The global automotive lubricants market size is expected to reach USD 97.59 billion by 2030 and register a revenue CAGR of 5.3% during the forecast period, according to the latest report by Reports and Date. Increasing demand for synthetic oil and growing number of passenger cars in developing countries are driving the revenue growth of the automotive lubricants market.
Automotive lubricant is a fluid material that primarily reduces friction between contacting surfaces. The lubricant efficiently reduces energy loss caused by friction. In addition, it also helps to clean, cool and protect metal parts from corrosion and rust, as well as many other challenges that a machine faces during operation. Motor oil, for example, is a type of lubricant designed specifically for use in engines. High quality motor oil is essential to the smooth running of an engine; improves engine efficiency by preventing damage and extending engine life.
Automotive lubricants play an important role in the safe and efficient operation of a vehicle. There are numerous automotive lubricants on the market, each with a different source or base oil, with mineral-based lubricants accounting for the majority share. Synthetic lubricants, on the other hand, are rapidly gaining popularity and revolutionizing the market. Consumers have benefited from advances in lubricant technology in a number of ways, including longer oil drain and service intervals, better fuel efficiency and a longer protection period.
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Some key aspects of the report
- January 2022. Lucas Oil, California, USA-based manufacturer and distributor of high-performance automotive oil, additives and lubricants, announced the launch of customer-centric QR codes across its racing line , daily care of cars, motorcycles and marines. and industrial products. This new smart QR code packaging improves the customer experience in a simple and effective way, allowing the company to provide customers with instant access to relevant product data.
- Synthetic oil is increasingly being adopted by car manufacturers as it greatly reduces carbon emissions. The manufacturing process involves capturing carbon elements and combining them with hydrogen elements. Synthetic oil helps engine performance and even reduces sludge formation. This motor oil also has enhanced detergent properties, which help fight corrosion and carbon deposits in the engine.
- The passenger car segment accounted for the largest share of revenue in 2020. Passenger vehicles are the most common mode of transportation in developed countries and their use is increasing in emerging countries as per capita income rises. These cars are also comfortable and save time. Also, these vehicles are comfortable enough to accommodate a large family on a trip or vacation, which increases their demand.
- The motor oil segment accounted for a significant portion of the revenue in 2020. Motor oil provides better lubrication, a cleaner engine, effective cooling and most importantly protects the engine from corrosion. Also, if an engine is overused or its lubricant level is too low, friction between metal parts reduces engine efficiency and increases fuel consumption. As a result, using good engine oil helps reduce pollution and fuel consumption.
- The Asia Pacific market accounted for the largest revenue share in 2020 due to the increase in the number of fleet vehicles in countries such as China, Japan, India, and South Korea. Consumption of automotive lubricants varies by country and region. Synthetic lubricants, for example, are most commonly used in South Korea, with high usage in commercial and passenger vehicles. Commercial vehicles consume a significant volume of automotive lubricants in India, followed by two-wheelers, which account for about one-fourth of the total demand. With a large amount of road fleet and growing per capita consumption of lubricants, China contributed the largest market revenue share in Asia Pacific in 2020.
- 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.
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