At 4.05% Global CAGR of Automotive Lubricants Market Size Worth 113676.24 by Zion Market Research
NEW YORK, May 3, 2022 /PRNewswire/ -- As per Zion Market Research study, The global Automotive Lubricants market was worth around USD 87,291.50 million in 2021 and is estimated to grow to about USD 113676.24 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.50 percent over the forecast period. The report analyzes the Automotive Lubricants market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Automotive Lubricants market.
Key Industry Insights & Finding of the Automotive Lubricants Market Reports:
- As per the analysis shared by our research analyst, the Automotive Lubricants Market is expected to grow annually at a CAGR of around 4.50% (2022-2028).
- Through the primary research, it was established that the Automotive Lubricants Market was valued approximately USD 87,291.50 Million in 2021 and is projected to reach to roughly USD 113676.24 Million by 2028.
- The North American market is expected to see a major growth due to increased consumer demand for high quality and efficient lubricants, the synthetic automotive lubricants segment is rapidly expanding in the region.
- The Asia-Pacific region has the largest market share in the global market due to being the fastest-growing region.
Zion Market Research published the latest report titled as "Automotive Lubricants Market By Base oil (Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants and Bio-based Lubricants), By Application (Energy Oil, Gear & Brake Oil, Transmission Fluids, Greases and Others), By Vehicle type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles and Others) and By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028" into their research database.
Automotive Lubricants Market: Overview
Lubricant is a fluidic material that is used to reduce friction between contact surfaces in order to prevent wear and tear. It is prepared using various additives and base oils from specific groups depending on the end-uses. The most prevalent uses for automotive lubricants are engine, gear, and hydraulic oils. Because of the growing use of high-performance lubricants, the market is expected to grow. The tremendous growth in car sales and infrastructure development in emerging countries has produced a large demand for these coolants and lubricants. Other factors driving the lubricant and coolant industry include rising demand for light passenger and heavy-duty vehicles, rising conventional fuel prices, and an increase in the average vehicle lifespan.
Furthermore, the vehicle oil and coolant industries will benefit from government-imposed tight emission rules. To avoid negative environmental implications, the current trend is to use bio-based lubricants, which will boost the market's total growth. Traditional lubricants have been replaced with synthetic lubricants as the demand for fuel efficiency in automobiles has increased. All of these reasons contribute to the automotive lubricants market's expansion. In terms of energy consumption, the engine components consume over 60% of the vehicle's total energy. As a result, advancements in automotive lubricants are a great place to start when it comes to improving engine performance. High-performance automobile lubricants have outstanding solvency and hydrophilic properties. The engine runs longer because to the lighter viscosity classes of high-performance lubricants utilized in these automotive lubricants. Furthermore, synthetic lubricants with lower viscosity and improved performance improve engine fuel efficiency to a greater extent.
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Industry Dynamics:
Automotive Lubricants Market: Growth Dynamics
Drivers:
Various factors influence the global demand for automotive lubricants. Lubricants used in industrial operations help the company save money because lubricated machines produce less friction, requiring less fuel and emitting less carbon dioxide. Furthermore, as the population grows, so does the demand for automobiles, which has a direct impact on the market demand for lubricants.
Restraint:
Despite the fact that the global automotive lubricants market is expanding rapidly, several factors are impeding its expansion. The presence of stringent environmental rules and norms governing carbon dioxide emissions stifles growth. The majority of manufacturers are shifting toward electronic vehicles, which is severely limiting the growth of the automotive lubricant market.
Opportunities:
The global market's demand for lubricants is increasing. Increasing vehicle demand in both developed and developing countries drives up global demand for automotive lubricants. Furthermore, significant investment is made in the research and development sector to achieve consistent improvements in oil quality, which also provides various growth opportunities. During the forecasted period, improvements in the quality of semi-synthetic and synthetic oil will also provide growth opportunities.
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Recent Developments
- In November 2021, Parkland Corp. will acquire a few assets owned by Lynch Oil through its Parkland USA subsidiary, including five large-format forecourts and convenience stores, two standalone car washes, and two travel centers. This acquisition expands Parkland's presence throughout the Pacific Northwest, complementing its existing commercial, wholesale, and retail operations in Idaho. It will increase annual fuel sales by more than 47 million gallons.
- In November 2019, Nye Lubricants Inc., a company involved in the formulation, manufacturing, and innovation of synthetic products, has been acquired by the FUCHS Group, a supplier and manufacturer based in Germany. It will assist the company in expanding its portfolio of synthetic lubricants.
Global Automotive Lubricants Market: Segmentation
- The global Automotive Lubricants market is segregated based on Base oil, Application and Vehicle type.
Based on Base oil, the market is segmented into Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants and Bio-based Lubricants. The mineral oil segment controls the majority of the automotive lubricants market. Despite the fact that synthetic lubricant adoption and demand are increasing significantly, it is less likely to overtake conventional oil's market share during the forecast period due to the relatively low prices of conventional lubricants.
By application, the market is segmented into Energy Oil, Gear & Brake Oil, Transmission Fluids, Greases and Others. The engine is commonly referred to as the "heart" of a vehicle, and engine oil plays an important role in the proper operation of an automobile's engine. Engine oil aids in the proper operation of moving parts and keeps the engine cool. Engine oil must be changed on a regular basis to extend engine life and prevent sludge and contaminants from accumulating in the engine.
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List of Key Players of Automotive Lubricants Market:
- ROYAL DUTCH SHELL PLC.
- EXXON MOBIL CORPORATION
- TOTAL S.A
- BP PLC.
- CHEVRON CORPORATION
- PETROCHINA COMPANY LIMITED
- VALVOLINE
- INDIAN OIL CORPORATION LIMITED
- FUCHS LUBRICANTS.
Key questions answered in this report:
- What are the growth rate forecast and market size for Automotive Lubricants Market?
- What are the key driving factors propelling the Automotive Lubricants Market forward?
- What are the most important companies in the Automotive Lubricants Market Industry?
- What segments does the Automotive Lubricants Market cover?
- How can I receive a free copy of the Automotive Lubricants Market sample report and company profiles?
Report Scope:
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Regional Dominance:
- The North American market is expected to see a major growth due to increased consumer demand for high quality and efficient lubricants
The North American market is expected to see a major growth due to increased consumer demand for high quality and efficient lubricants, the synthetic automotive lubricants segment is rapidly expanding in the region. The Asia-Pacific region has the largest market share in the global market due to being the fastest-growing region. The growing demand for vehicles, combined with the region's growing population, drives market growth. In addition, rising demand for semi-synthetic and synthetic lubricants in countries such as Indonesia, Japan, China, and India drives market growth.
Global Automotive Lubricants Market is segmented as follows:
Automotive Lubricants Market: By Base oil Outlook (2022-2028)
- Mineral Oil Lubricants
- Synthetic Lubricants
- Semisynthetic Lubricants
- Bio-based Lubricants
Automotive Lubricants Market: By Application Outlook (2022-2028)
- Energy Oil
- Gear & Brake Oil
- Transmission Fluids
- Greases
- Others
Automotive Lubricants Market: By Vehicle Type Outlook (2022-2028)
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Automotive Lubricants Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Automotive Lubricants Market: https://www.zionmarketresearch.com/news/global-automotive-lubricants-market
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