Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Automotive Lubricants Market, The Global Automotive Lubricants Market is projected to grow at a CAGR of around 5.0% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Automotive Lubricants Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2023-2028
- CAGR (2023-2028): 5.0%
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Global Automotive Lubricants Market Segmentation Breakdown:
The Automotive Lubricants Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Type
- Engine Oil
- Gear Oil
- Transmission Fluids
- Brake Fluids
- Coolants
- Greases
- By Base-Oil Type
- Mineral Oil
- Synthetic
- Semi-Synthetic
- Bio-Based Oil
Among all, Mineral Oil are expected to govern the market during the forecasting period, owing to the numerous benefits and utilization by on-road vehicles.
- By Vehicle Type
- Passenger Cars
- Light-Weight Commercial Vehicles
- Heavy-Weight Commercial Vehicles
- Two/Three Wheelers
Geographical Growth Insights:
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Globally, Asia-Pacific is anticipated to gain the largest market share during the forecasting period, influenced by the growth in the automotive industry as a whole in the region.
MarkNtel Advisors Highlights Key Market Drivers for Automotive Lubricants Market:
Expansion of the Automotive Industry Presenting the Demand for Frequent Lubrication
The automotive industry is expanding with the rise in disposable income, the addition of advanced features, and consumer desire to own a passenger or another vehicle. This industrial growth has driven the industry, as lubricants play a vital role in the smooth working of engines and vehicles. Their characteristics of durability, vehicle protection, reduction of friction between the engine parts, and more are essential to extend vehicle life, especially regularly. Thus the industry has been driven by the conventional desire to maintain the quality and smoothness of engines and vehicles.
A Comprehensive Analysis of Leading Companies in Global Automotive Lubricants Market
- Exxon Mobil
- Royal Dutch Shell
- British Petroleum
- Total SA
- Chevron Corp.
- Fuchs Group
- Petronas Lubricant International Sdn
- Amsoil Inc.
- Valvoline
- Sinopec
Explore More About This Research Report @ https://www.marknteladvisors.com/research-library/global-automotive-lubricants-market.html
Automotive Lubricants Industry Recent Developments
- In July 2022, Royal Dutch Shell USA, Inc.and Shell Midstream Partners, L.P. announced the execution of a definitive agreement and plan of merger. Shell USA will acquire all the common units representing limited partner interests in SHLX.
- In July 2021, Valvoline launched All-Terrain, a new engine oil designed specifically for off-highway, heavy-duty diesel engines that operate in challenging environments such as construction, mining, and agriculture.
What are the growth Opportunity driving the Global Automotive Lubricants Market?
Increasing Inclination Towards Environment-Friendly and Sustainable Lubricants
The rising usage of different lubricants is expected to surge the market growth. Additionally, the increasing environmental awareness among consumers and manufacturers to reduce the avoidable impact of some aspects and products by adopting alternative options like bio-based over mineral variants pose a growth opportunity for the industry. A consumer shift could be expected with synthetic greases, which undergo extensive treatment to enhance their performance, and degradable and environment friendly bio-lubricants. These products offer improved fuel efficiency, enhanced hardware capability, and lower emissions. With the rise in environmental concerns, the industry is presented with a growth opportunity to expand four-dimensionally. For instance,
- In February 2021, Royal Dutch Shell stated that it would offer consumers carbon-neutral greases for heavy-duty diesel engines, passenger automobiles, and industrial uses to assist consumers in managing their sustainability needs.
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