Dublin, July 06, 2022 (GLOBE NEWSWIRE) -- The "Automotive Lubricants Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
An automotive lubricant is used for lubricating automotive parts to minimize friction in vehicles. It also performs a variety of secondary roles. It aids in the cleaning and cooling of engine parts and the prevention of rust and corrosion accumulation. The automotive lubricant market is changing as the customers demand better-performing lubricants that would enhance the engine's fuel economy and deliver better performance.
Advancements in technology-supported catering to diverse automotive needs such as increasing the shelf life of the engine, reducing carbon footprint, improving fuel economy, supplying lubricants with low viscosity, and meeting the changing vehicle emission standards. The increasing use of passenger cars and commercial vehicles in emerging economies has fueled the automotive lubricant market.
Market Trends & Drivers:
Increasing demand for passenger vehicles in emerging economies
The automotive industry in India, China, Brazil, and South Korea is growing rapidly because the global automotive market has developed immensely over the past decades in terms of markets, production capacity, and competitive standards. Emerging economies such as India and China are the most populated countries globally, enabling a huge domestic market. In addition, emerging countries have taken advantage of foreign direct investment and helped MNCs to set up their assembly plants in various countries.
Also, new industrial policies implemented by governments of emerging economies helped increase the automobile industry's production capacity. As per the International organization of motor vehicle manufacturers, since 2005, the automobile industry has shown rapid growth in emerging economies because of low-cost raw materials, low cost of skilled labor, and increased foreign direct investment (FDI).
Opportunities:
Rapid growth in urbanization and middle-income population
Rapid progress in urbanization, changing lifestyles, and growth in the middle-income population are some of the major opportunities for the market. As per the World Bank, about 75% of the world's population resides in middle-income countries, and the population of middle-income countries is increasing annually by 1%. Also, the migration of people from rural to urban areas has rapidly increased in past years and is the main reason for the rapid growth in urbanization.
More than 80% of global GDP is generated through cities as urban areas develop at high rates. Infrastructure and industrial development are key factors contributing to rapid growth in the middle-income segment. In recent years, sectors like automotive and information technology have grown immensely in emerging economies because of the availability of low-cost raw materials, a huge investment in research and development, low cost of skilled labor, and availability of good quality infrastructure.
Countries such as China, Japan, Indonesia, India, USA, UK, France, Canada, Italy, Germany, and Spain are investing in green chemistry and circular economy; these are the methods that help urbanization with sustainability to protect the environment in the coming years and, it creates a balance between infrastructure development and environment. This will help the automotive sector grow, and demand for automotive lubricants will also increase.
Challenges:
Increased Requirement for Alternate Powertrain Specific Lubricants
High investment in the automobile sector has posed a challenge of new requirements for lubricants as the sector is manufacturing vehicles that will have a low impact on the environment and deliver high performance. Also, the engine design requirements, transmission assembly, gearbox, and brake system are different for different manufacturers.
So, to meet this requirement lubricant industry must work with the automobile manufacturer and develop a new set of products that will be suitable for that vehicle. For instance, the thinner engine oil will help to secure fuel economy. But thinner engine oil might affect the engine functionality, which poses a challenge to lubricant manufacturers.
Companiesand Strategies
The key players have undertaken various strategies to grow in the automotive lubricants market. Companies in the automotive lubricants industry compete strategically. The growth in sustainable processes and initiative has been a challenge for all companies globally. Technological advances and environmental and economic challenges drive the demand for innovative and sustainable automotive lubricant products.
Some major players in the market include Exxon Mobil Corporation (US), British Petroleum (UK), Shell (Netherlands), Gulf Oil (US), Idemitsu (Japan), Castrol (US), Fuchs (Germany), and Chevron Corporation (US). These players have adopted strategies such as expansion, agreement, new product development, joint ventures, and others to increase their revenues in the automotive lubricants market.
The automotive lubricants market is provided for the forecast years 2022 to 2027 and the base year of 2021. The market is segmented as per Type, Vehicle Type, Oil Type, and Geography for the years considered. The report provides a holistic approach to the automotive lubricants market to enable customers to analyze the market efficiently.
