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Automotive Lubricant Market To Witness Comprehensive Growth By 2021-2031
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The increase in consumer trend toward luxurious and high performance vehicles is driving the automotive lubricants market. Lubricant plays a crucial role in any vehicle by reducing friction between parts/components and increasing their performance & lifespan. The demand for low viscous and high-quality lubricants is increasing globally.
Expansion of Automotive Lubricant Market
Increase in demand for durable and reliable vehicles leads to requirements of timely maintenance and servicing of vehicles, which is likely to boost the automotive lubricant market. Moreover, stringent government norms regarding emission control and fuel-efficiency are driving the market across the world. In November 2021, Plastic Omnium signed a strategic partnership with AVL, the world's largest automotive company for development, simulation, and testing in automotive and energy sectors, for the development of medium and high power hydrogen systems. The company is expected to develop a range of high performance cost-effective hydrogen systems for any vehicle. In March 2020, Shell International B.V. announced the expansion of its production capacity by two times at its Bekasi, Indonesia plant, which is anticipated to be completed by 2022.
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Growth Opportunities Due to Rising Applications of Synthetic/Semi-synthetic Oil
The increase in usage of some quality lubricants, such as synthetic/semi-synthetic oil, is expected to accelerate market growth. This oil is popularly used as a lubricant in vehicles, as it offers better lubrication than mineral oil. The growing awareness among consumers across the globe to use quality lubricants for vehicles is driving the demand for automotive lubricants. The rising spending capacity of consumers is also expected to boost the expansion of the global automotive lubricant market. Synthetic/semi-synthetic oil is increasingly being used due to rising emissions level across the globe.
Government bodies are establishing minimum performance standards for lubricants in order to control rising emissions. Thus, applications of low viscosity lubricants such as synthetic/semi-synthetic oil is rising.
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Segmentation
The global automotive lubricant market has been segmented based on product type, fluid type, vehicle type, and region
Based on product type, the global automotive lubricant market has been divided into engine oil, transmission oil, brake fluid, hydraulic fluid, and greases. Consumption of engine oil is high, as compared to that of other oils, and the engine oil segment is anticipated to maintain its dominance during the forecast period due to higher number of IC engine vehicles on the road. Moreover, heavy-duty commercial vehicles such as tractors and trucks are less likely to be replaced by e-vehicles.
Based on fluid type, the conventional oil segment accounted for a major share of the automotive lubricant market in 2020. Furthermore, adoption of synthetic lubricants is increasing rapidly but due to high cost, semi-synthetic and synthetic lubricants are majorly adopted by developed regions such as North America and Europe.
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Regional Analysis of Automotive Lubricant Market
In terms of region, the global automotive lubricant market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is a prominent market for automotive lubricants due to high number of on-road vehicles in countries, such as China, India, Japan, and South Korea, in the region. Consumption varies according to country and geographical area.
For instance, the consumption of semi-synthetic and synthetic lubricants is higher in South Korea than India, and majorly it is consumed by commercial and passenger vehicles. Europe and North America are the second- and third-largest consumers of automotive lubricants, respectively.
Automotive Lubricant Market Players
Prominent players operating in the global automotive lubricant market include Shell International B.V., Chevron Corporation, China National Petroleum Corporation, Exxon Mobil Corporation, Phillips 66 Company, Valvoline Corporation, B.P. PLC, Kluber Lubrication Munchen SE & Co. KG, FUCHS Petrolub SE, and Petroleo Brasileiro S.A.
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