Press release
Automotive Lubricants Market: Projections and Trends for 2030
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According to the latest findings from Meticulous Research®, the automotive lubricants market is poised to attain a significant valuation of $114.2 billion by 2030, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period. The growth trajectory of the automotive lubricants market is propelled by the surging demand for high-performance lubricants, rapid advancements in transportation infrastructure, the expanding automotive industry with a parallel increase in vehicle production, and a rising inclination towards sustainable lubricants. However, challenges such as the reduced demand for automotive lubricants due to the penetration of electric vehicles and the volatility in raw material prices may impede the market's growth.
Amidst these challenges, there exist noteworthy growth opportunities emanating from emerging economies and an escalating demand for environmentally friendly lubricants. Nevertheless, the market faces hindrances in the form of the need to develop compatible lubricants for Electric Vehicles (EVs) and hydrogen fuel cell engines, coupled with the unpredictable pricing dynamics of automotive lubricants. Furthermore, a prominent trend in the automotive lubricants market is the growing necessity for thinner engine oil.
Meticulous Research® has meticulously segmented the market based on product type, vehicle type, composition, sales channel, and geography, providing a comprehensive and insightful analysis. The study not only delves into industry competitors but also scrutinizes the market at the regional and country levels.
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In terms of product type, the automotive lubricants market encompasses engine oil, transmission & hydraulic fluids, gear oil, grease, chain oil, brake fluids, and other products. The engine oil segment is anticipated to dominate the market in 2023, driven by the rising need to enhance the fuel efficiency of Internal Combustion Engine (ICE) vehicles, a substantial demand for engine oil replacements in the automobile aftermarket segment, and an increasing need to maintain optimal engine operation while reducing fuel consumption and CO2 emissions. However, the grease segment is projected to register the highest CAGR during the forecast period.
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Vehicle type segmentation includes internal combustion engine vehicles, electric vehicles, natural gas engines, and hydrogen-powered vehicles. In 2023, the internal combustion engine vehicles segment is expected to command the largest share of the market. This dominance is attributed to technological developments enhancing the efficiency and performance of Internal Combustion (IC) engines, stringent government regulations related to emissions, and a consistent demand for high-performance IC engines. Conversely, the electric vehicles segment is projected to register the highest CAGR during the forecast period.
The market's composition segmentation comprises mineral oil lubricants, fully synthetic oil lubricants, and semi-synthetic lubricants. In 2023, the fully synthetic oil lubricants segment is anticipated to hold the largest market share, driven by their advantages in high-performance and advanced engines, low viscosity, reduced friction, high-quality lubrication, and the growing need for better fuel economy and reduced vehicle emissions. This segment is also expected to witness the highest CAGR during the forecast period.
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Sales channel segmentation involves original equipment manufacturers and the aftermarket. In 2023, the aftermarket segment is projected to secure the largest market share, attributed to the increasing demand for car ownership, especially in emerging economies, a sizable customer base, stringent government regulations related to CO2 emissions, and rising consumer awareness regarding the use of lubricants to maintain vehicle efficiency and achieve better fuel economy. The aftermarket segment is expected to register the highest CAGR during the forecast period.
Geographically, the automotive lubricants market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to command the largest market share, driven by rapid growth in the automotive industry, a flourishing transportation sector, strong government support promoting the automotive industry, the presence of key lubricants and auto manufacturers, and abundant availability of raw materials. Additionally, Asia-Pacific is projected to register the highest CAGR during the forecast period.
Key Players in Focus: The key players operating in the automotive lubricants market include Shell International B.V. (Subsidiary of Shell Plc) (Netherlands), Exxon Mobil Corporation (U.S.), FUCHS PETROLUB SE (Germany), Motul (France), Phillips 66 Company (U.S.), Repsol, S.A. (Spain), SK Enmove Co., Ltd. (South Korea), China National Petroleum Corporation (China), Klüber Lubrication München Se & Co. KG (Subsidiary of Freudenberg Group) (Germany), Amsoil Inc. (U.S.), Petróleo Brasileiro S.A. - Petrobras (Brazil), Valvoline Inc. (U.S.), Sinopec India(China), Chevron Corporation (U.S.), BP P.L.C. (U.K.), and Castrol Limited (U.K.).
Meticulous Research® remains committed to delivering unparalleled market insights, empowering businesses to navigate and thrive in dynamic market landscapes. For an in-depth analysis and additional information on the automotive lubricants market, please refer to the complete research report available on our website.
Mr. Khushal Bombe
Meticulous Market Research Inc.
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