Press release
Automotive Lubricants Market : Worldwide Industry Analysis By 2024
Global Automotive Lubricants Market
The global automotive lubricants market is expected to reach a valuation of US$78.92 bn by 2024 increasing from US$55.44 bn in 2015 at 4.10% CAGR from 2016 and 2024. Passenger cars (PC) display the highest demand for automotive lubricants due to the surging demand for transportation needs of the increasing global population and due to the rising demand for passenger cars with increasing economic prosperity. This is expected to continue over the forecast period, with sales exceeding 32.3 mn tons by 2024, as per the report.
GET PDF BROCHURE FOR MORE PROFESSIONAL AND TECHNICAL INDUSTRY INSIGHTS: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9052
Rising Purchasing Power Ensures Dominance of Asia Pacific
The report analyzes the global automotive lubricants market in terms of its regional reach. The major regional markets for automotive lubricants are North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific, as per the TMR study. Amongst these, Asia Pacific is the largest consumer of automotive lubricants with the region accounting for 36% of the total automotive lubricant consumption worldwide in 2015. The region is followed by Europe and North America. The Asia Pacific automotive lubricants market is expected to register the highest CAGR of 5.40% between 2016 and 2024, thanks to the rising demand for passenger cars due to the increasing economic prosperity in the region.
Other regional segments, particularly Latin America and the Middle East and Africa are also expected to contribute significantly to the growth of the global lubricants market. This is mainly due to the rising demand for automobiles complemented by strengthening economic conditions, the report adds.
Improved Vehicular Efficiency to Augment Utilization of Automotive Lubricants
A TMR analyst says, “The increasing number of vehicles on road is highly influencing the demand for automotive lubricants.” This is because the use of automotive lubricants improves vehicular operation and increases engine longevity by reducing friction, thus the demand for automotive lubricants is directly proportional to the use of automobiles.
With the rising global population, the surging demand for increased number of vehicles for transportation needs is positively influencing the automotive lubricants market. Besides this, the increasing disposable income worldwide is also reflected on the rising sales of motor vehicles, which in turn, is leading to a substantial increase in the demand for automotive lubricants, reports the study.
Increasing Use of Biofuels to Affect Growth of Automotive Lubricants Market
Despite the lucrative growth prospects of the global automotive lubricants market, the high-cost factor of fully synthetic or semi-synthetic lubricants may impede the growth trajectory of this market in the coming years.
Besides this, the increasing environmental awareness leading to the increased use of biofuels for automobiles can also hamper the growth of the automotive lubricants in the coming years, says the research report.
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact Us:-
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com/
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Automotive Lubricants Market : Worldwide Industry Analysis By 2024 here
News-ID: 422470 • Views: …
More Releases from TMR – Research Reports
Power Line Communication Market to Present Highly Lucrative Opportunities for Ma …
Power Line Communication (PLC) is an emerging communication technology which enables data exchange over existing power cables. It uses power grids to communicate between two end-points. PLC technology allow users to control or retrieve data in a half-duplex manner. Furthermore, in this communication method, sender modulates the data, and injects in power cables which can be retrieved by de-modulation at the receiving end. PLC technology is widely used for home…
Wood Coatings Market - Roof coatings to Register High Demand | 2025
The global wood coatings market is choc-o-bloc with players and this has served to intensify the competition over the years. Product differentiation is a key tool leveraged by players to steal a march over their competitors. Key factors promoting growth in the market are the soaring construction activities across the globe and the increasing spending capacity of people which has stoked sales of furniture.
Another factor catalyzing growth in the global…
Welding Materials Market - Thriving Growth In Industrial Application Segments By …
The global welding materials market is growing on account of the thriving growth of application segments such as transportation, building and construction, marine, and automobiles. The growing urbanization in developing nations will drive the growth of this market. The increasing infrastructure development in Asia Pacific will also fuel the growth of the welding materials market. The technological advancements in the automobile industry will also aid the growth of this market.…
Intumescent Coatings Market Demand for Improved Fire Safety to Fuel Growth By 20 …
The global intumescent coatings market has remained moderately concentrated as nearly 45% of its overall share was held by three enterprises in 2015. These companies were Sherwin-Williams Co., PPG Industries Inc., and Nobel N.V., finds Transparency Market Research (TMR) in a new study. These companies, besides other prominent market players are continuously making efforts to expand their regional footprint by establishing new manufacturing units.
While expanding operations across emerging nations has…
More Releases for Automotive
Automotive Grommet Market set for explosive growth: Cooper Standard Automotive, …
According to HTF MI, "Global Automotive Grommet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2030". The Global Automotive Grommet Market is anticipated to grow at a compound annual growth rate (CAGR) of 5.96% from 2024 to 2030, reaching USD 100 Billion in 2024 and USD 150 Billion by 2030.
Automotive grommets are protective rings or eyelets made from rubber or plastic, used to protect or cover holes in metal…
KSA Automotive Market | KSA Automotive Industry | KSA Automotive Industry Resear …
Saudi Arabia’s automotive market faced a decline in new car sales due to tripling of value-added tax (VAT) rates. Effective in July 1, 2020, Saudi Arabia hiked its VAT from 5% to 15%.
Vision 2030 trying to attract foreign investment to kick start Dammam manufacturing city to aid re-exports & fulfill domestic demand
Surge in Domestic Manufacturing to gain independence of Imports: With Vision 2030, KSA is trying to gain impendence of…
Automotive Fuel Injectors Market: Growing Automotive Sales Fueling Automotive Fu …
Automotive fuel injectors market is likely to grow at a steady pace in the long run, according to a new report by Fact.MR. The demand for automotive fuel injectors continues to remain influenced with a multitude of industry-specific and macroeconomic factors. Significant growth in the automotive sector, coupled with increasing vehicle fleet remain instrumental in driving the demand for automotive fuel injectors worldwide. Fact.MR estimates that the sales of automotive fuel injectors are expected…
Global Automotive Safety Market 2019 Worldwide Outlook By Autoliv, Delphi Automo …
Automotive safety systems are designed to comply with the standards and regulations prescribed by government agencies and transport authorities worldwide. Passive safety systems are designed to protect passengers, drivers, and pedestrians during an accident.
In terms of region, the global Automotive Passive Safety Systems market can be segmented into North America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is likely to hold a prominent share of the global…
Global Oil Pump for Automotive Market 2018 Analysis -Bosch,Denso,Aisin Seiki,Del …
According to this study, over the next five years the Oil Pump for Automotive market will register a xx% CAGR in terms of revenue, the global market size will reach US$ xx million by 2023, from US$ xx million in 2017. In particular, this report presents the global market share (sales and revenue) of key companies in Oil Pump for Automotive business.
Get Sample Copy of this Report for more Information…
Global Automotive Body Welded Assembly Market 2018 - Daesan, Baylis Automotive, …
Accord Market, recently published a detailed market research study focused on the “Automotive Body Welded Assembly Market” across the global, regional and country level. The report provides 360° analysis of “Automotive Body Welded Assembly Market” from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global PP Pipe industry, and estimates the future trend of…
