Wilmington, Delaware, United States, April 11, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global automotive lubricants market stood at $72.4 billion in 2020 and is expected to exceed 84.82 billion dollars by 2031, expanding at a CAGR of 1.45% during the forecast period between 2021 and 2031. There are various players in the global automotive lubricants market. These companies focus on increasing R&D spending to increase the quality of their products in order to meet the growing demands of customers.
Market participants are increasing their production in order to gain a competitive advantage in the global market. The global automotive lubricants industry is hampered by the increasing use of biofuels, which is expected to restrain the global industry. Rising demand for electric vehicles and their growing sales are expected to influence the demand for automotive lubricants market.
Automotive lubricants are further used to transmit power, transfer heat, and prevent corrosion and rust. The global industry has faced challenges from supply chain disruptions, business closures and strict lockdowns. Companies have adopted strategic methods to recover from losses. Market participants are focusing on cutting-edge technologies to strengthen their positions in the global market.
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Increasing disposable income, reliance on private automobiles for mobility, and increasing total number of vehicles on the road are expected to create business opportunities in the global market. In addition, consumer accessibility and financial stability are driving vehicle usage, which is expected to drive business growth. The global industry is driven by the growing demand for maintenance due to an expanding fleet of older vehicles.
Main conclusions of the market report
- Depending on the product type, motor oil has a higher consumption rate compared to other lubricants. An increase in the number of IC engine cars on the road is expected to drive the segment during the forecast period. In addition, the replacement of trucks and tractors by heavy commercial vehicles, including e-vehicles, is less feasible.
- In terms of fluid type, the conventional oil segment dominated the global automotive lubricants market in 2020. The use of synthetic lubricants is expanding rapidly; however, industrialized regions such as North America and Europe are likely to make more use of non-synthetic and semi-synthetic lubricants due to their lower cost.
global Lubricant for automobiles Market: drivers of growth
- The global market is expected to be driven by the increasing use of various high-quality lubricants, including synthetic/semi-synthetic oil. These oils are frequently used as a lubricant in cars, as they provide superior lubrication to mineral oil.
- Increasing awareness among customers across the globe regarding the use of high-quality lubricants for cars is expected to drive the market demand. Rising consumer purchasing power is also expected to drive the global industry. As emission levels increase globally, more and more synthetic and semi-synthetic oils are being used, which is expected to drive the segment.
- High quality automotive lubricants are extremely popular due to the increasing number of cars on the road. By minimizing friction, automotive lubricants improve vehicle performance and extend the life of engines.
- The demand for automobiles is increasing to meet the transportation needs due to the increase in world population. This factor is expected to boost the global automotive lubricants market.
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global Lubricant for automobiles Market: Regional Landscape
- The Asia Pacific market is expected to witness strong growth during the forecast period. This is attributed to a large number of cars being used for transportation in countries such as South Korea, Japan, India and China.
- Consumption varies by region and country. For example, synthetic and semi-synthetic lubricants are used more often in passenger and commercial vehicles in South Korea than in India. While in India, the commercial and two-wheeler segments saw the highest usage of these lubricants.
Key Points of OCD:
1. Executive Summary: Global Automotive Lubricants Market
1.1. Global Automotive Lubricants Market Volume (Units) and Value (US$ Million), 2017-2031
2. Market overview
2.1. Introduction
2.2. Market dynamics
2.2.1. drivers
2.2.2. restrictions
2.2.3. opportunity
2.3. Analysis of market factors
2.3.1. Analysis of Porter’s five forces
2.3.2. Value Chain Analysis
2.3.2.1. List of key manufacturers
2.3.2.2. List of Customers
2.3.2.3. Level of integration
2.3.3. SWOT analysis
2.4. Regulatory scenario
2.5. Key industry development
2.6. Key trends in the sector
3. Global Automotive Lubricants Market Analysis and Forecast, by Product Type
3.1. definition
3.2. Image of the market
3.3. Global Automotive Lubricants Market Volume (Units) and Value (US$ Million) Forecast, by Product Type, 2017-2031
3.3.1. engine oil
3.3.2. Transmission oil
3.3.3. Brake fluids
3.3.4. Hydraulic fluids
3.3.5. fats
4. Global Automotive Lubricants Market Analysis and Forecast, by Fluid Type
4.1. definition
4.2. Image of the market
4.3. Global Automotive Lubricants Market Volume (Units) and Value (US$ Million) Forecast, by Fluid Type, 2017-2031
4.3.1. conventional
4.3.2. Semi synthetic
4.3.3. synthetic
5. Global Automotive Lubricants Market Analysis and Forecast, by Vehicle Type
5.1. definition
5.2. Image of the market
5.3. Global Automotive Lubricants Market Volume (Units) and Value (US$ Million) Forecast, by Vehicle Type, 2017-2031
5.3.1. Two/three wheeled vehicles
5.3.2. Passenger vehicle
5.3.2.1. Hatchback
5.3.2.2. sedan
5.3.2.3. Utility vehicle
5.3.3. light vehicle
5.3.4. Medium and heavy duty trucks
5.3.5. Bus and coaches
OCD Continued……
Buy this Premium Research Report | Immediate Delivery Available – https://www.transparencymarketresearch.com/checkout.php?rep_id=9052 global Lubricant for automobiles Market: Key players global Lubricant for automobiles Market segmentation product type Type of fluid Type of vehicle Regions About transparency market research Transparency Market Research, a global market research firm registered in Wilmington, Delaware, USA, provides customized research and consulting services. Our unique combination of quantitative forecasting and trend analysis provides forward-looking information for thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our data repository is continuously updated and reviewed by a team of research experts, so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports. Contact: Nikhil Sawlani
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