Newyork, July 20, 2023 (GLOBE NEWSWIRE) -- The global automotive lubricants market size is projected to expand at ~2% CAGR between 2023 and 2033. The market is expected to garner a revenue of USD 85 billion by the end of 2033, up from a revenue of ~USD 73 billion in the year 2022.owing to the substantial growth in the automotive industry worldwide as a result of increased demand for lubricants from the sector, which is driven by an increase in vehicle sales, an increase in vehicle ownership rates, and an expansion of the automotive aftermarket. In a recent report, it was estimated that the worldwide automotive industry is expected to reach approximately USD 9 trillion by 2030. Also, Indian government officials predict that by 2023, the automobile industry will attract USD 9-10 billion in foreign and local investment.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4494
Automotive lubricants help reduce friction and wear and tear on parts in a vehicle, resulting in enhanced performance and fuel efficiency. They also help protect the engine from corrosion and rust, allowing for a longer service life. Additionally, there is an increasing demand for fuel-efficient and low-emission vehicles, as well as stringent government regulations concerning automobile engine maintenance and vehicle operation. Manufacturers are also introducing upgraded lubricant products to better meet customer needs and reduce environmental pollution. The introduction of upgraded lubricant products has resulted in improved engine performance, extended oil drain intervals, and reduced emissions. Thus, increasing government regulations related to reducing air pollution from the automotive industry, combined with the introduction of bio-based and synthetic lubricants are expected to fuel the growth of the market.
Automotive Lubricants Market: Key Takeaways
- Market in Asia Pacific to have the highest growth in the coming years
- Synthetic lubricant segment to register the highest growth
- Market in North America to propel at a highest rate
Increase in Consumer Requirement and Production of Vehicles to Boost Market Growth
The production of vehicles requires the use of lubricants to maintain the efficiency of the engine, transmission, and other components. As estimated by the International Organization of Motor Vehicle Manufacturers (OICA), roughly 57054295 cars were manufactured worldwide in year 2021, and nearly 23091693 units of commercial vehicles were manufactured with an overall increase of 3%. Automotive lubricants provide enhanced performance to the moving parts of vehicles, thereby mitigating fuel consumption and improving engine efficiency. Additionally, the growing demand for convenience and high-performance lubricants is estimated to accelerate the growth of the automotive lubricants market in the upcoming years. Moreover, consumers are becoming more aware of the need to use higher-quality lubricants and are investing more in them owing to their enhanced durability and the need to protect against wear and tear. Additionally, a rise in per capita income permits consumers to spend more on these products, and an increase in vehicle production is expected to boost automotive lubricant demand. Additionally, the growing population of middle-income earners has increased the potential customer base for these products, as they tend to be able to afford them. The World Bank estimates that the number of people with middle income in the world increased from 5.51 billion in 2015 to 5.86 billion by 2021.
Global Automotive Lubricants Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Upsurge in Number of Road Accidents to Boost the Market Growth in the Asia Pacific Region
The automotive lubricants market in Asia pacific region is estimated to garner the largest revenue by the end of 2033 owing to the increase in road accidents in the region in recent years. This increase in road accidents has created a greater need for automotive lubricants to ensure that vehicles are running optimally and with minimal wear and tear. It is estimated that approximately 412,430 road accidents took place in India during the year 2021. The number of traffic accidents that caused fatalities has risen to 62,760 in China in the year 2019. Automotive lubricants serve to reduce the friction between the moving parts of the engine, which can help reduce the risk of accidents owing to mechanical failure. In addition, the lubricants also provide protection against extreme pressure, weight, and force, which can help minimize the damage caused by a road accident. Additionally, the increased focus on fuel efficiency, improved engine performance, and the need for low emissions are some of the factors driving the demand for automotive lubricants in the region. The government's initiatives to promote the use of eco-friendly and biodegradable lubricants and the existence of renowned exporters and importers of automobiles in the region are further expected to propel the growth of the automotive lubricants market. It was observed that around 2 million passenger vehicles and 400,000 commercial vehicles were exported from China in 2021.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4494
Regulation of Carbon Dioxide Emissions by the Government to Drive the Market Growth in the North America Region
The automotive lubricants market in North America region is estimated to garner highest CAGR by the end of 2033 owing to the implementation of strict government rules regarding carbon dioxide emissions in the region. For instance, the U.S. Environmental Protection Agency (EPA) issued new national greenhouse gas (GHG) emission standards for model years 2023-2026 of passenger cars and light trucks in December 2021. As a result of the final regulations, other important pollutants and greenhouse gas emissions are expected to be significantly reduced. The regulations have prompted the use of various automotive lubricants in region that are eco-friendlier, such as synthetic lubricants, which are more effective in reducing emissions. These lubricants also provide superior performance and protection, which can help to reduce wear and tear on engine components, resulting in greater fuel efficiency. Furthermore, increased preference for a better driving experience among the regional population owing to the convenience of having a personal vehicle, as well as the cost savings that can be achieved by reducing time spent on public transportation and increasing overall efficiency, is predicted to increase the automotive lubricants market in the region. Additionally, the advent of new technologies, such as self-driving cars, has increased the demand for automotive lubricants, as they are essential for maintaining the health and performance of the vehicle.
