As per a recent report published by Fact.MR, the global automotive lubricants market is poised to grow at a CAGR of 3.1% from 2022 to 2032. During the said forecast period, the industry is likely to yield a valuation of US$ 108 Billion. With the rising number of vehicles, and the development of the transportation sector, the global market for automotive lubricants continues to grow.
From 2015 to 2021, the market for automotive lubricants grew at a CAGR of 3%, closing at a value of US$ 76.82 Billion. As of 2022, the industry is likely to reach US$ 79.23 Billion. Factors such as a rise in private transport, increasing economic stability, and consumer affordability are surging the usage of vehicles and are set to drive the automotive lubricants market across all geographical regions. North America and Europe are expected to witness stagnant growth in the automotive lubricants market.
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Government policies lay emphasis on reducing the emission of Co2 from vehicles thus, strict environmental regulations and norms are being implemented by several countries. Prominent manufacturers are concentrating on abiding by the regulation, thereby reducing the usage of gasoline & diesel in the coming future. These factors are likely to have an adverse effect on the global automotive lubricants market.
Key Segments Covered in the Automotive Lubricants Industry Survey
- Automotive Lubricants Market by Lubricants :
- Engine Oil
- Gear Oil
- Brake Oil
- Other Automotive Fluid Lubricants
- Automotive Lubricants Market by Base Oil :
- Fully Synthetic Automotive Lubricant Oils
- Semi-Synthetic Automotive Lubricant Oils
- Mineral Oil Automotive Lubricants
- Automotive Lubricants Market by Vehicle :
- Midsize Vehicles
- Compact Vehicles
- Premium Class Vehicles
- Luxury Vehicles
- Other Vehicle Types
- Automotive Lubricants by Region :
- North America Automotive Lubricants Market
- Latin America Automotive Lubricants Market
- Europe Automotive Lubricants Market
- Japan Automotive Lubricants Market
- APEJ Automotive Lubricants Market
- Middle East & Africa Automotive Lubricants Market
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Key Takeaways from the Market Study
- Global automotive lubricants market to flourish 1.3x from 2022-2032
- Engine oil automotive lubricants to be a top-selling category, capturing more than 4/5th of market share and flourishing at a 17% CAGR until 2032
- By vehicle type, Automotive Lubricants for the automotive industry to expand at a CAGR of 3.5%
- S to emerge as the fastest-growing Automotive Lubricants market, documenting a 3.1% CAGR
- China to be the 2nd most opportunistic market, expected to be valued at US$ 60 Billion in 2032
The global market for Automotive Lubricants is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In May 2022, Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij – subsidiaries of Shell plc have signed an agreement to sell Shell Neft LLC, which owns Shell’s retail and lubricants businesses in Russia, to PJSC LUKOIL.
- In May 2019, ExxonMobil has agreed to purchase Indonesian lubricant blender PT Federal Karyatama, the companies announced this week, as part of a plan to expand in the Asia-Pacific region. The $435 Billion acquisition includes the Federal Oil brand of lubricants and a new blending plant in Cilegon, Indonesia
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How Opportunistic are Growth Prospects across the U.S Market?
The lubricants market in the United States was valued at US$ 20.31 billion in 2018, and it is expected to grow at a modest CAGR of 3% from 2022 to 2032. The high volume sale of premium goods is projected to propel the lubricant industry in the United States in the near future. Automotive and industrial applications account for more than half of the lubricant market in the United States.
Lubricant demand is increasing in the industrial sector due to increased production of chemicals, food, and electronics in the United States.
For More Insight- https://www.globenewswire.com/en/news-release/2022/08/05/2493329/0/en/Emergence-of-Advanced-Automated-Gel-Documentation-Systems-Shaping-Market-Growth-Path-Fact-MR-Analysis.html
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