PRESS RELEASE
Posted on April 27, 2023
According to a new report published by Allied Market Research titled “Automotive Lubricants Market: Global Opportunity Analysis and Industry Forecast, 2014-2022”, the global automotive lubricants market was valued at 64.716 billion dollars in 2015 and is projected to reach $89.585 billion. by 2022, growing at a CAGR of 4.8% from 2016 to 2022. The motor oil segment accounted for nearly two-thirds of the global market share in 2015.
Summary of Automotive Lubricants Market Report @ https://www.alliedmarketresearch.com/automotive-lubricants-market
Automotive lubricants improve the overall durability and performance of a vehicle and protect it from wear, friction and high temperatures. Increasing consumer preference towards high quality synthetic automotive lubricants is a key factor driving the growth of the market. Automotive lubricants exemplify futuristic technologies capable of manufacturing durable surfaces, maximizing overall efficiency.
Population growth and rising income levels present numerous opportunities for market expansion. In addition, growth in the global automotive industry and rising demand for high-quality lubricants are expected to further drive global growth. In addition, the increased consumption of synthetic lubricants, due to their superior characteristic properties such as low emission of volatile compounds and relatively thicker layer compared to traditional mineral oil lubricants, is expected to complement the global market. However, volatile commodity prices are expected to hamper global growth.
Automotive lubricants are expected to register the highest growth in passenger cars, owing to rising per capita disposable income and growing consumer preference for new models with low emissions and high fuel efficiency. In addition, rapid urbanization and increasing personal mobility needs are expected to drive the growth of the market. Automotive lubricants have advantages such as increased reliability, longer equipment life cycle and reduced costs.
The motor oil application segment accounted for around two-thirds of the share, in terms of volume, in 2015. In response to the perennial changes in the automotive industry, efficient lubricants are demanded worldwide. Thus, increasing demand for high-tech automotive lubricants and increasing adoption of new vehicles fuel the demand for automotive lubricants globally.
Inquire for sample report @ https://www.alliedmarketresearch.com/request-free-sample/2053
Main conclusions of the study
• The synthetic lubricants segment is projected to grow at the highest CAGR during the analysis period.
• Asia-Pacific is projected to maintain its leading position from 2016 to 2022, growing at a CAGR of 3.6%, by volume.
• The passenger car segment accounted for around half of the total market in 2015.
• India accounted for around a quarter of the Asia-Pacific market in 2015.
• In terms of value, Germany is expected to grow at a significant CAGR of 4.7%.
In 2015, Asia-Pacific and LAMEA together accounted for nearly two-thirds of the global market, in terms of volume, and are expected to continue this trend, due to increased urbanization, specifically in China, India, Brazil and other developing countries. countries. In addition, increasing urban population with rising per capita disposable income and growth in overall consumer spending are driving the growth of the Asia Pacific market.
Get Custom Report: https://www.alliedmarketresearch.com/request-free-sample/2053
About us:
Allied Market Research (AMR) is a full-service market research and business consulting firm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global companies as well as medium and small businesses with unmatched quality of ‘Market Research Reports’ and ‘Business Intelligence Solutions’. AMR has a specific vision to provide business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, CEO of Allied Market Research, leads the organization to deliver high-quality data and insights. We are in professional corporate relationships with various companies and this helps us extract market data that helps us generate accurate research data tables and confirms the highest accuracy in our market forecasts. Each and every piece of data presented in the reports published by us is extracted through primary interviews with senior managers of the main companies in the domain in question. Our secondary data acquisition methodology includes online and offline research and discussions with expert industry practitioners and analysts.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
United Kingdom: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Website: https://www.alliedmarketresearch.com
