Automotive Lubricants Market Size Analysis, Competitive Insights, Leading Players and Growth Opportunities by 2032

Allied Market Research published a report, titled, "The Automotive Lubricants by Base Oil (Mineral Oil, Synthetic, Semisynthetic, and Bio-based Lubricants), Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), and Others), and Application, (Engine Oil, Gear & Brake oil, Transmission Fluids, Greases, and Others). Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global automotive lubricants industry generated $77.8 billion in 2022, and is estimated to reach $116.1 billion by 2032, witnessing a CAGR of 4.1% from 2023 to 2032.

Prime determinants of growth

Emerging economies, particularly in Asia-Pacific, have witnessed significant growth in vehicle ownership and production. This region contributes significantly to the automotive lubricant market's growth due to increased vehicle usage. The ease of purchasing automotive lubricants online has expanded the reach of lubricant manufacturers and increased consumer access to a wide range of lubricant products.

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The mineral oil lubricant segment to maintain its leadership status throughout the forecast period

By base oil, the mineral oil lubricant segment held the highest market share in 2022, accounting for more than half of the global automotive lubricants market revenue and is estimated to maintain its leadership status throughout the forecast period. A growing interest in reducing the environmental impact of automotive lubricants has been witnessed. Mineral oil lubricants are derived from fossil fuels and contribute to carbon emissions. As a result, manufacturers develop low-viscosity mineral oil lubricants that improve fuel efficiency and reduce emissions. Furthermore, some consumers have become more environmentally conscious and choose lubricants that align with their sustainability goals. However, the synthetic lubricants segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032.

Upcoming trends and industry highlights to influence the expansion of the industry

The Chinese government has estimated a 20% rise in electric vehicle production by 2025, which is anticipated to significantly increase the lubricant demand, set to maintain sales at this momentum. While EVs eliminate traditional engine oil usage, specialized lubricants are required for components such as bearings, gears, and electric motors.

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Moreover, there is a noticeable shift toward synthetic lubricants due to their superior performance and durability compared to conventional mineral-based oils. Synthetic lubricants offer better viscosity control, improved fuel efficiency, and enhanced engine protection, making them increasingly popular among vehicle owners.

With the expansion of urbanization and renewable energy initiatives, the automotive die-casting lubricants industry experiences heightened demand. Die-casting lubricants are important for the manufacturing process of automotive components, ensuring efficiency and precision. The automotive sector's focus on sustainability and electric vehicles is projected to contribute to the need for high-performance lubricants.

Lubricant additives enhance performance and protect engine components. The sector is projected to include the development of additives tailored for specific applications, such as turbocharged engines or hybrid powertrains, as well as formulations optimized for extreme operating conditions.

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Total Energies and MG Motor signed an agreement in October 2022 to develop a new range of lubricants in Chile. The new product is expected to be MG Oil, the first MG Motor oil specially formulated for automobiles.

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