Press release
Automotive Lubricants Market Is Poised To Grow At A CAGR Of 3.1% By 2032
The Automotive Lubricants Market survey report is a comprehensive analysis of arcade structure along with future insights on the various segments in the industry. Additionally, it contains thorough profiles of the principal importers and manufacturers who are impacting the industry. The report's analysis of a number of important elements will aid the reader in understanding the business. The study includes all of the market shares and strategies of significant market participants. The competitive landscape is analyzed in the global Automotive Lubricants Market based on the top manufacturers, trends, opportunities, marketing strategies analysis, market effect factor analysis, and consumer needs while taking into account the industry's past, present, and future conditions.Download FREE Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=434
This research also pays attention to the classification, engagement, applications, and market trends along with the major growth drivers. Moreover, this research focuses on emerging trends and recognizes challenges and opportunities in the Automotive Lubricants Market. The detailed evaluation of CAGR, Market size is done by our analysts intended to give a precise picture of the market. This report refers to 2022 as the base year and the forecast window for this research is from 2023 to 2032. Recent developments and the competitive landscape is covered in this report making it further too detailed and useful for maintaining a competitive edge over other.
The global automotive lubricants market is likely to be valued at US$ 79.23 Billion in FY 2022, up from US$ 76.82 Billion in 2021.
During the past year, the industry registered a Y-o-Y increase worth 3%. From 2022 to 2032, automotive lubricants sales are poised to flourish at a CAGR of 3.1% to reach a value of US$ 108 Billion by the end of 2032.
For instance, in October 2018, Total S.A. invested ~ USD 50 million for its production plant in the Kaluga region, Russia. The plant is designed to scale up the manufacturing capacity from 40,000 tons to 70,000 tons per annum. This strategic move will allow Total to capture the local automotive lubricants market. Similarly, on 3rd September 2019, FUCHS Petrolub SE joint ventured a project with OPET Petrolcülük located in Izmir, Turkey. With an investment of EUR 24 million, the plant can produce 60,000 tons per annum.
Bio-based Automotive Lubricants, A Key Market Trend
The study opines that due to adverse effects, the governments in many countries are taking stringent regulatory action to control the harmful impact on the environment caused by transportation-related activities. Governing bodies and international organizations are implementing new rules and regulations to reduce the carbon emission levels released from vehicles. Above mentioned circumstances are set to reduce the use of gasoline and diesel engine cars in the forecast period. For instance, in December 2015, the Paris climate conference put in optimistic efforts to maintain climate change by introducing several innovating technologies to limit greenhouse gas emissions. All these factors create new opportunities for bio-based and high-performance automotive lubricants.
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Strict Environmental Regulations Impacting Adoption of Automotive Lubricants
To control carbon emission and air pollution caused due to automobiles, various governing bodies and international organizations have developed some standards and guidelines.
All automotive lubricant manufacturers in the world have to comply with the strict regulations enacted by environmental organizations in different geographical regions.
For instance, governments of countries such as the Netherlands and Norway have decided that from 2025, no new cars will be approved with internal combustion engines. Furthermore, as per Paris Climate Agreement, CO2 emissions shall not exceed CO2 absorption levels.
Key Segments Covered in the Automotive
Lubricants Industry Survey
By Lubricants
• Engine Oil
• Gear Oil
• Brake Oil
• Grease
• Other Fluids
By Base Oil
• Fully Synthetic Oil
• Semi-synthetic Oil
• Mineral Oil
By Vehicle
• LCV
• HCV
• Midsize Vehicles
• Compact Vehicles
• Premium Class Vehicles
• Luxury Vehicles
• Other vehicle types
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Asia to Account for 40% of the Market Share
Asia dominates the automotive lubricants market accounting ~ 40 percent share of the global market. Due to an increase in automobile ownership levels, incorporation of advanced engines, and consistent investments in transportation activities, Asia's supremacy is set to continue in the automotive lubricants market.
Furthermore, China is the biggest automotive lubricants market, followed by the United States and India. In India, there is a significant potential for growth of the automotive lubricants market. Additionally, India is expected to show a growth rate of around 6% annually.
Factors such as rise in private transport, increasing economic stability and consumer affordability are surging the usage of vehicles and are set to drive the automotive lubricants market across all geographical regions. North America and Europe is expected to witness stagnant growth in the automotive lubricants market.
Key players in the Automotive Lubricants Market
• Total S.A.
• Royal Dutch Shell Plc.
• Valvoline Inc.
• Quaker Chemical Corporation
• Nippon Oil
• ExxonMobil
• Chevron
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