Press release
Automotive Lubricants Market Projected at CAGR of 4.10% to reach US$78.9 bn between 2016 and 2024
In 2015, the world automotive lubricants market was valued at US$55.4 bn. However, it is predicted to progress at a decent CAGR of 4.10% between 2016 and 2024 to reach US$78.9 bn by the end of the forecast period.
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Across the globe, vendors are projected to receive business from three premier types of automotive lubricant, viz. transmission fluid, engine oil, and gear oil. Nevertheless, engine oil a.k.a. motor oil could rake in a significant demand by emerging as one of the most valuable products in the international automotive lubricants market. This trend is foreseen to continue all through the forecast years.
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Asia Pacific is prognosticated to sustain its lead in the worldwide automotive lubricants market while riding on key economies such as Japan and China that account for a larger consumption.In the near future, Europe could see a ballooning rise in demand propelled by the boosted growth of synthetic lubricants and enforcement of stricter regulations regarding fuel emission. Howbeit, the pace of growth in demand testified by Europe is anticipated to slightly dwindle during the forecast period. The North America automotive lubricants market could be subjected to a similar condition.
Nonetheless, the Middle East and Africa and Latin America are predicted to showcase a considerable growth in the next few years. Developing vehicle parc and infrastructural improvements could be vital for the growth of the Middle East and Africa region. Latin America is envisaged to advance imposingly due to the swelling sales of automobiles in Mexico and Brazil, intensifying implementation of engine oils having lower viscosity, and escalating trend of replacing old automobiles with newer models.
Some of the popular company names in the worldwide automotive lubricants market are Chevron Corp., ExxonMobil Corp., BP Plc., Royal Dutch Shell plc, and Petrobras.
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. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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