Press release
Global Automotive Lubricants Market Industry Trends, Estimation & Forecast, 2018 - 2025
Automotive Lubricants Market Industry
Demand is majorly driven by key innovations by multinational companies operating across the globe. Technological advancements in the field of product designing, marketing strategies, e-and commerce platform optimization among others, are driving the demand for lubricant through the ease of accessibility.
Consumers across the globe are increasingly opting for vehicles that consume less fuel thereby contributing significantly to environmental improvement. Also, the growth of battery-operated vehicles is rising which shall drastically change the face of the industry on a global scale for the lubricants market. The Japanese Automotive Manufacturers Association recently proposed SAE 0W-8 which shall bridge the gap between industry requirements and engine oil technology.
Global Lubricants Market is projected to expand with a growth rate of 3.65%, in value terms, from 2018 to 2025. The market is expected to generate a revenue of USD 185,155.3 million during the forecast period.
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Industrial engine oils segments are projected to witness significant growth over the forecast period as these oils are designed to offset the operating and rising fuel costs. These fluids have the potential to reduce fuel consumption as they possess a lower friction coefficient and also helps to keep engine components clean and fully functional thereby effectively delivering maximum combustion efficiency. Because of such above reasons demand industrial engine oils are stimulating and broadly help in keeping piston, filters, ports, and crankcase clean for a longer period of time.
Emerging economies like China, India, Africa, and Mexico have witnessed exponential growth in terms of passenger car usage for instance in China the passenger car used has increased from 1,78,462 million in 2015 to 2,26,045 million in 2018. Economic prosperity in the Asia Pacific coupled with increasing international co-operation is driving demand from the marine industry. International trade agreements and rising environmental concerns among consumers will lead to a surge in demand for marine lubricants.
Some of the best players in the market include,, Amsoil Inc., Bharat Petroleum Corporation Ltd., BP Plc., Chevron Corporation, China National Petroleum Corporation, China Petrochemical Corp., Exxon Mobil Corporation, Fuchs Petrolub SE, Grazpromneft-lubricants, Ltd., Gulf Oil Lubricants India Ltd., Hindustan Petroleum Corp. Ltd., Illinois Tool Works Inc., Indian Oil Corporation Ltd., JXTG Nippon Oil & Energy Corporation, Kluber Lubrication and so on.
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