Automotive Lubricants Market Analysis by Lubricants (Engine Oil, Gear Oil, Grease), By Base Oil (Fully Synthetic Oil, Semi-synthetic Oil, Mineral Oil), By Vehicle (LCV, HCV, Midsize Vehicles, Compact Vehicles), by End User & Region - Global Forecast 2019-2028
ROCKVILLE, Md., Feb. 28, 2022 (GLOBE NEWSWIRE) -- Automotive lubricants dominate the global lube consumption, which in 2018 reported sales of over 40 million tons. Automotive lubricants accounts ~ 55% of the global lubricants market and the demand for high-quality lube is expected to create significant opportunities over the long-term forecast period.
Over the forecast period, the market is set to witness a positive growth, and to gain remunerative momentum in emerging countries, thus giving an impetus to the sales of automotive lubricants market. Moreover, a study conducted by the International Energy Agency (IEA) reveals that, by the end of 2050, oil demand from road freight may increase by 5 million barrels per day. With the rising number of vehicles, and the development of the transportation sector, the global market for automotive lubricants continues to grow.
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For instance, in October 2018, Total S.A. invested ~ USD 50 million for its production plant in the Kaluga region, Russia. The plant is designed to scale up the manufacturing capacity from 40,000 tons to 70,000 tons per annum. This strategic move will allow Total to capture the local automotive lubricants market. Similarly, on 3rd September 2019, FUCHS Petrolub SE joint ventured a project with OPET Petrolcülük located in Izmir, Turkey. With an investment of EUR 24 million, the plant can produce 60,000 tons per annum.
Bio-based Automotive Lubricants, A Key Market Trend
The study opines that due to adverse effects, the governments in many countries are taking stringent regulatory action to control the harmful impact on the environment caused by transportation-related activities. Governing bodies and international organizations are implementing new rules and regulations to reduce the carbon emission levels released from vehicles. Above mentioned circumstances are set to reduce the use of gasoline and diesel engine cars in the forecast period. For instance, in December 2015, the Paris climate conference put in optimistic efforts to maintain climate change by introducing several innovating technologies to limit greenhouse gas emissions. All these factors create new opportunities for bio-based and high-performance automotive lubricants.
Strict Environmental Regulations Impacting Adoption of Automotive Lubricants
To control carbon emission and air pollution caused due to automobiles, various governing bodies and international organizations have developed some standards and guidelines.
All automotive lubricant manufacturers in the world have to comply with the strict regulations enacted by environmental organizations in different geographical regions.
For instance, governments of countries such as the Netherlands and Norway have decided that from 2025, no new cars will be approved with internal combustion engines. Furthermore, as per Paris Climate Agreement, CO2 emissions shall not exceed CO2 absorption levels.
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Key Segments Covered in the Automotive Lubricants Industry Survey
By Lubricants
- Engine Oil
- Gear Oil
- Brake Oil
- Grease
- Other Fluids
By Base Oil
- Fully Synthetic Oil
- Semi-synthetic Oil
- Mineral Oil
By Vehicle
- LCV
- HCV
- Midsize Vehicles
- Compact Vehicles
- Premium Class Vehicles
- Luxury Vehicles
- Other vehicle types
Asia to Account for 40% of the Market Share
Asia dominates the automotive lubricants market accounting ~ 40 percent share of the global market. Due to an increase in automobile ownership levels, incorporation of advanced engines, and consistent investments in transportation activities, Asia’s supremacy is set to continue in the automotive lubricants market.
Furthermore, China is the biggest automotive lubricants market, followed by the United States and India. In India, there is a significant potential for growth of the automotive lubricants market. Additionally, India is expected to show a growth rate of around 6% annually.
Factors such as rise in private transport, increasing economic stability and consumer affordability are surging the usage of vehicles and are set to drive the automotive lubricants market across all geographical regions. North America and Europe is expected to witness stagnant growth in the automotive lubricants market.
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Key players in the Automotive Lubricants Market
- Total S.A.
- Royal Dutch Shell Plc.
- Valvoline Inc.
- Quaker Chemical Corporation
- Nippon Oil
- ExxonMobil
- Chevron
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