehicle Type (Passenger Cars, Light Commercial, Heavy Commercial), Application (Engine Oil, Gear Oil, Brake Fluids, Coolants, Greases): Forecast To 2027” @ https://www.globenewswire.com/news-release/2019/02/21/1739675/0/en/Automotive-Lubricants-Market-to-Reach-107-22-Billion-By-2026.html