Automotive Lubricants Market Size to Grow USD 116.1 Billion by 2032 at a CAGR of 4.1% | Valuates Reports
BANGALORE, India, Jan. 20, 2024 /PRNewswire/ -- Automotive Lubricants Market By Base Oil (Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants, Bio-Based Lubricants), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Others), By Application (Engine Oil, Gear and Brake Oil, Transmission Fluids, Greases, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Global Automotive Lubricants Market was valued at USD 77.8 Billion in 2022 and is projected to reach USD 116.1 Billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.
Claim Your Free Sample Now: https://reports.valuates.com/request/sample/ALLI-Auto-0Q5/Automotive_Lubricants
Major factors driving the growth of Automotive Lubricants Market:
Mineral oil lubricants are preferred by both manufacturers and customers because they provide an affordable option for engine protection and performance.
Engine oil plays a vital role in preserving engine efficiency and dependability by lowering friction, dispersing heat, and avoiding wear and corrosion.
The increasing production of vehicles worldwide, strict emission regulations requiring the use of advanced lubricants for better fuel efficiency, continuous technological advancements improving lubricant formulations, growing awareness among vehicle owners of the value of routine maintenance, the expanding automotive aftermarket driven by an expanding global vehicle park, and the rise in industrialization and commercial transportation are some of the major factors driving the growth of the autos.
Unlock Insights: View Full Report Now! https://reports.valuates.com/market-reports/ALLI-Auto-0Q5/automotive-lubricants
TRENDS INFLUENCING THE GROWTH OF THE GLOBAL AUTOMOTIVE LUBRICANTS MARKET:
The automobile industry uses them extensively because of their comparatively reduced production costs, which make them an affordable option for a variety of cars. Furthermore, mineral oil lubricants' well-established market presence and accessibility, together with their suitability for a range of engine types, reinforce their position as the industry leader in the automotive lubricants market. Engine oil is a key product in the automotive lubricants industry, playing a crucial role in the regular maintenance and upkeep of vehicles all over the world due to the extensive use of internal combustion engines in a variety of vehicle types and the requirement for frequent oil changes and maintenance.
The rising worldwide car production is directly related to the expansion of the automotive lubricants industry. Lubricants are in high demand to maintain the longevity and effective operation of engines and other vital components, and this demand is mirrored in the expansion of the automotive sector, which is being driven by growing consumer demand and economic growth. This tendency is especially noticeable in developing nations where a rising middle class encourages a greater number of car ownership.
Stronger pollution standards and environmental laws are pressuring automakers to create vehicles that are more fuel-efficient. Automotive lubricants are essential for accomplishing these goals because they increase engine efficiency and decrease friction. The market is expanding due in large part to the requirement for lubricants that enhance fuel efficiency and reduce pollutants. Automotive lubricants are in high demand as a result of growing awareness among car owners of the value of routine maintenance. Customers are realizing how important premium lubricants are in minimizing friction, avoiding engine wear, and increasing the total life of their cars. This knowledge helps to sustain the demand for automobile lubricants in the aftermarket.
The market for automotive lubricants is significantly driven by the growth of the automotive aftermarket, which is powered by the rising number of vehicles on the road worldwide. The need for lubricants for regular maintenance, repairs, and oil changes rises with the number of cars on the road, maintaining a stable demand for automotive lubricants in the aftermarket. The need for automotive lubricants is on the rise due to the expansion of industrialization and commercial transportation, which includes trucks, buses, and heavy-duty vehicles. Further driving market development are the demanding operating conditions of these vehicles, which call for lubricants that can tolerate greater temperatures, large loads, and longer operating hours.
Own It Today – Buy Now
https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Auto-0Q5&lic=single-user
AUTOMOTIVE LUBRICANTS MARKET SHARE
Mineral oil lubricants were the top revenue-generating sector in 2022 and are expected to expand at a compound annual growth rate (CAGR) of 56% over the course of the projection period. It is said that this is because. With a 56% worldwide market share in 2022, the mineral oil lubricants automotive lubricants market had a significant market share and is expected to expand at the fastest compound annual growth rate (CAGR) throughout the forecast period. Reducing the impact of automobile lubricants on the environment is a topic of considerable importance.
With a 56% share of the global market in terms of revenue in 2022, the passenger vehicle sector is leading the industry worldwide. This is because Passenger automobiles are more convenient and accessible as road networks, highways, and transportation infrastructure are developed and improved. Car ownership and use are encouraged by improved infrastructure.
