Global Automotive Lubricants Aftermarket Estimated to Reach US$ 121 Billion by 2026: TMR

Automotive Lubricants Aftermarket : Snapshot

A lubricant is a substance that is used to reduce friction and control wear between surfaces that are in contact with a relative motion. Automotive lubricants sold in the aftermarket are required for maintenance and smooth operation of vehicles after their purchase. Typically, a lubricant consists of approximately 80% to 90% base oil, and the rest is additives. However, these percentages vary according to application. Characteristics of a good lubricant include high boiling point, high viscosity index, corrosion retardation, thermal stability, low freezing point, and resistance to oxidation. Lubricants are used for their ability to increase the operating lifespan of mechanical parts. They can also eliminate any residue deposited over mechanical parts. Additives are added to the base oil to impart various properties to the lubricant and improve its performance. Lubricant additives are inorganic and organic compounds that are dissolved or suspended as solids in lubricants or base oils. in terms of type, the automotive lubricants aftermarket can be classified into engine oil, gear oil, transmission fluid, and others (including brake oil, greases, coolants, etc.). Aftermarket customers require lubricant suppliers to help them reduce their total operating cost. For instance, extended oil drain intervals help fleet owners to reduce their operating and maintenance cost, primarily by keeping cars and trucks on road for a longer duration of time. The type and quality of the lubricants used has a significant bearing on engine performance, fuel economy, and vehicle life. For instance, European cars and trucks have smaller, more fuel efficient and higher performance engines than vehicles in North America and Asia. Better fuel economy in cars can be achieved by reduced engine and gearbox friction, which is achieved by using lower viscosity and friction-modified lubricants.

Request Sample Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=41672

World Vehicle Usage

Increase in automotive vehicle fleet has been the main driver of the automotive lubricant aftermarket. The vehicles in operation all over the world require lubricants at frequent time intervals for smoother engine operation and fuel economy. The total global vehicle fleet, including passenger cars and commercial vehicles, stood at 1.28 billion in 2015 and is projected to cross the 2 billion mark by 2035 and 2.5 billion by 2050. Increasing vehicle fleet around the globe is a key indicator of increasing demand for aftermarket automotive lubricants in the near future.

Increasing Sales of New Vehicles

The total number of new vehicle sales stood at 96,804,390 units (including passenger cars and commercial vehicles) in 2017. The rapid increase in sales of vehicle in developing countries and development of infrastructure have created a strong demand for aftermarket automotive lubricants. Increase in manufacturing of vehicles is one of the major factors contributing to the expansion of the global automotive lubricants aftermarket. Rise in demand for low viscosity fluids in the automotive sector is expected to boost the automotive lubricants aftermarket during the forecast period. The engine oil segment dominated the market in 2017 and is expected to expand at a significant rate during the forecast period due to increasing number of vehicles. Engine oil has to be changed frequently after every 5,000 miles to 15,000 miles of vehicle usage depending upon the engine and base oil used. This is expected to boost demand for engine oil. A unique feature of the global automotive aftermarket lubricant industry is that there is no significant slowdown in the consumption of aftermarket lubricants during economic downturns or market slowdowns. For instance, when vehicle sales go up, there is more consumption of lubricants, whereas even if new vehicle sales go down, the running vehicle fleet requires lubricants at frequent time intervals for smoother operation. Oil changes in vehicles become more frequent as they grow old. Therefore, even during unfavorable market conditions, customers have to purchase lubricants in order to maintain the current fleet of vehicles.

For More Industrial Insights Get PDF Brochure:

https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=41672

Consolidated market with the top few players accounting for more than 60% of the market share

The global automotive lubricants aftermarket is a highly organized market with top players accounting for majority of market share. Key players operating in the Automotive Lubricants Aftermarket are Royal Dutch Shell plc, ExxonMobil Corporation, BP p.l.c., Chevron Corporation, Total S.A., Sinopec Corporation, Fuchs Lubricants Co., LUKOIL Oil Company, Valvoline, Phillips 66, Bharat Petroleum Corporation Limited, JX Nippon Oil & Energy Corporation, Repsol S.A., Petrobras, Petronas, and Indian Oil Corporation Limited.

For More Information Please Visit:

https://globenewswire.com/news-release/2018/03/30/1455922/0/en/Global-Automotive-Lubricants-Aftermarket-Estimated-to-Reach-US-121-Billion-by-2026-Increasing-New-Vehicle-Sales-to-Boost-the-Market-TMR.html

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.

Contact

Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.