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Automotive Lubricants Market to be Worth $114.2 Billion by 2030
According to a new market research report titled, ‘Automotive Lubricants Market by Product Type (Engine Oil, Transmission & Hydraulic Fluids, Gear Oil, Grease, Chain Oil, Brake Fluids), Vehicle Type, Composition, Sales Channel, and Geography - Global Forecast to 2030,’ the automotive lubricants market is projected to reach $114.2 billion by 2030, at a CAGR of 7.8% during the forecast period.Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5036?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=27-10-2023
Automotive lubricants are used to reduce friction between surfaces and contact, such as road and vehicle, which protects the automotive parts, increasing vehicle performance. The growth of this market is attributed to the rapid development of transportation infrastructure and the increasing adoption of high-performance and sustainable lubricants. In addition, the significant opportunities from emerging economies, increasing production of vehicles across the globe, and the increasing demand for environment-friendly lubricants are expected to offer significant opportunities for the growth of this market.
However, innovations in vehicle technologies and the volatile nature of the prices of raw materials hamper the growth of this market. In addition, the increasing need for producing compatible lubricants for EVs & hydrogen fuel cell engines and the volatile pricing of automotive lubricants are major challenges to the growth of this market.
The automotive lubricants market is segmented by product type (engine oil, transmission & hydraulic fluids, gear oil, grease, chain oil, brake fluids), vehicle type (internal combustion engine vehicles, electric vehicles, natural gas engines, hydrogen-powered vehicles), composition (mineral oil lubricants, fully synthetic oil lubricants, semi-synthetic oil lubricants), sales channel (original equipment manufacturers, aftermarket), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Rapid Development of Transportation Infrastructure Supports the Growth of the Automotive Lubricants Market
Globally, there is rapid development in transportation infrastructure. Improving infrastructure with well-connected roads and highways would further rise the demand for automobile industries. Automotive lubricants are directly correlated with vehicle population growth and automobile sales. A large number of vehicles present in urban and rural areas are growing huge potential for auto players. This growing demand from the automobile industry is expected to drive the growth of the automotive lubricants market during the forecast period.
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The government of India has made significant investments in road transportation infrastructure. For instance, in November 2022, according to the Union Budget of India, the Government allocated USD 26.04 billion to the Ministry of Road Transport and Highways for the construction of national highways. Also, in December 2022, the Indian Ministry of Road Transport and Highways constructed national highways extending 5,835 km. Road transportation has gradually increased over the years, improving connectivity between countries. The sale of automobiles and the movement of freight by roads is growing rapidly. This growth in the automobile industry is driving the demand for automotive lubricants globally.
Based on product type, the automotive lubricants market is segmented into engine oil, transmission & hydraulic fluids, gear oil, grease, chain oil, brake fluids, and other products. In 2023, the engine oil segment is expected to account for the largest share of the global automotive lubricants market. The large share of this segment is attributed to the rapid development of transportation infrastructure, the growing production of vehicles across the globe, rising consumer awareness regarding the use of oil, and huge demand from the automobile aftermarket segment. Engine oil primarily benefits vehicle owners by preventing costly repairs, ensuring a longer engine lifespan, maintaining proper engine operation, and reducing fuel consumption and carbon emissions. However, the grease segment is projected to register the highest CAGR during the forecast period.
Based on vehicle type, the automotive lubricants market is segmented into internal combustion engine vehicles, electric vehicles, natural gas engines, and hydrogen-powered vehicles. In 2023, the internal combustion engine vehicles segment is expected to account for the largest share of the automotive lubricants market. The large market share of this segment is attributed to the technological developments in terms of efficiency and performance to boost the product demand for higher-performing IC engines, stringent government regulations related to emissions, and the consistently rising demand to accelerate the growth of high-performance IC engines. However, the electric vehicles segment is projected to register the highest CAGR during the forecast period.
Based on composition, the automotive lubricants market is segmented into mineral oil lubricants, fully synthetic oil lubricants, and semi-synthetic lubricants. In 2023, the fully synthetic oil lubricants segment is expected to account for the largest share of the automotive lubricants market. The large market share of this segment is attributed to the advantages of high-performance and advanced engines, low overall viscosity and reduced friction in the fluid, their ability to provide high-quality lubrication, and the growing need for better fuel economy and reduced vehicle emissions. In addition, this segment is also projected to register the highest CAGR during the forecast period.
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Based on sales channel, the automotive lubricants market is segmented into original equipment manufacturers and aftermarket. In 2023, the aftermarket segment is expected to account for the largest share of the automotive lubricants market. The large market share of this segment is attributed to the increasing need for car ownership, especially in emerging economies, a huge customer base, stringent government regulations related to CO2 emission, and rising consumer awareness regarding the use of lubricants to maintain vehicle efficiency and achieve better fuel economy. In addition, this segment is also projected to register the highest CAGR during the forecast period.
Based on geography, the automotive lubricants market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the market. The large share of this market is attributed to the rapid growth in the automotive industry & abundant availability of raw materials in the region, the growing transportation industry, stringent regulations on CO2 emissions, and the government initiatives to promote the automotive industry. In addition, this region is also projected to register the highest CAGR during the forecast period.
Some of the major players operating in this market are Shell International B.V. (Subsidiary of Shell Plc) (Netherlands), Exxon Mobil Corporation (U.S.), FUCHS PETROLUB SE (Germany), Motul (France), Phillips 66 Company (U.S.), Repsol, S.A. (Spain), SK Enmove Co., Ltd. (South Korea), China National Petroleum Corporation (China), Klüber Lubrication München Se & Co. KG (Subsidiary of Freudenberg Group) (Germany), Amsoil Inc. (U.S.), Petróleo Brasileiro S.A. — Petrobras (Brazil), Valvoline Inc. (U.S.), Sinopec India (China), Chevron Corporation (U.S.), BP P.L.C. (U.K.), and Castrol Limited (U.K.).
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