New York, Feb. 21, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the launch of the report “Automotive Lubricants Market: Global Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2017- 2027” – https://www.reportlinker.com/p06421131/?utm_source=GNW
Rapid advancement in lubrication technologies and increasing demand for automobiles are driving the growth of the global automotive lubricants market in the forecast years.
Lubricating oil is used to reduce wear, heat and friction between mechanical components that are in contact with each other. Also called lube or lube.
In automobiles, lubricating oil is used and is also called engine oil and transmission fluid. Mineral and synthetic oils fall into the two main groups of lubricating oil.
Mineral oils are lubricating oils that have been processed from naturally occurring crude oil. Lubricating oils made in factories are known as synthetic oils.
Because it is cheap to extract oils from crude oil, mineral lubricating oils are currently the most commonly used type. Mineral oils can also be produced in varying viscosities, making them useful in a variety of applications. Lubricating oils are essential for the operation of vehicles. When an engine is properly oiled, it takes less effort to move the pistons because they slide smoothly. In general, using proper lubricating oil in a car increases efficiency and reduces wear and tear on moving engine components.
Improved vehicle efficiency
The demand for quality automotive lubricants is driven by the increasing number of automobiles on the road. By reducing friction, automotive lubricants increase engine longevity and improve vehicle performance.
There has been a growing need for more vehicles to meet transportation needs due to the growing world population. The automotive lubricants market is benefiting from this aspect.
Moreover, the increase in disposable income has led to an increase in automobile sales, which in turn is fueling a significant increase in the need for automobile lubricants. For greater efficiency and better performance, automotive vehicle manufacturers use high-quality lubricants.
Maintaining consistent manufacturing quality is important to major automobile manufacturers, so with the use of automotive lubricants, the life of vehicle components increases.
Increase in semi-synthetic/synthetic oil applications
Increasing use of some high-quality lubricants such as synthetic and semi-synthetic oil is expected to drive the market growth. Because it provides superior lubrication to mineral oil, synthetic/semi-synthetic coil is frequently used as a lubricant in vehicles.
The demand for automotive lubricants is being driven by the growing awareness among customers about the importance of using high-quality lubricants for their automobiles. The growth of the global automotive lubricants industry is also expected to be aided by the increasing purchasing power of consumers.
As global emissions increase, synthetic and semi-synthetic oil is used more and more. To reduce rising emissions, government entities are adopting minimum performance standards for lubricants.
As a result, there has been an increase in the use of low viscosity lubricants such as synthetic/semi-synthetic oil.
Decrease in vehicle sales
Global vehicle production was estimated at 67.47 million vehicles in the third quarter of 2019 and plummeted to 52 million vehicles in the third quarter of 2020, a decline rate of 23%. This decline in demand for motor oils, greases and other lubricants significantly affected the growth of the automotive lubricants market. The largest car manufacturer in the world is China. China produced 18.17 million vehicles in the third quarter of 2019 and 16.96 million in the third quarter of 2020, a decline rate of about 6.66% which had a negative impact on the local market demand of lubricants for automobiles. The substantial decline in car sales and manufacturing has been the key reason for the slow growth of the Japanese auto sector over the past two years. Japan manufactured 7.37 million cars in the third quarter of 2019 and reached 5.69 million in the third quarter of 2020, a decrease of 22%. This significantly affected the local industry’s demand for automotive lubricants.
Technological developments
Automakers have been producing lightweight automobiles to precise tolerances, making them more durable, due to technological advances and strictly enforced fuel economy standards. Eurol Lubricants developed a fully synthetic coolant and oil (Acetence RNT 5W-30) for diesel and gasoline engines.
The product offers better thermal stability and protection against dust, corrosion and wear. Simultaneously, technological developments pose a threat to the growth of the engine oil segment in terms of volume consumption due to extended engine oil replacement intervals.
As a result, in the coming years, the aforementioned factors are expected to have a substantial impact on the automotive lubricants market.
Market segmentation
The global automotive lubricants market is segmented based on vehicle type, by demand category, by application, and by region. Based on vehicle type, the market is segmented into two-wheelers, passenger cars, light commercial vehicles, and heavy commercial vehicles.
Based on the demand category, the market is segmented into OEM and aftermarket. Based on product type, the market is segmented into engine oil, transmission oil, hydraulic oil, and grease.
The market analysis also studies the regional segmentation to come up with a regional market segmentation, divided into Asia-Pacific region, Europe region, North America region, South America region, Middle East and the Africa region. On the country side, the United States automotive lubricants market is expected to reach about $52.05 billion by 2027.
Company profiles
Royal Dutch Shell PLC, Exxon Mobil Corporation, Valvoline Inc., BP PLC (Castrol), Gulf Oil Lubricants India Ltd (Hinduja Group), Repsol, PETRONAS Lubricants International, Chevron Corporation, AMSOIL Inc., FUCHS. These are the key players who are developing advanced technologies to stay competitive in the market and enhancing their product portfolio to increase their customer reach.
Scope of the report:
In this report, the global automotive lubricants market has been segmented into the following categories in addition to the industry trends that have also been detailed below:
• Global automotive lubricants market, by vehicle type:
or Two-wheeled vehicle
the pc
or MHCV
or LCV
• Global automotive lubricants market, by demand category:
o Aftermarket
or OEM
• Global automotive lubricants market, by product type:
o Engine oil
o Hydraulic oil
o Transmission oil
or Fat
• Global automotive lubricants market, by region:
or APAC
china
Japan
Indonesia
Thailand
India
South Korea
Australia
or North America
United States
Mexico
canada
or Europe
Russia
Germany
France
Italy
United Kingdom
Spain
Belgium
or South America
brazil
Argentina
colombia
or the Middle East and Africa
Turkey
Iran
Saudi Arabia
United Arab Emirates
Competitive landscape
Company Profiles: Detailed analysis of major companies present in the global automotive lubricants market.
Customizations available:
With the market data provided, we offer customizations according to the specific needs of the company. The following customization options are available for the report:
Company information
• Detailed analysis and profiles of additional market agents (up to five).
Read the full report: https://www.reportlinker.com/p06421131/?utm_source=GNW
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