Automotive Lubricant Market to Register a CAGR of 6.88% until 2027
Increasing demand for lightweight and high-performance
vehicle with rise in per capita income will lead to the growth of automotive
lubricant all over the world during the forecasted period.
According to TechSci Research report, “Automotive
Lubricant Market- Global Industry Size, Share, Trends, Competition, Opportunity
and Forecast, 2017-2027”, Global Automotive Lubricant
Market is expected to register a CAGR of 6.88% during the forecast period, owing
to rising sales and growing vehicle fleet. China, being the largest automotive
lubricant producer in the world, it is expected to register a CAGR of 3.45% during
the forecast period.
Global automotive lubricant market is segmented
on the basis of vehicle type, demand category, product type, and region. Based
on vehicle type, the market is segmented into two wheelers, passenger cars,
light commercial vehicles, and medium & heavy commercial vehicles. Based on demand category, the market is
segmented into OEM & aftermarket. Based on product type, the market is
segmented into engine oils, transmission oils, hydraulic fluids, and greases.
On the basis of vehicle type,
market is segmented into two wheelers, passenger cars, light commercial
vehicles and medium & heavy commercial vehicles. Due to the large-scale production and massive
fleet size of passenger cars around the world, the segment of passenger cars
accounted for the largest revenue share. Also, during the forecast period, the
segment is expected to register the fastest CAGR. Increase in sales of passenger cars owing to
presence of huge population and growing disposable income is driving the demand
for passenger cars. segment are driving the growth of passenger car segment.
On the basis of demand category, aftermarket
is the fastest growing segment, and the segment is also accounted for the
highest volume of the market. During the forecast period, the OEM market is expected
to register a CAGR of 5.97%.
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On the basis of product type,
market is segmented into engine oils, transmission oils, hydraulic fluids, and
greases. For the smooth operation of engines, engine oils play a significant
role in the proper functioning of the reciprocating parts also enhances the
thermal stability. For minimizing the sludge and contaminants in the engine it
is necessary to change the engine oil on regular intervals and increase the
longevity of the engine. Thus, this makes the replacement rate of engine oil quite
high compared to other automotive lubricants. Further growth-promoting elements include a wide
range of product developments, such as the creation of chemical-free, bio-based
automotive lubricants. These lubricants offer better lubricity and aid in reducing
the negative environmental consequences brought on by synthetic lubricants. The
market is expected to grow as a result of additional factors, such as rising
consumer spending power and significant research and development (R&D)
efforts to enhance oil quality.
In addition to that, on the basis
of region, the market is segmented into Asia-Pacific, Europe, North America, South
America, Middle East & Africa. Asia-Pacific region is dominating the global
automotive lubricant owing to the large-scale fleet of on road vehicles in
countries such as China, Japan, and India, etc. Numerous automotive lubricants are consumed in
various ways depending on the country and region. For instance, South Korea
consumes more synthetic lubricants than India does, with most of that
consumption occurring in commercial and passenger cars. Two-wheeler market, which makes up around
one-fourth of the entire demand of lubricant in India, follows commercial
vehicles in terms of the consumption of automotive lubricants. Due to its
massive on-road automotive fleet and rising per capita lubricant consumption,
China currently holds a dominant position in the Asia-Pacific market.
China and USA will grow at a CAGR
of 3.45% and 5.15% respectively and will help boost the market during the
forecast period.
Due to the implementation of
lockdown to prevent COVID-19 pandemic, sales of automotive lubricants at the
end of first quarter and in second quarter fell substantially in most of the
countries affecting current year’s performance. Nevertheless, in most of the
regions across the globe, the market recovered partially at the end of second
quarter and completely in the third quarter. Hence, giving positive outlook to
the market forecast for the year 2022.
Royal Dutch Shell company holds
the largest share in global automotive lubricant market, followed by Exxon Mobil Corporation, Valvoline Inc.,
BP PLC (Castrol), Gulf Oil Lubricants India Ltd (Hinduja Group), Repsol,
PETRONAS Lubricants International, Chevron Corporation, AMSOIL Inc., FUCHS,
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Several prominent base oil
producing companies and formulators, including Royal Dutch Shell, ExxonMobil,
BP, and others, control most of the global automobile lubricant business. All
the major players have a diverse product portfolio to meet the needs of a range
of consumers and operate in several lubricants markets (such as industrial
lubricants, metalworking fluids, automotive lubricants, and others). In
comparison to its competitors, Royal Dutch Shell has a stronger global
presence, distribution network, and high base oil production and formulation
capacity, which positions it as the market leader. The regional market is
dominated by numerous local competitors.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Global Automotive Lubricant By Vehicle Type (Two Wheeler, PC, LCV,
MHCV), By Sales Channel (OEM & Aftermarket), By Product Type (Engine Oil,
Transmission Oil, Hydraulic Oil, Grease), By Region, Competition Forecast &
Opportunities, 2017-2027,” has evaluated the future growth potential of Global
Automotive lubricant market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global automotive
lubricant market.
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