PRESS RELEASE
Posted on February 14, 2023
The global automotive lubricants market is likely to be valued 79.23 billion dollars in fiscal year 2022, more than 76.82 billion dollars in 2021.
During the past year, the industry registered a year-on-year increase 3%. From 2022 to 2032, sales of automotive lubricants are poised to grow at a 3.1% CAGR to reach a value of 108 billion dollars at the end of 2032.
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Automotive lubricants of bio origin, a key market trend
The study opines that due to the adverse effects, governments of many countries are taking strict regulatory measures to control the harmful impact on the environment caused by transport related activities. Government bodies and international organizations are implementing new rules and regulations to reduce the levels of carbon emissions emitted by vehicles. The aforementioned circumstances are set to reduce the use of gasoline and diesel engine cars in the forecast period. For example, in December 2015, the Paris climate conference made optimistic efforts to contain climate change by introducing several innovative technologies to limit greenhouse gas emissions. All of these factors create new opportunities for bio-based, high-performance automotive lubricants.
Strict environmental regulations affecting the adoption of automotive lubricants
To control carbon emission and air pollution caused by automobiles, various governing bodies and international organizations have developed standards and guidelines.
All automotive lubricant manufacturers in the world must comply with strict regulations promulgated by environmental organizations in different geographic regions.
For example, the governments of countries such as the Netherlands and Norway have decided that from 2025, new cars with internal combustion engines will not be approved. Also, according to the Paris Climate Agreement, CO2 emissions will not exceed CO2 absorption levels.
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Competitive landscape
Major suppliers of automotive lubricants depend on partnerships, collaborations, acquisitions and new software launch to stay afloat in the global market. Constant innovations to ensure seamless customer-customer relationship are the main focus of the major market players.
- In May 2022, Shell Overseas Investments BV and B.V. Dordrecht Petroleum Company – subsidiaries of Shell Plc.have signed an agreement to sell Shell Neft LLC, owner of Shell’s retail and lubricants businesses in Russia, to PJSC LUKOIL.
- In May 2019, ExxonMobil agreed to buy an Indonesian lubricant mixer PT Federal Karyatama, the companies announced this week, as part of an expansion plan in the Asia-Pacific region. The $435 billion acquisition includes the Federal Oil brand of lubricants and a new blending plant in Cilegon, Indonesia.
Key companies profiled:
- Royal Dutch Shell PLC
- ExxonMobil
- Chevron
- Total S.A
- FUCHS
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Key segments covered:
- for lubricants:
- engine oil
- Gear oil
- brake oil
- fat
- others
- for base oil:
- Totally synthetic
- Semi-synthetic
- Mineral oil
- per vehicle:
- LCV
- CVA
- Medium sized vehicles
- Compact Vehicles
- Premium class vehicles
- Luxury vehicles
- Other types of vehicles
- Automotive Lubricants by Region:
- North America
- Latin America
- europe
- Japan
- APPEAL
- Middle East and Africa
Questions answered in the report include:
- How has the industry grown?
- What are the current and future prospects by region?
- What are the challenges and opportunities?
- Why consumption in the region?
- In what year is the segment expected to exceed the segment?
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https://www.newswire.co.kr/newsRead.php?no=945688
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Gerald
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