According to a recent report by Reports and Data, the global automotive lubricants market is expected to reach USD 97.59 billion by 2030, with a revenue CAGR of 5.3% during the forecast period. The market growth is mainly due to increasing demand for synthetic oil and increasing number of passenger cars in developing countries.
Automotive lubricants are fluids that reduce friction between contacting surfaces. In addition to reducing energy loss caused by friction, lubricants also help clean, cool, and protect metal parts from corrosion and rust, as well as many other challenges a machine faces during the functioning. For example, motor oil is a type of lubricant designed specifically for use in engines, and high-quality motor oil is essential to the smooth running of an engine as it improves the efficiency of engine preventing damage and extending the useful life of the engine.
There are numerous types of automotive lubricants available on the market, each with a different source or base oil. Mineral-based lubricants account for the majority share, but synthetic lubricants are rapidly gaining popularity and revolutionizing the market. Advances in lubricant technology have resulted in longer oil drain and service intervals, better fuel efficiency and longer protection periods.
The report also highlights several key factors such as the adoption of synthetic oil by automakers to reduce carbon emissions, the passenger car segment accounting for the largest share of revenue in 2020 and the motor oil segment accounting for a significant share of revenue in 2020. The Asia Pacific market accounted for the largest share of revenue in 2020, driven by the increase in the number of fleet vehicles in countries such as China, Japan, India and South Korea.
Companies profiled in the global market report include Castrol Limited, Gulf Oil International, Panama Petrochem Ltd., GP Petroleums Ltd., Shell International BV, Chevron Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Valvoline Inc. and Petróleo Brasileiro SA. has been segmented by base oil, vehicle type, application and region.
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Automotive Lubricants Market: Driving Factors
The growth of the automotive lubricants market is driven by various factors. One of the key factors is the growing demand for synthetic oil, which is being adopted by car manufacturers for its ability to reduce carbon emissions. In addition, the increase in the number of passenger cars in developing countries is contributing to the growth of the market. Automotive lubricants play an important role in ensuring the safe and efficient operation of vehicles, and advances in lubricant technology have resulted in longer oil drain and service intervals, improved fuel efficiency and longer protection periods. The market is also seeing a shift towards synthetic lubricants, which are gaining popularity due to their improved properties, such as better detergent and anti-corrosion capabilities.
Automotive Lubricants Market: Notable Innovation
A notable innovation in the automotive lubricants market is the increasing adoption of synthetic oil by car manufacturers. Synthetic petroleum is produced by capturing carbon elements and combining them with hydrogen elements, which greatly reduces carbon emissions. This motor oil also has enhanced detergent properties, which help fight corrosion and carbon deposits in the engine. Synthetic lubricants are rapidly gaining popularity and revolutionizing the market, offering longer oil drain and service intervals, better fuel efficiency and a longer protection period. In addition, some companies in the market, such as Lucas Oil, are incorporating customer-centric QR codes into their packaging, providing customers with instant access to relevant product details and improving the overall customer experience.
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