PRESS RELEASE
Posted on May 21, 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.
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Key points of the automotive lubricants market
- The automotive lubricants market refers to the market for oils and fluids used to reduce friction, heat and wear in automotive engines and mechanical components.
- The market has seen steady growth due to increased vehicle production and sales, increasing demand for high-performance lubricants, and the need to extend vehicle life and maintenance.
- The major drivers of the market include expanding automobile industry, growing adoption of advanced engine technologies, focus on fuel efficiency and reduced emissions, and increasing ownership of vehicles and miles driven.
- Automotive lubricants are used in a variety of applications, including motor oils, transmission fluids, gear oils, hydraulic fluids, and greases. These lubricants provide lubrication, cooling, cleaning and corrosion protection for automotive components.
- The market offers a variety of types of lubricants, including mineral oils, synthetic oils, and semi-synthetic oils. Synthetic lubricants are gaining popularity due to their superior performance characteristics, including high temperature stability and wide drain intervals.
- Demand for automotive lubricants is highest in regions with a large automotive industry and vehicle population, such as Asia Pacific, North America, and Europe. However, the emerging economies of Asia Pacific and Latin America are experiencing significant growth due to increased vehicle ownership and industrialization.
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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 prominent 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
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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