Key Questions Answered:
1. How big is the automotive lubricants market?
2. What are the growth factors in the automotive lubricants market?
3. Who are the key vendors in the automotive lubricants market?
4. What are the latest trends in the automotive lubricants market?
5. Which region holds the largest share in the automotive lubricants market?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
8 Market Opportunities & Trends
8.1 Innovations for Efficient and High-Performance Engines
8.2 Increasing Demand for Passenger Vehicles in Emerging Economies
8.3 Improvements in Sustainability Standards for Productivity and Profitability
9 Market Growth Enablers
9.1 Growing Demand for Alternate Engine Powertrain Platforms
9.2 Rapid Growth in Urbanization and Middle-Income Population
9.3 Surge in Demand for Group Ii & Iii Base Oils
10 Market Challenges
10.1 High Demand for Alternate Powertrain-Specific Lubricants
10.2 Unavailability of Raw Materials for Automobile Industry
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis
12 Product Type
12.1 Market Snapshot & Growth Engine (Value)
12.2 Market Snapshot & Growth Engine (Volume)
12.3 Market Overview
12.4 Engine Oil
12.5 Transmission Fluid
12.6 Hydraulic Fluid
12.7 Others
13 Vehicle Type
13.1 Market Snapshot & Growth Engine (Value)
13.2 Market Snapshot & Growth Engine (Volume)
13.3 Passenger Cars
13.4 Commercial Vehicles
13.5 Two-Wheelers
13.6 Other Vehicles
14 Oil Type
14.1 Market Snapshot & Growth Engine (Value)
14.2 Market Snapshot & Growth Engine (Volume)
14.3 Mineral Oil
14.4 Fully Synthetic Oil
14.5 Semi-Synthetic Oil
14.6 Bio-Based Oil
15 Geography
15.1 Market Snapshot & Growth Engine
15.2 Geographic Overview
16 North America
16.1 Market Overview
16.2 Market Size & Forecast
16.3 by Product Type
16.4 by Vehicle Type
16.5 by Oil Type
16.6 Key Countries
16.7 US
16.8 Canada
17 Latin America
17.1 Market Overview
17.2 Market Size & Forecast
17.3 by Product Type
17.4 by Vehicle Type
17.5 by Oil Type
17.6 Key Countries
17.7 Brazil
17.8 Mexico
18 Middle East & Africa
18.1 Market Overview
18.2 Market Size & Forecast
18.3 by Product Type
18.4 by Vehicle Type
18.5 by Oil Type
18.6 Key Countries
18.7 South Africa
18.8 Iran
18.9 Iraq
19 Europe
19.1 Market Overview
19.2 Market Size & Forecast
19.3 by Product Type
19.4 by Vehicle Type
19.5 by Oil Type
19.6 Key Countries
19.7 Germany
19.8 Russia
19.9 France
19.10 Spain
19.11 Italy
19.12 UK
20 Apac
20.1 Market Overview
20.2 Market Size & Forecast
20.3 by Product Type
20.4 by Vehicle Type
20.5 by Oil Type
20.6 Key Countries
20.7 China
20.8 India
20.9 Japan
20.10 Indonesia
20.11 South Korea
21. Competitive Landscape
21.1 Competition Overview
22. Key Company Profiles
22.1 Exxon Mobil Corporation
22.2 Shell plc
22.3 Total Energies
22.4 Chevron Corporation
22.5 Castrol Limited
23. Other Prominent Companies
23.1 Bp plc
23.2 Sinopec
23.3 Phillips 66
23.4 Hindustan Petroleum Corporation Limited
23.5 Gs Caltex
23.6 Idemitsu Kosan Co. Ltd.
23.7 Fuchs
23.8 Kuwait Dana Lubes Company
23.9 Bharat Petroleum Corporation Limited
23.10 Valvoline Inc.
23.11 Indian Oil Corporation Limited
23.12 Gulf Oil International Limited
23.13 Petro Canada Lubricants Inc.
23.14 Liqui Moly
23.15 Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
23.16 Motul
23.17 Repsol
23.18 Petroliam Nasional Berhad (Petronas)
23.19 Pennzoil
23.20 Behran Oil Co.
24. Report Summary
24.1 Key Takeaways
24.2 Strategic Recommendations
25. Quantitative Summary
25.1 Market by Product Type
25.2 Market by Vehicle Type
25.3 Market by Oil Type
26. Geography
27. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/pt5j6i
