London, Sept. 23, 2019 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Automotive Lubricants Market by Product (Engine Oils, Transmission & Hydraulic fluids), Vehicle (Passenger Cars, Two/Three-Wheeler), Type (Mineral Oil, Synthetic, Semi-synthetic Lubricant), Sales Channel (OEM, Aftermarket)- Global Forecast to 2025”, the global automotive lubricants market is expected to grow at a CAGR of 7.3% from 2019 to reach $53.43 billion by 2025. Moreover, on volumetric basis, the overall market is expected to grow at a CAGR of 2.4% from 2019 to reach 26,632 thousand tons by 2025.
Automotive lubricants are used to reduce friction between the surface and contact such as road and vehicle. The lubricants reduce the heat generated when the surfaces move and also heat or cool the surfaces protecting the sensitive parts of automobiles. The growing automotive industry, increasing production of vehicles, and rise in disposable income are the key factors driving steady growth in the global automotive lubricants market.
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The automotive lubricants market study presents historical market data in terms of value and volume (2017and 2018), estimated current data (2019), and forecasts for 2025 - by product (engine oil, transmission & hydraulic fluid, gear oil, grease, process oil), vehicle (passenger cars, light weight commercial vehicle, two/three-wheeler),type (mineral, synthetic, semi-synthetic), sales channel (aftermarket, OEMs), and geography. The study also evaluates industry competitors and analyzes the market at a regional and country level.
Based on product, the engine oil segment is estimated to account for the largest share of the overall automotive lubricants market in 2019. The large share of this segment is mainly attributed to the growing production of vehicles across the globe, rising consumer awareness regarding the use of oil, and huge demand from automobile aftermarket segment.
Based on vehicle type, the passenger cars segment is estimated to account for the largest share of the overall automobile lubricants market in 2019. The large share of this segment is mainly attributed to the presence of large number of on road passenger cars across the globe, growing production and ownership of passenger and general utility vehicles, and high awareness regarding maintenance and use of lubricants among car owners. On the other hand, light-weight commercial vehicle is projected to grow at the fastest CAGR during the forecast period due to growing need for transportation of people, goods and services; and growing penetration of light-weight commercial vehicle in rural and semi-urban areas.
Based on type, the mineral oil lubricants segment is expected to account for the largest share of the overall automotive lubricants market in 2019, mainly due to its low cost than other types of lubricants. On the other hand, synthetic lubricants segment is projected to grow at the fastest CAGR during the analysis period, due to growing adoption of high-performance and advanced engines; their ability to provide high quality lubrication than other lubricant types; growing need for better fuel economy; and changes in the legislation to reduce vehicle emissions.
Based on sales channel, the aftermarket segment is estimated to hold the largest share of the overall automotive lubricants market in 2019 and is also projected to grow at the fastest CAGR during the analysis period. The large share of this segment is mainly attributed to the increasing need for car ownership, especially in emerging economies; presence of huge customer base; and rising consumer awareness regarding the use of lubricants to maintain vehicle efficiency and achieve better fuel economy.
Geographically, Asia-Pacific region is estimated to command the largest share of the global automotive lubricants market in 2019, followed by North America and Europe. In addition, Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Growth in this market is expected to be driven by growing economy; increasing urbanization and disposable income; rapid growth in the automotive industry; growing transportation industry; stringent regulations on CO2 emissions; and strong support from the government to promote automotive industry. Moreover, increasing presence of the key lubricants as well as auto manufacturers in the region further supports the growth of automotive lubricants market in the region.
The report also includes extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2016–2019). The automotive lubricants market has witnessed number of product launches in the recent years. For instance, in July 2019, FUCHS PETROLUB SE has launched TITAN ATF 6400, which is a new premium performance automatic transmission fluid that conforms to the stringent requirements of General Motors’ DEXRON VI specification and provides protection for General Motors vehicles.
The key players operating in the global automotive lubricants market are Shell International B.V., Exxon Mobil Corporation, FUCHS PETROLUB SE, Motul, Phillips 66 Company, Repsol S.A., SK lubricants Co., Ltd., China National Petroleum Corporation, Klüber Lubrication München SE & Co. KG, Amsoil Inc., Petróleo Brasileiro S.A., Valvoline, Inc., JXTG Nippon Oil & Energy Corporation, Chevron Corporation, and BP P.L.C. (CASTROL) among others.
Browse key industry insights spread across 257 pages with 276 market data tables & 46 figures & charts from the report: https://www.meticulousresearch.com/product/automotive-lubricants-market-5036/
Scope of the Report:
Market by Product
- Engine Oil
- Transmission & Hydraulic Fluids
- Gear Oil
- Grease
- Process Oil
- Others
Market by Vehicle Type
- Passenger Cars
- Light-Weight Commercial Vehicle
- Heavy-Weight Commercial Vehicle
- Two/Three Wheelers
Market by Type
- Mineral Oil Lubricants
- Synthetic Oil Lubricants
- Semi-Synthetic Lubricants
- Others
Market by Sales Channel
- Aftermarket
- Original Equipment Manufacturers (OEMs)
Market by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Russia
- Italy
- U.K.
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Philippines
- Rest of Asia-Pacific (RoAPAC)
- Rest of the World (RoW)
- Latin America
- Middle East
- Africa
- Egypt
- South Africa
- Algeria
- Nigeria
- Morocco
- Rest of Africa
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