New York, March 08, 2023 (GLOBE NEWSWIRE) -- According to the Automotive Lubricants Market report by Reports Insights, the market achieved a value of USD 69.67 billion in 2022 and is projected to expand to USD 97.57 billion by 2030, indicating a compound annual growth rate (CAGR) of 4.3%.
Automotive Lubricants Market Size, Share & Trends Analysis, By Grade (Mineral, Fully Synthetic, Semi-Synthetic, and Bio-based), Application (Engine Oil, Gear and Brake Oil, Gear & Transmission Oil, Hydraulic & Wet Brake Oil, Greases, Coolants, and Others), Vehicle Type (Commercial vehicles (Light Commercial Vehicles, and Heavy Commercial Vehicles), Passenger vehicles, Utility Vehicle, and Others), By Region and Segment, Forecast Period 2023 – 2030.
The inclusive research report on the automotive lubricants market is offered by Reports Insights Pvt. Ltd. The study examines the factors that are fueling the growth of market conditions, including their impact on the market's development. Further, the research includes an analysis of Porter's Five Forces, the value chain, regulatory conditions, and a SWOT analysis. The purpose is to provide insights into key growth strategies and opportunities for market players to contribute to the market.
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Increased expenditures on research and development by the automotive industry will push the sales of automotive lubricants to meet the requirements of advancements in vehicle powertrain and transmission systems. For instance, according to the Center for Automotive Research, the auto industry invests over USD 16 to USD 18 billion in research and development activities, with 99 percent of the funding coming from within the industry. Thus, significant expenditure by the industry plays a pivotal role in boosting the manufacturing sector's contribution of 11.5% to the overall country's GDP, as the auto industry's operations rely heavily on products from other manufacturing sectors.
Automotive Lubricants Market Growth Drivers:
- Rising demand in all propulsion types of automobiles, especially electric vehicles fuels the sales of automotive lubricants. For instance, in terms of conventional cars, discrete (power electronics) account for a maximum of 10 percent of total Automotive Lubricants used. On the other hand, in hybrid EVs, about 35 to 40 percent of Automotive Lubricants are utilized in discrete along with other types of EVs comprising up to 50 percent of semiconductors usage in discrete.
- Growing advancements in automotive technology, such as turbocharged engines and hybrid powertrains, fuels the development of specialized lubricants that are required for proper vehicle functioning.
- Increased rate of e-commerce adoption among consumers propels the requirement for heavy commercial vehicles in terms of last-mile deliveries. Such a high rate of logistics results in high demand for fuel efficiency reduction and decreased frequency of vehicle breakdowns.
Restraints
- The temperature limits related to automotive lubricants restrict large-scale market adoption. For instance, if the temperature exceeds the limit of the lubricant, it may cause thermal degradation, oxidation, and loss of viscosity. Thus, such degradation increases the chances of reduced lubrication, increased wear and tear, and ultimately, engine failure.
- The compatibility concerns in terms of performance limitations hamper the market growth. The major factor attributing to such limitations is based on the type of engine, operating conditions, and other factors. Lubricants that perform well in one type of engine may not perform as well in another engine, or under different operating conditions. Thus, it is essential to choose the correct lubricant for the specific application to ensure optimal performance.
Competitive Landscape
As per the research FUCHS, Exxon Mobil Corporation, Eni Sustainable Mobility S.p.A., Shell Plc., and Valvoline are major market players that dominate the market circumstances. The competitive landscape of the automotive lubricants market is constantly evolving due to factors such as changing regulations, advancements in technology, and shifting consumer preferences. As a result, such established market players are investing heavily in research and development to develop innovative and sustainable lubricant solutions that meet the evolving needs of the industry.
Although the emergence of electric vehicles will decrease the need for lubricants, there is still scope for advancements in the hybrid vehicle segment. Thus, several market players have started to introduce specialized lubricants product portfolios for EVs. For instance, In November 2020, Valvoline launched a new series of intelligent lubricants designed to meet the demanding operating conditions of hybrid electric vehicles. These lubricants are formulated with specifically engineered additives that offer optimal lubrication and protection, particularly in situations involving frequent stop-start cycles. The lubricants are also designed to maintain the vehicle's long-term performance and efficiency.
Rising government regulations in terms of vehicle fuel economy and reduced CO2 emissions propel the market demand for automotive lubricants.
