PRESS RELEASE
Posted on March 13, 2023
The global automotive lubricants market is likely to be valued at USD 79.23 billion in FY 2022, up from USD 76.82 billion in 2021.
During the past year, the industry recorded a year-on-year increase of 3%. From 2022 to 2032, sales of automotive lubricants are poised to grow at a CAGR of 3.1% to reach a value of $108 billion by the end of 2032.
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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 prominent 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.
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Key Segments Covered in Automotive Lubricants Industry Survey
- Automotive Lubricants Market by Lubricants:
- engine oil
- Gear oil
- brake oil
- fat
- Other fluid lubricants for automobiles
- for base oil:
- Fully synthetic automotive lubricating oils
- Semi-synthetic lubricating oils for automotive
- Mineral oil car lubricants
- per vehicle:
- LCV
- CVA
- Medium sized vehicles
- Compact Vehicles
- Premium class vehicles
- Luxury vehicles
- Other types of vehicles
- by region:
- North America
- Latin America
- europe
- Japan
- APPEAL
- Middle East and Africa
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The global Automotive Lubricants market report answers numerous pertinent questions, some of which are:
- What are some of the latent investment areas in the market?
- Which region is expected to show the most attractive growth rate during the forecast period and which factors will be crucial for its growth?
- What trends can change the status quo of the positions held by the main market players in the not so distant future?
- Which product/service/technology segments have game-changing potential to dramatically shape competitive market dynamics?
- What are the strategies adopted by the major players to maintain their strength in the market?
- What strategic moves will the new entrants adopt to gain a strong foothold in the market?
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Gerald
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