With 65% of the global market in terms of revenue in 2022, the engine oil category is leading the global market. Fleets of vehicles are expanding significantly in emerging economies. The number of cars on the road has expanded significantly in nations like China and India, which has raised the demand for engine oil. The design of modern engines focuses on improving efficiency, performance, and pollution control.
With a 40% market share in the worldwide automotive lubricants market in 2022, the Asia-Pacific market is expected to develop at the fastest rate of compound annual growth (CAGR) over the forecast period. The region's main drivers include growing industrial growth, rising population-driven power consumption, and rising demand for autos.
Purchase Regional Report: https://reports.valuates.com/request/regional/ALLI-Auto-0Q5/Automotive_Lubricants
Key Players:
- Fuchs
- Indian Oil Corporation Limited
- PetroChina Company Limited
- Chevron Corporation
- Exxon Mobil Corporation
- TotalEnergies
- BP p.l.c.
- Valvoline
- Royal Dutch Shell plc
Purchase Chapters: https://reports.valuates.com/request/chaptercost/ALLI-Auto-0Q5/Automotive_Lubricants_Market
SUBSCRIPTION
We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.
DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
- Automotive Die Casting Lubricants market size is expected to reach USD 2085.5 Million by 2029, growing at a CAGR of 2.1% from 2023 to 2029.
- Automotive Suspension System Lubricants - Global Market Insights and Sales Trends 2024
- High Performance Power Steering Fluid Market
- Off-highway Construction Equipment Lubricants Market
- Eye-Drop and Lubricants market size is expected to reach USD 9982.9 Million by 2029, growing at a CAGR of 1.4% from 2023 to 2029.
- Automotive Dry Film Lubricants Market
- Perfluoropolyether (PFPE) Lubricants Market
- Fluorinated Lubricants Market
- Water Based Die Lubricants Market
- Automotive Mineral Fluid Lubricants Market
- High Performance Lubricants Market
- Automotive Gear Mineral Fluid Lubricants Market
- Synthetic & Bio-Based Lubricants market is projected to grow from USD 36 Million in 2023 to USD 39 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 1.4% during the forecast period.
- Automotive Engine Mineral Fluid Lubricants Market
- Automotive Forging Lubricants Market
- PAG Synthetic Lubricants Market
- Polyalphaolefin (PAO) Lubricants Market
- PAO Synthetic Lubricants Market
- Esters Synthetic Lubricants Market
- Hydro Lubricants - Global Market Insights and Sales Trends 2024
- Corrosion Resistant Lubricant market was valued at USD 216 Million in 2023 and is anticipated to reach USD 257.6 Million by 2030, witnessing a CAGR of 2.6% during the forecast period 2024-2030.
- Cold Forging Lubricants - Global Market Insights and Sales Trends 2024
- Tire and Rubber Lubricants - Global Market Insights and Sales Trends 2024
- High Temperature Grease & Lubricants market size is expected to reach USD 33240 Million by 2029, growing at a CAGR of 4.4% from 2023 to 2029.
- Synthetic Lubricants & Functional Fluids Market
- Rust Lubricant - Global Market Insights and Sales Trends 2024
- Lubricant and Oil Testing Market
- Anti-Corrosion Lubricant Market
- Metal Drawing Lubricant Market
- Wet Wire Drawing Lubricants market is projected to reach USD 130 Million in 2029, increasing from USD 92 Million in 2022, with the CAGR of 5.1% during the period of 2023 to 2029.
- High-Speed Bearings Lubricating Grease Market revenue was USD 2315.1 Million in 2022 and is forecast to a readjusted size of USD 2719.7 Million by 2029 with a CAGR of 2.3% during the forecast period (2023-2029).
- Quenching Oil market was valued at USD 1040 Million in 2023 and is anticipated to reach USD 1213.3 Million by 2030, witnessing a CAGR of 2.2% during the forecast period 2024-2030.
- Smoke Oil - Global Market Insights and Sales Trends 2024
- The refrigeration oil market was valued at USD 1.4 Billion in 2021, and is estimated to reach USD 2.2 Billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.
DISCOVER OUR VISION: VISIT ABOUT US!
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.
YOUR FEEDBACK MATTERS: REACH OUT TO US!
Valuates Reports
For U.S. Toll-Free Call 1-(315)-215-3225
WhatsApp: +91-9945648335
Website: https://reports.valuates.com
Blog: https://valuatestrends.blogspot.com/
Pinterest: https://in.pinterest.com/valuatesreports/
Twitter: https://twitter.com/valuatesreports
Facebook: https://www.facebook.com/valuatesreports/
https://www.facebook.com/valuateskorean
https://www.facebook.com/valuatesspanish
https://www.facebook.com/valuatesjapanese
SOURCE Valuates Reports
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article