Press release
Automotive Lubricants Market: Opportunities in the United States
The global automotive lubricants market, valued at approximately USD 83.77 billion in 2023, is projected to reach USD 107.30 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 3.6% during the forecast period. This growth is driven by the rising demand for high-performance and lightweight vehicles, particularly in emerging economies such as India and China, coupled with a consumer shift towards sustainable lubricants.
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Competitive Landscape and Regional Demand
The automotive lubricants market is characterized by the presence of key players such as Royal Dutch Shell, ExxonMobil, BP (Castrol), Chevron, and TotalEnergies, who are continually innovating to meet evolving consumer needs. The Asia-Pacific region dominates the global market, with significant demand arising from countries like China and India.
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United States: Automotive Lubricants Growth and Trends
In the United States, the automotive lubricants market is experiencing steady growth, driven by advancements in lubricant formulations and a focus on enhancing fuel efficiency. The trend towards synthetic and bio-based lubricants is gaining momentum, aligning with environmental sustainability goals. A notable development includes ExxonMobil Corporation's acquisition of Denbury Inc. in November 2023 for USD 4.9 billion, aiming to strengthen its Low Carbon Solutions business and expand its CO2 pipeline network.
Asia-Pacific: Automotive Lubricants Opportunities and Consolidation
The Asia-Pacific region presents substantial growth opportunities for the automotive lubricants market, attributed to increasing vehicle ownership and industrialization. In October 2024, Motul, a French performance lubricant company, acquired Chem Arrow Corp., aiming to expand its market reach in the region.
Europe: Automotive Lubricants Trends and Updation
Europe's automotive lubricants market is characterized by a strong emphasis on research and development, focusing on sustainable and high-performance lubricants. In January 2024, Shell plc completed the acquisition of MIDEL and MIVOLT from Manchester-based M&I Materials Ltd., enhancing its product portfolio in the lubricant sector.
Middle East and Africa: Automotive Lubricants Growth and Opportunities
The Middle East and Africa region are witnessing growth in the automotive lubricants market, driven by increasing investments in the automotive sector. Notably, Saudi Aramco is exploring an initial bid for BP's Castrol unit, valued between $6 billion and $8 billion, as part of BP's strategic review to divest assets and improve cash flow.
Recent Developments and Mergers
The automotive lubricants industry has seen significant mergers and acquisitions aimed at expanding market reach and enhancing product portfolios. For instance, BP is considering selling its lubricants business, Castrol, valued at approximately $10 billion, as part of its strategic review to improve performance.
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Automotive Lubricants Market Classifications
By Product Type
Engine Oil (Motor Oils)
Transmission Oils
Hydraulic Fluids
Greases
Others
By Vehicle Type
Passenger Vehicles
Commercial Vehicles
Motorcycles
Others
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