Farmington, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Lubricants Market Size Was Valued At USD 66.87 Billion In 2021. The Market Is Projected To Grow From USD 68.63 Billion In 2022 To USD 76.61 Billion In 2030, Exhibiting A CAGR Of 1.6% During The Forecast Period. The COVID-19 pandemic has had a terrible effect on the world that has never been seen before, and the demand for automotive lubricants has been higher than expected in all areas compared to levels before the pandemic. Our research shows that the global market grew 14.8% from 2019 to 2020.
Lubricants are important for keeping a car running well and keeping it safe. Different base oils are used to make them. Mineral-based lubricants are used most often all over the world because they are easy to find. But synthetic or bio-based lubricants, which are becoming more popular, have changed the market in a big way. Consumers have gotten many benefits from technological advances, such as longer times between oil changes and service, better gas mileage, and longer warranty periods.
Request Sample Copy of Report “Automotive Lubricants Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- July 2022: Shell USA, Inc. and Shell Midstream Partners, L.P. announce definitive agreements and execution of merger plans. Shell USA will acquire all general units or total value of approximately $1.96 billion representing a limited partner interest in SHLX. The transaction is expected to close by the fourth quarter of 2022.
- July 2021: Valvoline All-Terrain is a new engine oil specially designed for off-road, heavy-duty diesel engines operating in harsh environments. Made for wear protection of equipment operating in harsh environments such as construction, mining and agriculture.
Segment Overview
Oil Type Insights
In 2021, the conventional sector had the largest share of the market for lubricants for cars. This oil is also called ordinary oil or mineral oil. It is made only from crude oil. Because it is stable and doesn't change with temperature, it can be added to engine oil to lubricate and protect the engine even more. Also, it can be made in a variety of quality levels and viscosity classes. It is mostly recommended for drivers who drive in a consistent way and have simple engine layouts.
Synthetic oils are usually made up of base oil, thickeners, and additives. They are known for working better in high temperatures, saving more fuel, extending the time between drains, reducing friction, and giving the engine a lot more power. Car companies are making more synthetic and bio-lubricants because people are becoming more aware that there are alternatives to products made with mineral oil. On the other hand, semi-synthetic oils are a mix of synthetic and mineral oils. They are used with synthetic oils to improve engine performance without increasing costs. These semi-synthetic oils also work better at lower temperatures, which is likely to increase demand for them in automotive applications.
Product Type Insights
Engine oil is needed for a car's engine to work well. It helps the engine's moving parts work right and keeps the engine cool. So, it's important to change the oil in your engine on a regular basis to keep it running well and keep pollutants and sludge from building up. So, compared to other goods, there are a lot of people who use engine oil. Because there are so many cars with gasoline or diesel engines on the road, this market segment is likely to keep its lead over the next few years. Also, alternative vehicle technologies like e-mobility aren't likely to replace commercial and heavy-duty vehicles like tractors, trucks, and other similar cars. This would mean that the market segment for engine oil would continue to grow steadily.
Regional Outlook:
The Asia-Pacific market for automotive lubricants was worth USD 27.36 billion in 2021. Because there are so many cars on the roads in places like China, Japan, India, and South Korea, the Asia-Pacific region is the biggest market in the world. Depending on the country and region, different lubricants for cars are used in different ways. South Korea, for example, uses more synthetic lubricants than India, and most of them are used in both commercial and personal cars. In India, on the other hand, the two-wheeler market, which accounts for about a quarter of all demand, uses the second-most lubricating oil after commercial vehicles.
Synthetic lubricants for cars are becoming more important in Europe because more and more people want effective, high-quality lubricants. The rise in demand for electric vehicles and the implementation of strict environmental rules in the automotive sector have had a negative effect on the region's market growth.
North America is expected to follow the same pattern as Europe. In North America, the market will grow because more commercial vehicles will use the product.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 1.6% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 68.63 Billion |
| By Oil Type | Synthetic, Semi-synthetic, Conventional, Others |
| By Product Type | Engine Oil, Gear Oil, Transmission Fluids, Coolant, Brake Fluid & Greases, Others |
| By Companies | Shell plc (U.K.), Exxon Mobil Corporation (U.S.), BP plc (U.K.), Chevron Corporation (U.S.), TotalEnergies SE (France), China National Petroleum Corporation (China), Idemitsu Kosan (Japan), Sinopec Group (China), Fuchs Petrolub SE (Germany), Valvoline Inc. (U.S.), ENEOS Corporation (Japan) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Trends:
Using synthetic lubricants will open up new ways to grow the market.
Mineral oils have been heavily changed to improve their performance and meet the needs of modern automotive technologies. This has led to the creation of synthetic lubricants. This section also talks about lubricants that are good for the environment and break down naturally. In the past, synthetic lubricants were seen as high-end products that were only sold in a small number of places. But synthetic lubricants are catching up as concerns about the environment and engine technology improve. To meet customer needs, these formulations have longer oil drain intervals than mineral lubricants that are similar. Synthetic lubricating oils also have other benefits, such as better compatibility with hardware, less pollution from vehicles, and better fuel efficiency. These qualities speed up the use of synthetic lubricants and open up new ways to grow the market.
Driving Factors:
The need to protect automotive systems and parts is driving up the demand for products.
Automotive lubricants are more popular on the market because of things like how long they last and how well they protect vehicles. By making the pieces move much more smoothly against each other, they protect the vehicle's systems and parts from getting damaged. Also, because car systems are getting smaller and more complicated, there is a growing need for lubricating oils with less viscosity and better performance. In the coming years, this is likely to help people come up with and make better lubricating oils.
Restraining Factors:
Innovations in vehicle technology are making people use less of their products.
Lubricants for cars make them last a lot longer by reducing friction and protecting the solid moving parts. But as lubricants and technologies get better and better every day, growth slows down a lot. The time between oil changes in cars has gone from every 6–12 months to every 18–24 months. This is because synthetic lubricants are becoming more popular because they have benefits like using less gas. Users like premium lubricants with long times between oil changes to protect their cars. This has, however, slowed the growth of the market, and it is expected that the market will grow slowly over the next few years. Also, since electric cars don't need engine oil, their rising sales are expected to become a bigger problem in the market.
Key Segments Covered:
Top Market Players:
Shell plc (U.K.), Exxon Mobil Corporation (U.S.), BP plc (U.K.), Chevron Corporation (U.S.), TotalEnergies SE (France), China National Petroleum Corporation (China), Idemitsu Kosan (Japan), Sinopec Group (China), Fuchs Petrolub SE (Germany), Valvoline Inc. (U.S.), ENEOS Corporation (Japan), and others.
By Oil Type
- Synthetic
- Semi-synthetic
- Conventional
- Others
By Product Type
- Engine Oil
- Gear Oil
- Transmission Fluids
- Coolant
- Brake Fluid & Greases
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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