Automotive Lubricant Market To Partake Significant Development During 2021-2031

Increasing Production of Vehicles to Drive Automotive Lubricant Market

Automotive lubricants are fluidic compounds used to reduce surface friction and wear and tear on automotive components. Engine oils, grease oils, transmission fluids, general industrial oils, and process oils are some of the most often used car lubricants. They are also available in mineral, synthetic, semi-synthetic, and bio-based oil varieties, which are made using specialized oils and additives sourced from petroleum sources to avoid corrosion and oxidation. These lubricants help reduce heat created between parts while also enhancing the functionality and efficiency of essential components, including engines, bearings, hinges, and hydraulic gears. They are also employed in the manufacture of brake and fuel systems, body parts, and transmissions.

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The global automotive lubricant market is projected to reach US$ 84.82 billion by 2031, expanding at a CAGR of 1.45% from 2021 to 2031 (forecast period)

The International Organization of Motor Vehicle Manufacturers (OICA) reports that global automobile production has climbed from 58.3 million in 2010 to 92.1 million in 2019. Moreover, technologically proficient nations such as Japan and China represented 34% and 11% of total global automobile manufacturing, respectively. Likewise, as per the Europe Automobile Manufacturers Association, automobile manufacturing in Europe climbed from 11.9 million in 2013 to 19 million in 2019. This figure is expected to rise further over the next five years. Due to the increase in vehicle manufacturing, the usage of lubricants in automobiles has also surged, fueling the expansion of the global automotive lubricant market.

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Furthermore, government measures to boost vehicle production have increased the sales of automotive lubricant market. In India, for example, the government created the Automotive Mission Plan 2016-26 (AMP 2026) in 2016, with the goal of tripling the automotive industry's development. Likewise, in China, the Made in China 2025 project was announced in 2015 with the goal of increasing China's growth in high-tech manufacturing, including vehicle manufacturing. Due to these factors, the use of automotive lubricants is estimated to rise throughout the forecast period, propelling the global automotive lubricant market.

Massive Growth in Urbanization and Middle-Income Population

Increasing urbanization, changing lifestyles, and a surge in the middle-income population are presenting revenue-generation opportunities in automotive lubricant market. According to the World Bank, middle-income nations house around 75% of the world's population, and the population of middle-income countries grows by 1% every year. Moreover, migration from rural to urban regions has expanded significantly in recent years, which is the primary reason for the fast expansion in urbanization. Cities contribute over 80% of global GDP, and metropolitan regions are rapidly growing. Infrastructure and industrial development are important aspects driving a massive rise in the middle-income segment. Automotive and information technology industries have risen enormously in developing countries in recent years as a result of low-cost raw materials, massive investment in R&D, the availability of high-quality infrastructure, and low-cost trained labor.

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Countries such as China, Japan, India, Indonesia, the United Kingdom, the United States, France, Germany, Canada, Spain, and Italy are investing in green chemistry and circular economy; these are the methods that will help urbanization with sustainability in the near future and achieve a balance between the environment and infrastructure development. This will help the automotive industry flourish, thereby bolstering the global automotive lubricant market growth.

Asia Pacific to Spearhead Automotive Lubricant Market

Asia Pacific is projected to contribute significantly to the global automotive lubricant market. The Asia Pacific automotive sector is expected to grow rapidly over the projection period due to fast economic development, mega construction projects, and the implementation of different advantageous government policies.

Moreover, the increased demand for high-performance, premium passenger cars has drawn significant investment from global automakers. Aside from that, big industry players are transferring their manufacturing facilities to the extremely profitable Asia Pacific market due to the availability of low-cost labor and favorable government regulations.

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The automotive sector in China, India, South Korea, and Brazil is quickly expanding since the worldwide automotive market has grown enormously in terms of markets, manufacturing capacity, and competitive standards during the last few decades. Developing markets such as China and India have the most people in the world, allowing for a massive domestic market.

Furthermore, emerging nations have benefited from foreign direct investment by assisting MNCs in establishing assembly units in numerous countries. Additionally, new industrial strategies established by governments in emerging nations aided in increasing the capacity of the automobile industry. According to the International Organization of Motor Vehicle Manufacturers, the automobile sector has grown rapidly in emerging nations as a result of low-cost raw materials, low-cost skilled labor, and more foreign direct investment (FDI). Such factors are anticipated to increase the future market demand for automotive lubricants.

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