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Global Automotive Lubricants Market Analysis, Growth Drivers & Opportunities till 2024
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The world automotive lubricants market is expected to witness a telling increase in demand in the coming years on account of the rising trend of possessing an automobile among consumers. The sale of automotive lubricants could be optimistically impacted on the back of the surging awareness level about several benefits such as improved average age of automobiles and upgraded operations. This positive situation of the world automotive lubricants market is anticipated to prevail over the course of the forecast period.
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.
Increasing Number of Automobiles Directly Proportional to Growth of Engine Oil
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. The incomparable growth of engine oil in the international automotive lubricants market could be attributed to the mounting count of automobiles running on road.
On the other hand, the magnifying engagement of single fluid for both transmission and gearbox functions is envisaged to cause a decline in the growth of transmission fluid and gear oil in the foreseeable future.
On the basis of base oil, the international automotive lubricants market could be classified into bio-based fluid, synthetic oil, and mineral oil. Each of these base oils is envisioned to offer some or the other type of business opportunity to industry players operating in the international automotive lubricants market.
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An automotive lubricant could differ according to the type of automobile it is used for. Therefore, automobiles such as heavy-weight commercial vehicle (HCV), light-weight commercial vehicle (LCV), and passenger car are prophesied to set the tone for growth in the international automotive lubricants market.
By distribution channel, players could find favorable prospects in the aftermarket and original equipment manufacturer (OEM) automotive lubricants markets.
Asia Pacific Keeps Lead with Sizable Consumption in Improving Economies
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. The improving economies of Asia Pacific could allow for a substantial increase in the purchase power of consumers. Besides this, the impressive rise of the automotive sector therein is expected to enhance the growth rate of Asia Pacific.
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.
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