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Automotive Lubricant Market Expected To Grow at a Steady CAGR of 5.4% Through 2026 | Market Players - Valvoline Inc., Quaker Chemical Corporation, Nippon Oil, Exxon Mobil, etc.
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Proper maintenance of automobiles play a key role in their operations, and lubricants are the primary products that can improve the working of combustion engines and automotive components effectively. In the near future, automotive lubricants will witness a growing demand that will expand in parallel to the rising sales of automobiles. Transformations in the designs of combustion engines will influence the viscosity index of future automotive lubricants.
Manufacturers are likely to continue the trending practices of using additives to improve the functions of automotive lubricants. Advanced polymers will be used to synthesize automotive lubricants with enhanced properties. Moreover, the demand for automotive lubricants will propel on the back of their growing applications in EV and hybrid vehicles. Emergence of highly-integrated lubrication systems for vehicles is likely to extend the application scope of these lubricants and bolster their production at a global scale.
FactMR’s latest forecast study estimates that the global automotive lubricant market will expand at a value CAGR of 5.4% over the forecast period, 2017-2026. In terms of volume, the report estimates that more than 45,350 Mn Liters of automotive lubricants will be sold globally by the end of 2026.
The Asia Pacific excluding Japan market was estimated expected to dominate the global automotive lubricant market in terms of revenue in the year 2017, and this trend is projected to sustain itself throughout the assessment period. APEJ automotive lubricant market is the most attractive market, growing at a robust CAGR during the assessment period. The APEJ market is forecasted to be valued at US$ 40,236 Mn by the end of the year 2026.
As per the forecasts of FactMR, the engine oil segment is poised to touch a value of US$ 76,986 Mn in 2026. This represents a robust CAGR growth during the assessment period 2017-2026. The engine oil segment was estimated to account for more than two-third of the revenue share of the lubricants type segment by 2017. The largest share is contributed by APEJ region in the automotive lubricant market.
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As per the findings of the FactMR research report, the fully synthetic oil segment is poised to grow at a moderate CAGR and touch a value of US$ 41,319 Mn in 2026. The fully synthetic oil segment was estimated to account for more than one-third of the revenue share of the base oil type segment by the end of the year 2017 and is forecasted to lose market share by the end of the year 2026.
Leading manufacturers of automotive lubricants have been profiled in this report to ascertain the market’s global competition landscape. Total S.A., Royal Dutch Shell plc, Valvoline Inc., Quaker Chemical Corporation, Nippon Oil, Exxon Mobil, Chevron, British Petroleum, Fuchs Group, AMSOIL INC. and Buhmwoo Chemical Ind. Co., Ltd. have been recognized as key players in the global automotive lubricant market. Catering to the customized lubrication needs of vehicle owners and OEMs will be among a key manufacturing trend in the future of global automotive lubricant market. In addition, several market players are likely to invest in production of bio-based automotive lubricants, the effectiveness of which will enable them in improving the manufacturing compliance with environmental protection laws.
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FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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