Dublin, May 05, 2023 (GLOBE NEWSWIRE) — The “Automotive Lubricants Market: Global Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2017-2027 Segmented by Vehicle Type (Two Wheeler, PC, LCV, MHCV), Added report By Demand Category (OEM & Aftermarket), By Product Type, G, By Region ResearchAndMarkets.com’s offers
The global automotive lubricants market was valued at USD 159.17 billion in 2021 and is expected to reach USD 231.03 billion by the end of 2027, registering a CAGR of 6.68%.
Rapid advancement in lubrication technologies and increasing demand for automobiles are driving the growth of the global automotive lubricants market in the forecast years.
Lubricating oil is used to reduce wear, heat and friction between mechanical components that are in contact with each other. Also referred to as lube or lube. In automobiles, lubricating oil is used and is also called engine oil and transmission fluid.
Mineral and synthetic oils fall into the two main groups of lubricating oils. Mineral oils are lubricating oils that have been processed from naturally occurring crude oil. Lubricating oils made in factories are known as synthetic oils. Because it is cheap to extract oils from crude oil, mineral lubricating oils are currently the most commonly used type.
Mineral oils can also be produced in varying viscosities, making them useful in a variety of applications. Lubricating oils are essential for the operation of vehicles. When an engine is properly oiled, it takes less effort to move the pistons because they slide smoothly. In general, using proper lubricating oil in a car increases efficiency and reduces wear and tear on moving engine components.
Improved vehicle efficiency
The demand for quality automotive lubricants is driven by the increasing number of automobiles on the road. By reducing friction, automotive lubricants increase engine longevity and improve vehicle performance. There has been a growing need for more vehicles to meet transportation needs due to the growing world population. The automotive lubricants market is benefiting from this aspect.
Additionally, the increase in disposable income has led to an increase in automobile sales, which in turn is fueling a significant increase in the need for automobile lubricants. For greater efficiency and improved performance, automotive vehicle manufacturers use high-quality lubricants. Maintaining consistent manufacturing quality is important to major automobile manufacturers, so with the use of automotive lubricants, the life of vehicle components increases.
Increase in semi-synthetic/synthetic oil applications
Increasing use of some high-quality lubricants such as synthetic and semi-synthetic oil is expected to drive the market growth. Because it provides superior lubrication to mineral oil, synthetic/semi-synthetic coil is frequently used as a lubricant in vehicles.
The demand for automotive lubricants is being driven by the growing awareness among customers about the importance of using high-quality lubricants for their automobiles. The growth of the global automotive lubricants industry is also expected to be aided by the increasing purchasing power of consumers.
As global emissions increase, more and more synthetic and semi-synthetic petroleum is used. To reduce rising emissions, government entities are adopting minimum performance standards for lubricants. As a result, there has been an increase in the use of low viscosity lubricants such as synthetic/semi-synthetic oil.
Decrease in vehicle sales
Global vehicle production was estimated at 67.47 million vehicles in the third quarter of 2019 and plummeted to 52 million vehicles in the third quarter of 2020, a decline rate of 23%. This decline in demand for motor oils, greases and other lubricants significantly affected the growth of the automotive lubricants market.
The largest car manufacturer in the world is China. China produced 18.17 million vehicles in the third quarter of 2019 and 16.96 million in the third quarter of 2020, a decline rate of about 6.66% which had a negative impact on the local market demand of lubricants for automobiles.
The substantial decline in car sales and manufacturing has been the key reason for the slow growth of the Japanese auto sector over the past two years. Japan manufactured 7.37 million cars in the third quarter of 2019 and reached 5.69 million in the third quarter of 2020, a decrease of 22%. This significantly affected the local industry’s demand for automotive lubricants.
Technological developments
Automakers have been producing lightweight automobiles to precise tolerances, making them more durable, due to technological advances and strictly enforced fuel economy standards. Eurol Lubricants developed a fully synthetic coolant and oil (Acetence RNT 5W-30) for diesel and gasoline engines.
The product offers better thermal stability and protection against dust, corrosion and wear. Simultaneously, technological developments pose a threat to the growth of the engine oil segment in terms of volume consumption due to extended engine oil replacement intervals. As a result, in the coming years, the aforementioned factors are expected to have a substantial impact on the automotive lubricants market.
Market segmentation
The United States automotive lubricants market is expected to reach about $52.05 billion by 2027.
Competitive landscape
Key players are developing advanced technologies to stay competitive in the market and enhancing their product portfolio to increase their customer reach.
Company Profiles: Detailed analysis of major companies present in the global automotive lubricants market.
Scope of the report:
Global Automotive Lubricants Market, by Vehicle Type:
Global Automotive Lubricants Market, by Demand Category:
Global Automotive Lubricants Market, by Product Type:
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engine oil
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Hydraulic oil
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Transmission oil
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fat
Global Automotive Lubricants Market, by Region:
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APAC
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china
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Japan
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Indonesia
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Thailand
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India
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South Korea
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Australia
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North America
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United States
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Mexico
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canada
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europe
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Russia
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Germany
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France
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Italy
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United Kingdom
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Spain
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Belgium
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South America
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brazil
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Argentina
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colombia
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Middle East and Africa
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Turkey
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Iran
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Saudi Arabia
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United Arab Emirates
For more information on this report, visit https://www.researchandmarkets.com/r/84a37d
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