The Global Automotive Lubricants Market is Projected to Cross $100 Billion by 2027. The Market Witnessing Demand for Alternative Fuel – Arizton

The global automotive lubricant market was valued at $75.6 billion in 2021 and is expected to reach $100.5 billion by 2027.

Chicago, June 13, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, the global automotive lubricants market is expected to grow at a CAGR of 4.8% during 2022-2027. Emerging economies such as India, China, Indonesia, Malaysia, Thailand, Brazil, Argentina, and others are the major markets for automotive lubricants. Growing population, developing infrastructure, rising disposable incomes, growing middle class, and growing prevalence of chronic diseases are major factors for growth in the region.

The primary reason for the increase in demand for automobiles with alternative powertrains is that they provide superior engine performance while also being more fuel-efficient. Thus, emerging economies with a high population of middle-income groups will witness a considerable surge in demand for vehicles equipped with alternate powertrains. Such developments will positively impact the global automotive lubricants market as alternate powertrain engines are like conventional fuel engines, and therefore, the rise in demand for these vehicles will propel the demand for automotive lubricants.

AUTOMOTIVE LUBRICANTS MARKET REPORT SCOPE

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Automotive lubricants are important for the smooth functioning of automotive vehicles. Major players in the segment include Castrol Limited (UK), ExxonMobil (US), Shell (UK), Chevron (US), and Total Energies (France) operating through strategies such as expansion, and acquisition, new product launches to further their reach in the market. The automotive lubricant market is changing as customers are demanding better-performing lubricants that will enhance fuel economy and deliver better performance. As the automotive industry is developing, the mineral oil-based lubricants are not able to perform as per the new engine requirements. Therefore, demand for synthetic lubricants and additives is increasing rapidly. The global automotive lubricant market will witness shipments of approximately 30,000 kilotons by 2027. Though EVs and hybrid vehicles are the future of the automotive industry, the ICE is still leading the market and manufacturers are developing new technology which will lower greenhouse gas emissions. Therefore, demand for automotive lubricants is projected to grow during the forecast period.

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According to the Elsevier Journal of Transportation Engineering, internal combustion engines power 99.8% of worldwide transportation, and customers are looking for more fuel-efficient engines with better performance as gasoline and diesel costs are increasing. Manufacturers such as Porsche, Mazda, and Toyota have started to implement such technology in their cars which enhanced the performance of their cars. These improvements in engines have increased the demand for higher quality automotive lubricants and many companies such as ExxonMobil (US), Shell PLC (UK), and Castrol (UK) have launched products for higher fuel efficiency.

Key Offerings:

• Market Size & Forecast by Revenue| 2021−2027

• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities

• Market Segmentation – A detailed analysis of product type, vehicle type, oil type, and geography

• Competitive Landscape – 5 key vendors and 20 other prominent vendors

In 2021, engine oil was estimated as the largest end-use industry with a 66.51% market share. Engine oil is being used in several automotive vehicles such as passenger cars, commercial vehicles, two-wheelers, and other vehicles. The automotive market in emerging nations is rapidly increasing, as many automotive manufacturers take advantage of foreign direct investment, resulting in increased demand for passenger automobiles, which will boost the automotive lubricant market in the future. Automotive lubricants are derived from a mixture of base oils and additives to customize the properties of lubricants. The Two-wheeler industry is the fastest-growing end-user and is projected to grow at a CAGR of 7.41% during the forecast period. The mineral oil segment of automotive lubricants accounted for 29.50% of the market share in 2021. Automotive lubricants derived from mineral oils use multiple additives to customize the properties of automotive lubricants as per the requirements of vehicles.

Mineral oils are cheaper than synthetic oils. Therefore, the demand for mineral oil-based lubricants is more in emerging economies. The stringent emission regulation laid down by various governments has impacted the automotive lubricant market. But many lubricant manufacturers have taken these emission regulations as an opportunity to develop eco-friendly and sustainable automotive lubricants that result in huge investment in R&D. In the future, advanced technologies such as automotive lubricants for hybrid engines, innovative engine designs, weight reduction techniques for vehicles, and next-generation hydraulic systems will further drive the market by enabling advantages such as higher efficiency, and longer lifespan, and reduced operational costs.

Key Vendors

• ExxonMobil Corporation

• Shell PLC

• Total Energies

• Chevron Corporation

• Castrol Limited

Other Prominent Vendors

• BP PLC

• SINOPEC

• Philips 66

• Hindustan Petroleum Corporation Limited

• GS Caltex Corporation

• Idemitsu Kosan Co., Ltd.

• FUCHS

• Kuwait Dana Lubes Company

• Bharat Petroleum Corporation Limited

• Valvoline Inc.

• Indian Oil Corporation Limited

• Gulf Oil International limited

• Petro-Canada Lubricant Inc.

• Liqui Moly

• Ravensberger Schmierstoffvertrieb GmbH (Ravenol)

• Motul

• Repsol

• Petroliam Nasional Berhad (PETRONAS)

• Pennzoil

• Behran Oil Co.

Segmentation by Product Type

• Engine Oil

• Transmission Fluid

• Hydraulic Fluid

• Others

Segmentation by Group

• Commercial vehicles

• Two-wheelers

• Passenger Car

• Others

Segmentation by Oil Type

• Mineral Oil

• Fully Synthetic Oil

• Semi-Synthetic Oil

• Biobased Oil

Segmentation by Geography

• North America

• Europe

  • Germany

  • Russia

  • France

  • Spain

  • Italy

  • UK

• APAC

  • China

  • India

  • Japan

  • Indonesia

  • South Korea

• Latin America

• Middle East & Africa

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