Automotive Lubricants Market Expected to Reach $89,585 Million, Globally by 2022

Automotive Lubricants Market was valued at $64,716 million in 2015, and is expected to reach $89,585 million by 2022, registering a CAGR of 4.8% between 2016 and 2022. Automotive lubricants are used to reduce friction between two surfaces of the components of a vehicle and exemplify the futuristic technologies, which are capable of manufacturing durable surfaces, maximizing overall efficiency while meeting environmental norms. These lubricants also help to control the vehicle temperature by absorbing the heat generated by moving parts of the vehicle and transferring it to the sump or cooler.

The global automotive lubricants market is segmented based on base oil, application, vehicle type, and geography. The base oil segment is categorized into mineral oil, synthetic, semisynthetic, and bio-based lubricants. On the basis of application, the market is classified into engine oil, gear & brake oil, transmission fluids, greases, and others. By vehicle type, it is divided into passenger cars, light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and others. The LCVs segment is anticipated to register a significant CAGR during the forecast period. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Top Investment Pockets, By Vehicle Type

The passenger cars segment offers maximum market potential in the automotive lubricants market, owing to increase in demand for these cars and general utility vehicles globally, with rise in public transportation expenditure.

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Moreover, increase in inclination of consumers towards efficient and easy transportation needs further boosts the growth for this segment. The use of automotive lubricants in LCVs has witnessed major developments, owing to constant growth in per capita disposable income and rise in demand for commercial utility vehicles. The passenger cars segment is expected to register a CAGR of 5.1% during the forecast period. However, rise in concerns related to the environmental hazards associated with the mineral oil lubricants may affect the overall market growth in the developed and the developing countries, but investments in R&D activities to produce novel synthetic lubricants are expected to provide opportunities for growth in the future.

Segment Review

The mineral oil lubricants segment dominated the global market in 2014, and is anticipated to maintain its dominance throughout the forecast period, growing at a CAGR of 4.2%.

Geography Review

Asia-Pacific accounted for more than 42% share of the total revenue in 2015, followed by Europe and North America. Developing countries in Asia-Pacific are anticipated to register steady growth rates, owing to increase in growth of the overall economy. Moreover, rise in investments by key manufacturers in the region is another key aspect that fuels the market growth.
Key players have economically invested heavily in R&D activities to develop advanced products to cater the requirements of the market. These players operating in the industry include Royal Dutch Shell Plc., Exxon Mobil Corporation, Total S.A., BP Plc., Chevron Corporation, PetroChina Company Limited, Valvoline, BASF SE, Indian Oil Corporation Ltd., and FUCHS Lubricants.

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The other players in the value chain (profiles not included in the report) include Chevron Corporation, KMG Chemicals, Oryx Energies, KenolKobil, Oil Libya, Sinopec, Pennzoil-Quaker State, Equilon, Burmah Castrol, Lukoil, and Idemitsu.

Key Benefits

• The report provides extensive qualitative and quantitative analyses of the current trends and future estimations of the global automotive lubricants market from 2014 to 2022 to determine the prevailing opportunities.
• It offers comprehensive analysis of key regions, such as North America, Europe, Asia-Pacific, and LAMEA, to understand the regional trends.
• In-depth analysis of factors that drive and restrict the growth of the market is provided.
• Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
• It offers key insights on strategic analysis of various companies and the value chain analysis of automotive lubricants.

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