Emerging Number of Vehicle Fleets is Generating the Demand of Automotive Lubricants

The Automotive Lubricant industry is growing due to rapid industrialization & economic development in development countries. The Automotive lubricants market is augmented by the rising demand for vehicles. Moreover, emission standards set by government organizations are fueling the market growth. Rapid growth in Urbanization & middle-income population, need to protect Automotive components & systems is surging the product demand, changing lifestyles are some of the majors factoring leading to the prominent growth of Automotive Lubricants market In the upcoming years, infrastructure & industrial development will lead to the massive growth of middle-income population which will in turn lead to market’s growth.

According to Marketlook Consulting’ research report “Global Automotive Lubricant Market Analysis, 2021”, the Global Automotive Lubricant market is anticipated to grow at a CAGR 3.23% during 2022-29 The market would reach to USD 81.1 Bn by 2029.

Based on type, the market is segmented into synthetic, semi-synthetic, conventional. The conventional segments accounts for the largest revenue share in the market, this oil derived from crude oil. It’s temperature resistant properties and stability enables its adoption in engine oil for lubrication and engine protection.

Based on application market segments into engine oil, gear oil, transmission fluids, coolant, brake fluid, grease & other. Engine Oil is the most commonly used in lubrication internal combustion engines which are employed in vehicles. Automobile manufacturers are highly investing in the R&D sector to produce engine oil which has in turn led to largest market share. Thus, it continues to dominate the market over the forecast period due to high number of gasoline and diesel engine vehicles on road.

“Global Automotive Lubricant Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for automotive lubricant providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Asia Pacific Dominated the Market

Based on Leading regions, Asia Pacific dominated the global automotive lubricants market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29 on the back of the high fleet of on road vehicles. In Asia- Pacific, China has the largest automotive consumption followed by India, Japan. The rising demand for vehicles all across Asia-pacific has led to growth of the market which evidently shows the dominant role of Asia-Pacific across globe in forthcoming period as stated in Marketlook Consulting research report “Global Automotive Lubricant Market Analysis, 2021”. 

According to Marketlook Consulting’, the key players with a considerable market share in the global Air Purifier market are Castrol Limited, Gulf Oil International, Panama Petrochem Ltd., GP Petroleums Ltd., Shell International B.V., Chevron Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Valvoline Inc., Petroleo Brasileiro S.A.

 Market Segmentation:

1. By Type (Synthetic, Semi-Synthetic, Conventional)
2. By Application (Engine Oil, Gear Oil, Transmission Fluids, Coolant, Brake Fluid, Grease & Other)
3. By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
4. By Company (Castrol Limited, Gulf Oil International, Panama Petrochem Ltd., GP Petroleums Ltd., Shell International B.V., Chevron Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Valvoline Inc., Petroleo Brasileiro S.A.)

Key questions answered in the study:

1. What are the current and future trends of the Automotive Lubricant industry?
2. How the industry has been evolving in terms of type demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Automotive Lubricant industry?
5. What is the customer orientation, purchase behavior, and expectations from the Automotive lubricant companies across various regions?