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Automotive Lubricants Market Gaining from Popularity for Fuel-efficient Vehicles 2024
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According to a recent study by Transparency Market Research (TMR), the global automotive lubricants market had opportunities worth US$55.44 bn in 2015, and estimates it reach a valuation of US$78.92 bn by the end of 2024, rising at a CAGR of 4.10% during the forecast period of 2016 to 2024. Growing number of vehicles is the key driver of this market. Vehicles are mostly used for the stressful driving conditions in a city which involves stop-and-go traffic, frequent short trip, and idling which leads to significantly reduced efficiency. For better function of vehicles and for protection of engines, automotive lubricants are used. Moreover, vehicles continue to require oil change and other lubricant related maintenance as long as they are in used. Coupled with stable vehicle production and sales, the automotive lubricants market is expected to continue its growth.
Which market segments are most lucrative?
By product, the TMR report segments the global automotive lubricants market into engine oil, transmission fluid, and gear oil. Out of these, engine oil segment accounted for more than two-third of the demand in 2016 and is expected to remain most profitable segment during the forecast period. Engine oil, also known as motor oil, is used for lubrication of internal combustion engine. The primary function of engine oil is to reduce wear on moving parts of vehicles.
On the basis of base oil, the report bifurcates the automotive lubricants market into mineral oil, bio-based fluid, and synthetic oil. In 2016, mineral oil segment remained most important, as it is used to make gasoline and other petroleum products and is produced in very large quantities. By vehicle type, the report categorizes the market into passenger cars, light-weight commercial vehicles, and heavy-weight commercial vehicles, while on the basis of distribution channel, the market has been segmented into original equipment manufacturer (OEM) and aftermarket. The segments of passenger car and OEM currently serve the maximum demand.
Geographically, the report studies the lucrativeness of the market in the regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific currently accounts for the most significant share of the currently global automotive lubricants market, owing thriving automotive industry with vast population base and rapid urbanization in the region. European and North America markets are showing sluggish growth rate owning to increasing health awareness and environmental regulations.
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What is the nature of competition in the market between the leading vendors?
The global automotive lubricants market is highly fragmented in nature with stiff competition between the leading as well as the domestic players. ExxonMobil Corp., BP Plc, and Royal Dutch Shell Plc. were the leading global companies in 2015, accounting for 31.6% of the shares. With wide array of products, these companies are expected to remain leaders of the market, although some other players are also making their presence felt, such as Phillips 66, Total S.A., Chevron Corporation, Fuchs Lubricants Co., Sinopec Corporation, Valvoline, Repsol S.A., LUKOIL Oil Company, Petrobras and Morris Lubricants, and TX Nippon Oil & Energy Corporation.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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