As per Transparency Market Research study, the global automotive lubricant market is anticipated to advance at compound annual growth rate of 1.45% during the forecast period, starting in 2021 and ending in 2031.
The last few years have witnessed a steady increase in demand for automobiles owing to factors such as rising disposable income among consumers. As a result, the demand for products such as automotive lubricants has risen, which has contributed to automotive lubricant market.
Some of the automotive lubricants which have witnessed high demand and stimulated market growth include engine oil, transmission oil, hydraulic fluids, and brake fluid. New product launches are assisting leading automotive lubricant market players in gaining an edge over other players and in generating substantial amounts of revenue.
Furthermore, prominent automotive lubricant market players are adopting growth strategies such as signing of collaborative agreements with smaller players to expand their presence in global market and improve their revenue. Leading manufacturers are looking to expand their production capacities in a bid to meet the increasing consumer demand worldwide.
Leading market player Royal Dutch Shell PLC announced, in March 2020, that the company would increase the production capacities of its lubricant production unit in Bekasi by two times to 300 million liters a year.
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Key Findings of Automotive Lubricant Market Study
- Rising Demand for Synthetic and Semi-synthetic Oil Products Augmenting Growth in Automotive Lubricant Market: The last few years have witnessed increase in demand for synthetic and semi-synthetic oil products. Key reason behind rising demand for synthetic and semi-synthetic oil products is owing to the rising emission of hazardous gases worldwide. Furthermore, synthetic and semi-synthetic oil products provide improved lubrication, as compared to other products, which is fueling product demand and in turn, stimulating the growth in global automotive lubricant market
- Increasing Demand for Engine Oil Could Boost Growth in Automotive Lubricant Market: Engine oil product segment is expected to account for the largest share in global automotive lubricant market, during the forecast period. Rising consumption of engine oil and increasing number of on-road automobiles functioning on internal combustion engines are expected to drive the growth in the engine oil product segment and in turn, contribute to the growth in automotive lubricant market during the forecast period between 2021 and 2031
Automotive Lubricant Market: Key Drivers
- Increasing demand for durable and luxurious automobiles is expected to be one of the key growth drivers of global automotive lubricant market during the forecast period between 2021 and 2031
- Rising demand for fuel-efficient automobiles worldwide could augment the growth in overall automotive lubricant market during the forecast period
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Automotive Lubricant Market: Regional Market Insights
Asia Pacific is witnessing significant growth in global automotive lubricant market because of rising number of on-road vehicles in both developed and developing economies such as China and India, leading to increase in demand for automotive lubricants and triggering market growth
Automotive Lubricant Market: Key Players
Competition landscape in global automotive lubricant market is fragmented, with the presence of numerous leading players. Entry of new players could intensify the competition in global market, during the forecast period.
Few leading players in global market include Chevron Corp., Shell International B.V., Exxon Mobile Corp., Valvoline Corp., and China National Petroleum Corp.
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The global automotive lubricant market is segmented as follows:
- Product Type
- Engine Oil
- Transmission Oil
- Brake Fluid
- Hydraulic Fluids
- Greases
- Fluid Type
- Conventional
- Semi-synthetic
- Synthetic
- Vehicle Type
- Two/three Wheeler
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Duty Vehicle
- Medium & Heavy Duty Trucks
- Bus & Coaches
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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