Redding, Calif., April 17, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled, ‘Market of lubricants for automobiles by product type (engine oil, transmission and hydraulic fluids, gear oil, grease, chain oil, brake fluids), vehicle type, composition, sales channel and geography – global Forecast until 2030,‘ The automotive lubricants market is expected to reach USD 114.2 billion by 2030, with a CAGR of 7.8% during the forecast period.
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Automotive lubricants are used to reduce friction between surfaces and contact, such as the road and the vehicle, which protects auto parts, increasing vehicle performance. The growth of this market is attributed to the rapid development of transportation infrastructure and the increasing adoption of sustainable and high-performance lubricants. In addition, significant opportunities from emerging economies, increasing vehicle production worldwide, and growing demand for environment-friendly lubricants are expected to provide significant opportunities for the growth of this market.
However, innovations in vehicle technologies and the volatile nature of raw material prices hinder the growth of this market. In addition, the growing need to produce compatible lubricants for electric vehicles and hydrogen fuel cell engines and the volatile prices of automotive lubricants are the major challenges for the growth of this market.
The automotive lubricants market is segmented by product type (engine oil, transmission and hydraulic fluids, gear oil, grease, chain oil, brake fluids), vehicle type (internal combustion engine vehicles, electric vehicles, natural gas engines, hydrogen vehicles), composition (mineral oil lubricants, fully synthetic oil lubricants, semi-synthetic oil lubricants), sales channel (original equipment manufacturers, aftermarket) and geography The study also evaluates industry competitors and analyzes the market at regional and national levels.
The rapid development of the transport infrastructure supports the growth of the Market of lubricants for automobiles
Globally, there is rapid development in transport infrastructure. Improving infrastructure with well-connected roads and highways would further increase the demand for automobile industries. Automobile lubricants are directly related to the growth of the vehicle population and automobile sales. A large number of vehicles present in urban and rural areas grow a huge potential for automobile players. This growing demand from the automotive industry is expected to drive the growth of the automotive lubricants market during the forecast period.
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The Government of India has made significant investments in road transport infrastructure. For example, in November 2022, according to the Union Budget of India, the government allocated $26.04 billion to the Ministry of Road Transport and Highways for the construction of national highways. Also, in December 2022, the Indian Ministry of Road Transport and Highways constructed national highways spanning 5,835 km. Road transport has gradually increased over the years, improving connectivity between countries. The sale of automobiles and the movement of goods by road are growing rapidly. This growth in the automotive industry is driving the demand for automotive lubricants globally.
Depending on the type of product, The automotive lubricants market is segmented into motor oil, transmission and hydraulic fluids, gear oil, grease, chain oil, brake fluids, and other products. By 2023, the motor oil segment is expected to account for the largest share of the global automotive lubricants market. The major part of this segment is attributed to the rapid development of transport infrastructure, increasing production of vehicles worldwide, growing consumer awareness about the use of petroleum, and high demand in the automobile segment . Motor oil primarily benefits vehicle owners by avoiding costly repairs, ensuring longer engine life, keeping the engine running properly and reducing fuel consumption and carbon emissions. However, the fat segment is expected to register the highest CAGR during the forecast period.
Based on type of vehicle, The automotive lubricants market is segmented into internal combustion engine vehicles, electric vehicles, natural gas engines, and hydrogen fueled vehicles. By 2023, the internal combustion engine vehicle segment is expected to account for the largest share of the automotive lubricants market. The large market share of this segment is attributed to the technological developments in terms of efficiency and performance to increase the demand for higher performance IC engine products, stringent government regulations related to emissions, and the steady increase in demand to accelerate high yield growth. performance IC engines. However, the electric vehicle segment is expected to register the highest CAGR during the forecast period.
Depending on the composition, The automotive lubricants market is segmented into mineral oil lubricants, fully synthetic oil lubricants and semi-synthetic lubricants. By 2023, the fully synthetic oil lubricants segment is expected to account for the largest share of the automotive lubricants market. The large market share of this segment is attributed to the advantages of high performance and advanced engines, low overall viscosity and reduced friction of the fluid, its ability to provide high quality lubrication and the growing need for ‘better fuel economy and a smaller vehicle. emissions Moreover, this segment is also expected to register the highest CAGR during the forecast period.
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Based on the sales channel, the automotive lubricants market is segmented into original equipment manufacturers and aftermarket. By 2023, the aftermarket segment is expected to account for the largest share of the automotive lubricants market. The large market share of this segment is attributed to the growing need to own a car, especially in emerging economies, a large customer base, stringent government regulations related to CO2 emission, and growing consumer awareness on the use of lubricants to maintain vehicle efficiency and achieve better fuel economy. Moreover, this segment is also expected to register the highest CAGR during the forecast period.
Based on geography, the automotive lubricants market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. By 2023, Asia-Pacific is expected to hold the largest market share. The major share of this market is attributed to the rapid growth of the automobile industry and the abundant availability of raw materials in the region, the growing transportation industry, the stringent CO regulations2 emissions, and government initiatives to promote the automotive industry. Moreover, this region is also expected to register the highest CAGR during the forecast period.
Some of the main players operating in this market are Shell International BV (subsidiary of Shell Plc) (Netherlands), Exxon Mobil Corporation (USA), FUCHS PETROLUB SE (Germany), Motul (France), Phillips 66 Company (USA), Repsol, SA (Spain), SK Enmove Co., Ltd. (South Korea), China National Petroleum Corporation (China), Klüber Lubrication München Se & Co. KG (subsidiary of Freudenberg Group) (Germany), Amsoil Inc. (USA), Petróleo Brasileiro SA — Petrobras (Brazil), Valvoline Inc. (US), Sinopec India (China), Chevron Corporation (US), BP PLC (UK) and Castrol Limited (UK).
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Scope of the report:
Automotive lubricants market, by product type
- engine oil
- Transmission and hydraulic fluids
- Gear oil
- fat
- Multi-purpose grease
- Grease for automobiles
- synthetic grease
- Chain oil
- Brake fluids
- Others (compressor and multifunctional oils)
Automotive lubricants market, by vehicle type
- ICE vehicles (internal combustion engine)
- Passenger cars
- Light commercial vehicle
- Heavy Commercial Vehicle
- Two/three wheeled vehicles
- Agricultural Vehicles
- Special use vehicles
- EV (electric vehicles)
- Passenger cars
- Light commercial vehicles
- Heavy commercial vehicles
- Two/three wheeled vehicles
- Agricultural Vehicles
- Special use vehicles
- Natural gas engines
- Vehicles powered by hydrogen
Automotive lubricants market, by composition
- Mineral oil lubricants
- Paraffinic oil
- Naphthenic oil
- Fully synthetic oil lubricants
- Polyalphaolefins
- Ester oil
- Semi-synthetic lubricants
Automotive lubricants market, by sales channel
- Original Equipment Manufacturers (OEM)
- Aftermarket
Automotive lubricants market, by geography
- North America
- europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- china
- Japan
- India
- South Korea
- Thailand
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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Related report:
Industrial Lubricants Market by Type (Hydraulic Oil, Metal Fluid, Gear Oil, Compressor Oil, Grease) and Industry (Construction & Mining, Metals Production, Cement & Chemicals, Power Generation, Oil & Gas) – Global forecast until 2025
https://www.meticulousresearch.com/product/industrial-lubricants-market-5037
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