Automotive Lubricant Market Growth Aiming for US$ 114 Billion by 2034 | Fact.MR

Global lubricant consumption is dominated by Automotive Lubricant Market (自動車用潤滑油市場), with sales exceeding 40 million tons in 2018. Around 55% of the global lubricants market is made up of automotive lubricants, and over the course of the long-term forecast period, there should be considerable potential due to the demand for high-quality lubrication. The market is anticipated to expand favorably over the projected period and pick up lucrative momentum in developing nations, which will boost the market for automotive lubricants. Furthermore, an International Energy Agency (IEA) analysis indicates that the oil demand from road freight could rise by 5 million barrels per day by the end of 2050. As the transportation industry grows and the number of vehicles increases, the global market for automotive lubricants is expected to continue growing.

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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.

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.

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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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