Automotive Lubricants Market: Global Demand and Top Players 2020 to 2030
The Global Automotive Lubricants Market size valued to USD 77.91 billion in 2019, is predicted to garner USD 120.06 billion by 2030, with a CAGR of 3.9% from 2020-2030.
The Automotive Lubricants Market observed a
volumetric sale of 27,050 kilotons in 2019; it shall hike up to 38,607 kilotons
by 2030, witnessing a CAGR of 3.2% from 2019-2030. Automotive lubricants are
substrates introduced to reduce friction between two surfaces in mutual
contact, hence ensuring smooth functioning and high performance of vehicles.
Theses lubricants enhance the engine efficiency and prolongs the lifespan of
vehicles by reducing wear and tear of the automotive parts. Automotive
lubricants circulate the access heat generated during engine operations by
absorbing and transmitting it to the cooler, hence controlling the vehicle
temperature.
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Market
Dynamics and Trends:
The
automotive lubricants market is gaining momentum over the period owing to the
fact that these lubricants amplify the performance of vehicles as well as
intensifies its average age by reducing friction rates, lowering fuel
consumptions and consequently boosting-up the efficiency of automotive engines.
Besides,
market dynamics like increased inclination towards efficient transport, growing
demand for commercial utility vehicles and passenger cars as well as the trend
of possessing personal automotive transports especially in premium vehicles
segment, imposes the need to cater the demand-supply gap for automotive
lubricants, hence supplementing the growth of the global automotive lubricants
market, throughout the forecast period.
Market Segmentations and
Scope of the Study:
The
global automotive lubricants market share analysis is based on base oil,
vehicle type, application, and geography.
Based
on base oil, the market is segmented into Mineral Oil Lubricants, Synthetic
Lubricants, Semisynthetic Lubricants, and Bio-Based Lubricants. Based on
application the market is fragmented into Engine Oil, Gear & Brake Oil,
Transmission Fluids, Greases, and Others. Based on vehicle type, the market is
divided into Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial
Vehicles (HCV), and Others (Motorbikes). Geographic breakdown and analysis of
each of the previously mentioned segments include regions comprising North
America, Europe, Asia-Pacific, and RoW.
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Geographical Analysis:
North
America region is expected to grow at a considerable rate, accounting a notable
amount market share in the global automotive lubricants market. This is due to
the strict government policies on emission standards and higher inclination
towards the use of electric vehicles.
Europe
is expected to demonstrate a significant growth rate owing to higher demand and
production of synthetic and semi-synthetic oils in this region. Asia Pacific is
expected to dominate the global automotive lubricants market, holing the
highest market shares. This is attributable to factors such as growing economy,
increase in disposable income, rapid urbanization, proliferating transportation
industry, presence of key lubricant manufacturers in this region, higher
population, and consequently escalating demand of owning a vehicle among
purchasers.
Competitive Landscape:
The
automotive lubricants market, which is highly competitive, consists of various
market players. Some of the major market players include Exxon Mobil
Corporation, Royal Dutch Shell Plc., Total S.A., BP Plc., Petro China Company
Limited, Chevron Corporation, Valvoline, Indian Oil Corporation Ltd., Fuchs
Lubricants and Basf Se among others.
The
prominent players have adopted product launches and collaborations as their key
strategies to gain substantial share in the global automotive lubricants
market.
Key Benefits:
- The automotive lubricants market report provides a quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
- The study comprises a deep dive analysis of the automotive lubricants market trend including current and future trends for depicting the prevalent investment pockets in the market.
- The report provides detailed information related to key drivers, restraints, opportunities and their impact on the automotive lubricants market.
- The report incorporates a competitive analysis of the market players along with their market share in the global automotive lubricants market.
- The study elaborates SWOT analysis and Porters Five Forces model for the automotive lubricants market.
- Value chain analysis in the automotive lubricants market study provides a clear picture of the stakeholders’ roles.
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