PRESS RELEASE
Posted on March 30, 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.
The demand for motor oil lubricants for cars will continue to grow, with a documented document 3.1% CAGR during the historical assessment period 2015-2021, while the demand for automotive lubricants for utility vehicles proliferated at a rate of 3.5% during the same period.
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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 in the industry survey
- For lubricants:
- engine oil
- Gear oil
- brake oil
- fat
- Other fluid lubricants for automobiles
- For base oil:
- Fully synthetic automotive lubricating oils
- Semi-synthetic
- Mineral oil
- By vehicle:
- LCV
- CVA
- Medium sized vehicles
- Compact Vehicles
- Premium class vehicles
- Luxury vehicles
- Other types of vehicles
Key questions covered in the Automotive Lubricants Market Report
- What is the forecast value of Automotive Lubricant Factors industry in 2022?
- At what rate will the global Automotive Lubricants market size grow by 2032?
- What are the Factors Restraining the Growth of Automotive Lubricants Factors?
- Which region is expected to lead the global automotive lubricant factor market by 2032?
- What Are The Factors Driving The Automotive Lubricant Factors Industry During The Forecast Period?
- What is the expected market value of the Automotive Lubricants factor market during the forecast period?
Regional Analysis of Automotive Lubricants Market:
- APAC (Japan, China, South Korea, Australia, India and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam and Sri Lanka)
- Europe (Germany, United Kingdom, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
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This press release has been written with the intention of providing accurate market information to enable our readers to make informed strategic investment decisions. If you notice any issues with this content, please feel free to contact us [email protected]
Gerald
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