Automotive Lubricants Market Report Scope:-
| Report Attributes | Report Details |
| Market Size By 2030 | USD 97.57 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 4.3% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | FUCHS, Exxon Mobil Corporation, Gulf Oil Lubricants India Ltd., Valvoline, Chevron U.S.A. Inc., Eni Sustainable Mobility S.p.A., ENEOS Corporation, Idemitsu Kosan Co.Pvt.Ltd., Shell Plc., Indian Oil Corporation Ltd., TotalEnergies, BP PLC., AMSOIL INC. |
| By Grade | Mineral, Fully Synthetic, Semi-Synthetic, and Bio-based |
| By Application | Engine Oil, Gear and Brake Oil, Gear & Transmission Oil, Hydraulic & Wet Brake Oil, Greases, Coolants, and Others |
| By Vehicle Type | Commercial vehicles (Light Commercial Vehicles, and Heavy Commercial Vehicles), Passenger vehicles, Utility Vehicle, and Others |
| Report Coverage | Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Total Revenue Forecast, Business Strategies, and more. |
| By Geography | North America [United States, Canada, Mexico] Asia-Pacific [China, Japan, India, Southeast Asia, Korea, Western Asia] South America [Brazil, Argentina, Columbia, Chile, Peru] Europe [Germany, UK, Turkey, Spain, France, Italy, Russia, Netherlands, Switzerland] Middle East & Africa [GCC, North Africa, South Africa] |
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Due to the growing consumer value of personal vehicles, a majority of consumers opt for preserving the classic models of vehicles and spend extensively on maintenance and modifications to extend the vehicle’s lifespan. Such aftermarket customizations to preserve car culture is especially observed in the U.S., Germany, Japan, and India, where vehicle owners prefer to implement customizations within vehicles, which is expected to boost the demand for high-performance automotive lubricants to meet requirements of vehicle modifications.
The rising adoption of durable and luxurious vehicles among the population will surge the demand for lubricants to maintain the performance of vehicles along with fuel efficiency
Growing demand for commercial vehicles especially in Asia Pacific countries such as Japan, India, and Malaysia to support the rising transportation of goods and passengers will skyrocket the demand for automotive lubricants in terms of vehicle fuel efficiency, especially for last-mile deliveries by heavy commercial vehicles. For instance, as per the statistics revealed by the International Organization of Motor Vehicle Manufacturers, over 7.8 billion vehicles were produced in Japan, out of which 1.2 billion were commercial vehicles.
Key Market Takeaways
- The global automotive lubricants market size is estimated to surpass USD 97.57 billion by 2030 with an astonishing CAGR of 4.3% during the forecast period (2023-2030).
- Based on grade, the fully synthetic segment accounted for the largest share contribution to the market growth in 2022.
- By application, the engine oil segment contributed the largest shares to the market growth in 2022 in terms of temperature maintenance at engine circuits.
- In the context of vehicle type, the commercial vehicles segment is estimated to support the market growth in terms of volume.
- Asia Pacific is expected to offer excellent opportunities for the growth of the automotive lubricants market due to strict government regulations in terms of CO2 emission and fuel efficiency.
- Due to the established presence of the automotive industry, especially in Germany, Europe is expected to create favorable demand for automotive lubricants in terms of increased consumer awareness of vehicle maintenance.
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Recent Developments:
In August 2021, Haertol and Valvoline Inc. introduced the new coolant technology called Valvoline Antifreeze Coolant HT-12 Green and Valvoline Antifreeze Coolant HT-12 Pink which are custom-made for modern engines.
In March 2021, ExxonMobil Lubricants and Nissan Motor India entered into an agreement, where ExxonMobil Lubricants supply lubricating solutions for the passenger vehicle aftermarket. As part of the deal, ExxonMobil Lubricants is expected to offer a range of engine oils suitable for BS6-compliant vehicles, as well as those for OEMs' BS4 and BS3 models.
List of Major Automotive Lubricants Market Players
• FUCHS
• Exxon Mobil Corporation
• Gulf Oil Lubricants India Ltd.
• Valvoline
• Chevron U.S.A. Inc.
• Eni Sustainable Mobility S.p.A.
• ENEOS Corporation
• Idemitsu Kosan Co.Pvt.Ltd.
• Shell Plc.
• Indian Oil Corporation Ltd
• TotalEnergies
• BP PLC.
• AMSOIL INC.
Global Automotive Lubricants Market Segmentation:
- By Grade
- Mineral
- Fully Synthetic
- Semi-Synthetic
- Bio-based
- By Application
- Engine Oil
- Gear and Brake Oil
- Gear & Transmission Oil
- Hydraulic & Wet Brake Oil
- Greases
- Coolants
- Others
- By Vehicle Type
- Commercial vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Passenger vehicles
- Utility Vehicle
- Others
- Commercial vehicles
Key Questions Covered in the Automotive Lubricants Market Report
What will be the market size of the automotive lubricants market by 2030?
Which region is expected to offer favorable opportunities for market growth?
What is the estimated rate at which the market is projected to grow from 2023 to 2030?
What major factors boost the growth of the automotive lubricants market?
Which segment accounted for the highest share contribution to the market growth in 2022?
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