Automotive Lubricants Market to Reach $107.22 Billion By 2026 | ExxonMobil Corporation, Chevron Corporation, Fuchs Lubricants Co, ConocoPhillips Corporation

The global Automotive Lubricants Market is expected to reach USD 107.22 Billion by 2026, according to a new report by Reports and Data. Over the past few months, the oil price rally has rewarded those taking part in output cuts and has also discharged a new wave of growth from the United States. The oil markets now look adequately supplied through 2020 coupled with gains from Brazil, Canada, and Norway. A solid increase in oil demand is expected aiding to strong world economy growth in the next five years. According to the International Monetary Fund, in the next five years the global economic growth is expected to set at 3.9%. Strong economies will use more oil and it is anticipated that the demand will grow at an average annual rate of more than 1.2 mb/d during the forecasted period. Petrochemicals are the fastest growing source of global oil demand precisely in United States and China. The shale revolution in United States has unleashed major source of cheap domestic feedstock. One of the key advantages of the global economic growth is that it is lifting more people into the middle class in developing countries and higher incomes mean sharply increasing the demand for consumer goods and services.

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Further key findings from the report suggest
The market for Engine Oil segment is projected to grow significantly and owing to the increase in consumption of engine oil. Countries like India accounts in excess of 2.5 billion liters of annual engine oil consumption including the aftermarket and is growing at 2-2.5% per anum.
The passenger car segment will grow at a CAGR of 4.9% during the forecasted period owing to the increase in the disposable income of the people and steady global economic growth.
The shale revolution in United States has unleashed major source of cheap domestic feedstock. One of the key advantages of the global economic growth is that it is lifting more people into the middle class in developing countries and higher incomes mean sharply increasing the demand for consumer goods and services

Asia Pacific region is estimated to grow significantly due to the at a CAGR of 41% owing to the increase in adoption of new vehicles as well as the increase in adoption of high-tech automotive lubricants fuel the demand for automotive lubricants

Key participants include ExxonMobil Corporation(U.S.A), Chevron Corporation (U.S.A), Fuchs Lubricants Co. (U.S.A), ConocoPhillips Corporation (U.S.A), LUKOIL Oil Company (Russia), IDEMITSU Kosan Co. Ltd. (Japan), Royal Dutch Shell plc (Netherlands), Total S.A. (France) and Valvoline (U.S.A)., Castrol (U.K.)

Read more at: https://www.reportsanddata.com/report-detail/automotive-lubricants-market

For the purpose of this report, Reports and Data has segmented the global Automotive Lubricants Market on the basis Base Oil, Vehicle Type, Applications, and Region:
Base Oil (Volume Kilo Tons, Revenue, USD Million; 2016–2026)
Mineral Oil
Synthetic
Semisynthetic
Bio-Based Lubricants

Vehicle Type (Volume Kilo Tons, Revenue, USD Million; 2016–2026)
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Others

Applications (Volume Kilo Tons, Revenue, USD Million; 2016–2026)
Engine Oil
Gear Oil
Brake Fluids
Transmission Fluids
Coolants
Greases

Regional Outlook (Volume Kilo Tons, Revenue, USD Million; 2016–2026)
North America
U.S.

Europe
Germany
France
UK
Netherlands
Switzerland
Italy

Asia Pacific
China
India
Japan
South Korea

Middle East & Africa
Latin America

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This release was published on openPR.