Automotive Lubricants Market: Vehicle Type, and Applications
Meticulous Research®—a leading global market research company, published a 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.’Download Free Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5036?utm_source=linkedin&utm_medium=social&utm_campaign=product&utm_content=08-03-2024
According to this latest publication from Meticulous Research®, the automotive lubricants market is projected to reach $114.2 billion by 2030, at a CAGR of 7.8% during the forecast period. The growth of the automotive lubricants market is driven by the growing demand for high-performance lubricants, the rapid development of transportation infrastructure, the growing automotive industry with increasing vehicle production, and the rising adoption of sustainable lubricants. However, the reduced need for automotive lubricants due to the penetration of electric vehicles and the volatile nature of the prices of raw materials may restrain the market’s growth.
The significant growth opportunities from emerging economies and the rising demand for environment-friendly lubricants are expected to offer significant growth opportunities for the automotive lubricants market. However, the need for producing compatible lubricants for EVs and hydrogen fuel cell engines and the volatile pricing of automotive lubricants may hinder the growth of this market. Furthermore, the increasing need for thinner engine oil is the latest trend in the automotive lubricants market.
Meticulous Research® has segmented this market based on product type, vehicle type, composition, sales channel, and geography for efficient analysis. The study also evaluates industry competitors and analyses the market at the regional and country levels.
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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 automotive lubricants market. The large market share of this segment is attributed to the rising need to improve the fuel efficiency of ICE vehicles, high demand for engine oil replacements from the automobile aftermarket segment, and growing demand for maintaining proper engine operation and reducing fuel consumption & CO2 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.
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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 projected to register the highest CAGR during the forecast period.
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, the presence of a huge customer base, stringent government regulations related to CO2 emission, and the rising consumer awareness regarding the use of lubricants to maintain vehicle efficiency and achieve better fuel economy. In addition, this segment is projected to register the highest CAGR during the forecast period.
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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 share is attributed to the rapid growth in the automotive industry, the growing transportation industry, and strong government support to promote the automotive industry. In addition, the presence of key lubricants and auto manufacturers and the abundant availability of raw materials in the region further supports the growth of the automotive lubricants Asia-Pacific market. In addition, this region is projected to register the highest CAGR during the forecast period.
The key players operating in the automotive lubricants 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.).
TOP 10 COMPANIES IN AUTOMOTIVE LUBRICANTS MARKET >> https://meticulousblog.org/top-10-companies-in-automotive-lubricants-market/?utm_source=linkedin&utm_medium=social&utm_campaign=product&utm_content=08-03-2024
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