Press release
Automotive Lubricants Aftermarket Market Overview, SWOT Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2026
Automotive Lubricants Aftermarket : Overview
Automotive Lubricant is a substance made of base oil, which is derived from crude oil, and additive package. The base oil used in lubricant formulations is of mineral, synthetic, and semi-synthetic in nature and significantly determines the properties of finished lubricants. Additives are added to the base oil to impart various properties and improve its performance. Lubricant additives are inorganic and organic compounds that are dissolved or suspended as solids in lubricants or base oils. The aftermarket for automotive lubricants deals with lubricants required or consumed by an automotive vehicle after its purchase over its lifespan. Lubricants are used for their ability to increase the operating lifespan of mechanical parts. They can also eliminate any residue deposited over mechanical parts.
Almost all the lubricant manufacturers derive a significant portion of their revenue from the aftermarket. Emerging environmental regulations make the players in this industry more proactive as they have to produce lubricants that reduce friction while containing emissions. Original equipment manufacturers mention specifications and requirements regarding lubricants they plan to use in engines. Lubricant manufacturers provide them with products that meet these specifications. The automotive lubricants aftermarket is expected to be be propelled by the rising demand for engine oils, which have to be changed at frequent time intervals.
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Increasing need for car ownership across the population of emerging economies is one of the factors anticipated to drive demand for aftermarket automotive lubricants. Consumers in developed and developing regions have different mobility needs. Continued urbanization is likely to lead them toward car ownership. Moreover, rise in awareness about benefits of timely oil changes to maintain vehicle efficiency and achieve better fuel economy and increasing emphasis by automakers on engine downsizing to meet vehicular emission norms are some of the factors that mandate the use of high- performance lubricants and are expected to drive demand for them during the forecast period. Furthermore, rise in world vehicle fleet and increasing motorization rate particularly in Asia, Latin America, and Middle East & Africa are further expected to create incremental opportunity for automotive lubricants in aftermarket.
This report analyzes and forecasts the market for aftermarket automotive lubricants at the global and regional level. The market has been forecast based on volume (kilo tons) and revenue (US$ Mn) from 2017 to 2026, considering 2016 as the base year. The study includes drivers and restraints of the global automotive lubricants aftermarket. It also covers impact of these drivers and restraints on demand for aftermarket automotive lubricants during the forecast period. The report also highlights opportunities in the automotive lubricants aftermarket at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global automotive lubricants aftermarket. Porter’s Five Forces model for the automotive lubricants aftermarket has also been included to help understand the market from the perspective of various stakeholders involved in the value chain. The study encompasses market attractiveness analysis, where in types and application are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global automotive lubricants aftermarket by segmenting it in terms of type and application. In terms of type, the automotive lubricants aftermarket can be classified into engine oil, gear oil, transmission fluid, and others. In terms of application, it can be segmented into passenger cars and commercial vehicles. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for aftermarket automotive lubricants in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The report provides the actual market size of automotive lubricants aftermarket for 2017 and estimated market size for 2018, with forecast for the next eight years. The global automotive lubricants aftermarket has been provided in terms volume and revenue. Market volume has been defined in kilo tons and revenue in US$ Mn. Market numbers have been estimated based on type and application of aftermarket automotive lubricants. Market volume and size have been provided in terms of global, regional, and country level.
The report comprises profiles Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The global automotive lubricants aftermarket can be segmented as follows:
Automotive Lubricants Aftermarket, by Type
Engine Oil
Gear Oil
Transmission Fluid
Others
Automotive Lubricants Aftermarket, by Application
Passenger Cars
Commercial Vehicles
Automotive Lubricants Aftermarket, Regional Analysis
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
ASEAN
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa (MEA)
GCC
South Africa
Rest of Middle East & Africa
Key Takeaways
The major demand for automotive lubricants lies in aftermarket services as vehicles requires lubricants to be changed after specific time intervals
Currently, the global vehicle fleet is dominated by ICE vehicles, which are diesel and gasoline based. However, there has been inclination toward the electrification of vehicles, especially in Europe. This is expected to limit the expansion of the automotive lubricants aftermarket, since electric vehicles do not use engine oils, and more than half of the demand for current automotive lubricants in the aftermarket is dominated by engine oils.
In terms of application, the passenger vehicle segment dominated the automotive lubricants aftermarket in 2016. This is mainly attributed to the sheer size of the world passenger cars fleet size in comparison to commercial vehicle fleet size. The passenger vehicle fleet count for the year stood at 947,080 thousand units in 2015 against commercial vehicle fleet size of 335,190 thousand units for the same year. This is responsible for the high demand for aftermarket automotive lubricants used in passenger cars.
Increasing shift toward the adoption and consumption of synthetic based lubricants is paving the way for future opportunities in automotive lubricant aftermarket, as smaller engines and lighter vehicles require low viscosity grade lubricants, which is possible only with synthetic formulations.
Europe and North America are mature regions of the automotive lubricants aftermarket, with car ownership rates as high as 580 and 680 per thousand inhabitants. However, low penetration of automotive vehicles, particularly in regions such as Latin America, Asia, and Middle East & Africa, presents significant opportunities for the automotive lubricants aftermarket. For instance, the motorization rate in Asia, Africa, and Latin America stood at 105, 42, and 176 per thousand inhabitants, respectively, in 2015.
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