Press release
Automotive Lubricants Market 2023-2028: Industry Size, Share, Growth, Demand and Business Statistics
Automotive Lubricants Market
The global automotive lubricants market size reached US$ 75.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.8 Billion by 2028, exhibiting a growth rate (CAGR) of 3.5% during 2023-2028.
Automotive lubricants are essential formulations used to reduce the friction between moving parts in vehicles, facilitating smooth operations and longevity of engines and machinery. These specialized lubricants come in various types, such as engine oils, transmission fluids, brake fluids, and gear oils, each designed to perform under different temperature and pressure conditions. Engine oils, for example, not only lubricate to prevent wear and tear but also help in cooling engine components, removing impurities, and sealing gaps. The advantages of using quality automotive lubricants include improved fuel efficiency, enhanced engine protection, and extended vehicle lifespan. They are an integral part of vehicle maintenance, optimizing performance and reliability. With the automotive sector's evolution, lubricants have become more advanced, offering higher thermal stability, lower viscosity, and better compatibility with modern engine technologies and emission control standards.
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Market Trends:
The global automotive lubricants market is majorly driven by the growing automotive industry and the escalating demand for high-performance vehicles. Along with this, the escalating shift towards synthetic lubricants, offering superior protection and efficiency compared to conventional mineral-based oils, is positively influencing the market. In addition, stringent environmental regulations across the globe are encouraging manufacturers to innovate and develop eco-friendly lubricants with lower emissions. Thus, this is favoring the market. Moreover, the increasing number of vehicles in operation, coupled with the rising consumer focus on vehicle maintenance for optimal performance, are contributing to the market. The trend towards electric vehicles (EVs) is also encouraging the development of specialized lubricants catering to the unique needs of electric powertrains. Apart from this, the expansion of e-commerce is amplifying the availability and distribution of automotive lubricants, making it easier for consumers to access a wide range of products. Furthermore, the adoption of advanced manufacturing technologies and the introduction of innovative, high-quality lubricant products are creating a positive market outlook.
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/automotive-lubricants-market
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
• Amsoil Inc.
• BP plc
• Chevron Corporation
• China National Petroleum Corporation
• Exxon Mobil Corporation
• Fuchs Group
• Petronas Lubricants International Sdn Bhd
• Phillips 66 Company
• Royal Dutch Shell plc
• SK Lubricants Co. Ltd.
• Total SE
• Valvoline Inc
Automotive Lubricants Market Segmentation:
Our report has categorized the market based on region, product and vehicle type.
Breakup by Product:
• Engine Oil
• Gear Oil
• Transmission Fluids
• Brake Fluids
• Coolants
• Greases
• Others
Breakup by Vehicle Type:
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Others
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe:- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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