Press release
Automotive Lubricants Market predicted to garner USD 120.06 billion by 2030
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Top Companies: Exxon Mobil Corporation, Royal Dutch Shell Plc., Total S.A., BP Plc., Petro China Company Limited, Chevron Corporation, Valvoline, Indian Oil Corporation Ltd., FUCHS Lubricants and others.
The global automotive lubricants market share analysis is based on base oil, vehicle type, application, and geography. Based on base oil, the market is segmented into Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants, and Bio-Based Lubricants. Based on application the market is fragmented into Engine Oil, Gear & Brake Oil, Transmission Fluids, Greases, and Others. Based on vehicle type, the market is divided into Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), and Others (Motorbikes). Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America region is expected to grow at a considerable rate, accounting a notable amount market share in the global automotive lubricants market. This is due to the strict government policies on emission standards and higher inclination towards the use of electric vehicles. Europe is expected to demonstrate a significant growth rate owing to higher demand and production of synthetic and semi-synthetic oils in this region. Asia Pacific is expected to dominate the global automotive lubricants market, holing the highest market shares. This is attributable to factors such as growing economy, increase in disposable income, rapid urbanization, proliferating transportation industry, presence of key lubricant manufacturers in this region, higher population, and consequently escalating demand of owning a vehicle among purchasers.
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