Wilmington, Delaware, United States, April 11, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive lubricant market stood at US$ 72.40 Bn in 2020 and is anticipated to surpass US$ 84.82 Bn by 2031, expanding at a CAGR of 1.45% during the forecast period between 2021 and 2031. There are several players in the global automotive lubricant market. These firms are concentrating on increasing R&D expenditure to raise the quality of their products in order to meet growing customer demands.
Market participants are boosting their output in order to gain competitive advantage in the global market. The global automotive lubricant industry is hampered by rise in usage of biofuels, which is anticipated to restrain the global industry. Rise in demand for electric vehicles and their increasing sales are expected to influence market demand for automotive lubricant.
Automotive lubricants are further utilized to transmit power, transfer heat, and prevent corrosion and rust. The global industry has faced challenges from supply chain disruptions, company shutdowns, and stringent lockdowns. Companies have adopted strategic methods to recover from losses. Market participants are concentrating on cutting-edge technologies to strengthen their positions in the global market.
Get the Recently Updated Report on the Automotive Lubricant Market as a Sample Copy at - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9052
Rise in disposable income, dependence on private automobiles for mobility, and increase in the total number of on-road vehicles are expected to create business opportunities in the global market. Moreover, consumer affordability and financial stability are boosting vehicle use, which is anticipated to drive business growth. The global industry is driven by growing demand for maintenance due to an expanding fleet of aging vehicles.
Key Findings of Market Report
- Based on product type, engine oil has a higher consumption rate in comparison with other lubricants. Increase in number of IC engine cars on the road is projected to propel the segment during the forecast period. Furthermore, replacing trucks and tractors with heavy-duty commercial vehicles, including e-vehicles, is less feasible.
- In terms of fluid type, the conventional oil segment dominated the global automotive lubricant market in 2020. Usage of synthetic lubricants is expanding quickly; however, industrialized regions, such as North America and Europe, are likely to make use of non-synthetic and semi-synthetic lubricants more owing to their lower cost.
Global Automotive Lubricant Market: Growth Drivers
- The global market is anticipated to be driven by rise in usage of various high-quality lubricants, including synthetic/semi-synthetic oil. These oils are frequently used as a lubricant in cars, as these provide superior lubrication than mineral oil.
- Increase in awareness among customers throughout the world about usage of high-quality lubricants for cars is expected to drive market demand. Increase in purchasing power of consumer is also expected to drive the global industry. As emissions levels increase globally, synthetic and semi-synthetic oils are being increasingly utilized, which is expected to drive the segment.
- High-quality automotive lubricants are extremely popular due to surge in number of cars on the road. By minimizing friction, automotive lubricants enhance vehicle performance and lengthen the life of engines.
- Demand for automobiles is increasing in order to meet transportation requirements due to increase in global population. This factor is expected to augment the global market for automotive lubricants.
Get Customization on this Report for Specific Research Solutions: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=9052
Global Automotive Lubricant Market: Regional Landscape
- The market in Asia Pacific is projected to witness robust growth during the forecast period. This is ascribed to large number of cars that are used for transportation in countries such as South Korea, Japan, India, and China.
- Consumption varies by region and country. For instance, synthetic and semi-synthetic lubricants are more often used in passenger and commercial automobiles in South Korea than in India. Whereas in India, the two-wheeler and commercial vehicle segments experienced the highest usage of these lubricants.
Key Points from TOC:
1. Executive Summary: Global Automotive Lubricant Market
1.1. Global Automotive Lubricant Market Volume (Units) and Value (US$ Mn), 2017‒2031
2. Market Overview
2.1. Introduction
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Opportunity
2.3. Market Factor Analysis
2.3.1. Porter’s Five Force Analysis
2.3.2. Value Chain Analysis
2.3.2.1. List of Key Manufacturers
2.3.2.2. List of Customers
2.3.2.3. Level of Integration
2.3.3. SWOT Analysis
2.4. Regulatory Scenario
2.5. Key Industry Development
2.6. Key Industry Trends
3. Global Automotive Lubricant Market Analysis and Forecast, by Product Type
3.1. Definition
3.2. Market Snapshot
3.3. Global Automotive Lubricant Market Volume (Units) & Value (US$ Mn) Forecast, by Product Type, 2017‒2031
3.3.1. Engine Oil
3.3.2. Transmission Oil
3.3.3. Brake Fluids
3.3.4. Hydraulic Fluids
3.3.5. Greases
4. Global Automotive Lubricant Market Analysis and Forecast, by Fluid Type
4.1. Definition
4.2. Market Snapshot
4.3. Global Automotive Lubricant Market Volume (Units) & Value (US$ Mn) Forecast, by Fluid Type, 2017‒2031
4.3.1. Conventional
4.3.2. Semi Synthetic
4.3.3. Synthetic
5. Global Automotive Lubricant Market Analysis and Forecast, by Vehicle Type
5.1. Definition
5.2. Market Snapshot
5.3. Global Automotive Lubricant Market Volume (Units) & Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
5.3.1. Two/three Wheelers
5.3.2. Passenger Vehicle
5.3.2.1. Hatchback
5.3.2.2. Sedan
5.3.2.3. Utility Vehicle
5.3.3. Light Duty Vehicle
5.3.4. Medium & Heavy Duty Trucks
5.3.5. Bus & Coaches
TOC Continued……
Buy this Premium Research Report | Immediate Delivery Available - https://www.transparencymarketresearch.com/checkout.php?rep_id=9052<ype=S
Global Automotive Lubricant Market: Key Players
- Shell International B.V.
- Kluber Lubrication Munchen SE & Co. KG
- China National Petroleum Corporation
- Petroleo Brasileiro S.A.
- Valvoline Corporation
- Chevron Corporation
Global Automotive Lubricant Market: Segmentation
Product Type
- Engine Oil
- Transmission Oil
- Brake Fluid
- Hydraulic Fluids
- Greases
Fluid Type
- Conventional
- Semi-synthetic
- Synthetic
Vehicle Type
- Two/three-Wheeler
- Passenger Vehicle
- Light Duty Vehicle
- Medium & Heavy-Duty Trucks
- Bus & Coaches
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
