Press release
The demand for Automotive Lubricants Market is highly influenced by the increasing number of motor vehicles :2024
Global Automotive Lubricants Market
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Due to the presence of a large number of players, the global market for automotive lubricants is highly fragmented and competitive in nature, finds a new study by Transparency Market Research (TMR). In 2015, the top three market participants, namely, Royal Dutch Shell Plc, ExxonMobil Corp., and BP Plc, could hold a share of 31.6% only in the overall market.
As per TMR’s estimations, the global automotive lubricants market, which stood at US$55.44 bn in 2015, is expected to rise at a CAGR of 4.10% between 2016 and 2024 and to reach a value of US$78.92 bn by the end of the forecast period. Passenger cars (PC) have emerged as the key consumer of automotive lubricants due to the soaring number of existing units. This scenario is anticipated to remain same over the forecast period, with sales crossing 32.3 mn tons by 2024, notes the research study.
Increasing Demand for Passenger Cars to Ensure Dominance of Asia Pacific
The report also studies the global market for automotive lubricants on the basis of its regional reach. According to the study, the Middle East and Africa, Latin America, Europe, North America, and Asia Pacific are the main regional markets for automotive lubricants. Among these, Asia Pacific has emerged as the leading contributor to the global market. Expanding at a CAGR of 5.40%, it is expected to remain so throughout the forecast period. The increasing demand for passenger cars, thanks to the augmenting disposable income of consumers, is the key driving force behind the growth of the market for automotive lubricants in this region.
Other regional markets, specifically the Middle East and Africa and Latin America are also projected to exhibit a strong demand for automotive lubricants in the near future on account of the rising demand for automobiles, fueled by strengthening economic condition, states the report.
Rising Demand for Vehicles to Greatly Influence Global Automotive Lubricants Market
“The demand for automotive lubrication is highly influenced by the increasing number of motor vehicles on road,” says an analyst at TMR. Since automotive lubricants improve the operation of vehicles and protect their engine by reducing friction, their demand is directly proportional to the usage of automobiles.
With the increasing population, more vehicles are required to meet the transportation need of people across the world. Apart from this, the surge in consumers’ purchasing power is also reflecting on the sales of motor vehicles, which eventually, is leading to a substantial rise in the demand for automotive lubricants, globally, reports the study.
High Price of Fully- or Semi-synthetic Lubricants to Impact Overall Demand for Automotive Lubricants
“Although the growth prospects of the worldwide market for automotive lubricants is bright, the high price of fully- or semi-synthetic lubricants may act as an obstruction in the growth trajectory of this market over the next few years,” says the author of this study.
Besides this, the rising trend of using biofuels in automobiles can also limit the demand for automotive lubricants in the near future, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Automotive Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global market for automotive lubricants is segmented into:
By Product
Engine oil
Gear oil
Transmission fluid
By Base Oil
Mineral oil
Synthetic oil
Bio-based fluid
By Vehicle Type
Passenger car (PC)
Light-weight Commercial Vehicle (LCV)
Heavy-weight Commercial Vehicle (HCV)
By Distribution Channel
Original Equipment Manufacturer (OEM)
Aftermarket
By Region
North America
U.S.
Canada
Europe
U.K.
France
Germany
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Mexico
Rest of Latin America
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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