Automotive Lubricants Segmentation by Oil
- Synthetic
- Semi-synthetic
- Conventional
The synthetic segment is anticipated to hold the largest revenue by the end of 2033. Synthetic lubricants offer superior performance and protection compared to conventional lubricants, as well as improved fuel efficiency and reduced emissions. Furthermore, synthetic lubricants are more cost-effective in the long run and require less frequent changes than conventional lubricants. Moreover, the longer service life of synthetic oil and lubricants is expected to increase the adoption rate of such lubricants among auto manufacturers and owners as it reduces the frequency of oil changes. It is analyzed that most synthetic oil products require change intervals of 5,000 to 7,000 miles, and some full HD synthetic oil products require change intervals of more than 7,000 miles. Also, as OEMs are pushing for more efficient and advanced engines, they require lubricants with higher performance to reduce friction and wear between the moving parts. Synthetic oil lubricants offer better protection, higher viscosity index, and more efficient heat transfer compared to conventional lubricants. Furthermore, environmental legislation has forced OEMs to switch to low-viscosity lubricants which have further driven the demand for synthetic oil lubricants.
Purchase Copy of this Report @ https://www.researchnester.com/purchage/purchase_product.php?token=4494
Automotive Lubricants Segmentation by Product
- Engine Oil
- Gear Oil
- Transmission Fluids
- Coolants
- Brake Fluid & Greases
The engine oil segment in automotive lubricants market is anticipated to hold the largest revenue by the end of 2033. Engine oil is essential for the proper functioning of an internal combustion engine. It helps reduce friction between moving parts, protects the engine from corrosion and rust, and helps reduce engine wear. In addition, engine oil can help to improve fuel efficiency and reduce emissions. It was observed that a switch to heavier-duty engine oil with a lower viscosity can reduce fuel consumption by 0.8-2.3%. In addition, the rising sales of commercial vehicles and the popularity of diesel and gasoline engines in commercial and heavy vehicles have resulted in the use of engine oils with viscosity grades 10W40 and 15W40, contributing to segment growth. For instance, the number of commercial vehicles sold in India during FY 2021-22 increased from 568,550 to 716,560. Heavy-duty motor vehicle engine oils have high viscosity, which helps them withstand high temperatures, reduce engine wear, and increase the life of the engine. They also contain extra additives to help protect the engine from corrosion and oxidation.
Automotive Lubricants Segmentation by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Few of the well-known market leaders in the automotive lubricants market that are profiled by Research Nester Eurol B.V., Shell International B.V., Chevron Corporation, CNPC, Exxon Mobil Corporation, Phillips 66 Company, Valvoline Inc., BP p.l.c., Klüber Lubrication München GmbH & Co. KG, FUCHS PETROLUB SE, and other key market players.
Recent Development in the Global Automotive Lubricants Market
- With the launch of Actence RNT 5W-30, Eurol B V expands its product offering. In addition to having the official Renault RN17 approval and meeting the ACEA C3 classification, it is a fully synthetic engine oil for gasoline and diesel engines.
- Sprng Energy, a group of companies owned by Shell International BV, has acquired Solenergi Power Private Limited from Actis Solenergi Limited (Actis).
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
