According to a new market research report titled, ‘Automotive
Lubricants Market by Product Type (Engine Oil, Transmission &
Hydraulic Fluids, Gear Oil, Grease, Chain Oil, Brake Fluids), Vehicle Type,
Composition, Sales Channel, and Geography - Global Forecast to 2030,’ the
automotive lubricants market is projected to reach $114.2 billion by 2030, at a
CAGR of 7.8% during the forecast period.
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Automotive lubricants are used to reduce friction between
surfaces and contact, such as road and vehicle, which protects the automotive
parts, increasing vehicle performance. The growth of this market is attributed
to the rapid development of transportation infrastructure and the increasing
adoption of high-performance and sustainable lubricants. In addition, the
significant opportunities from emerging economies, increasing production of
vehicles across the globe, and the increasing demand for environment-friendly
lubricants are expected to offer significant opportunities for the growth of this
market.
However, innovations in vehicle technologies and the
volatile nature of the prices of raw materials hamper the growth of this
market. In addition, the increasing need for producing compatible lubricants
for EVs & hydrogen fuel cell engines and the volatile pricing of automotive
lubricants are major challenges to the growth of this market.
The automotive lubricants market is segmented by product
type (engine oil, transmission & hydraulic fluids, gear oil, grease, chain
oil, brake fluids), vehicle type (internal combustion engine vehicles, electric
vehicles, natural gas engines, hydrogen-powered vehicles), composition (mineral
oil lubricants, fully synthetic oil lubricants, semi-synthetic oil lubricants),
sales channel (original equipment manufacturers, aftermarket), and geography.
The study also evaluates industry competitors and analyses the market at the
regional and country levels.
Rapid Development of Transportation Infrastructure Supports
the Growth of the Automotive Lubricants Market
Globally, there is rapid development in transportation
infrastructure. Improving infrastructure with well-connected roads and highways
would further rise the demand for automobile industries. Automotive lubricants
are directly correlated with vehicle population growth and automobile sales. A
large number of vehicles present in urban and rural areas are growing huge
potential for auto players. This growing demand from the automobile industry is
expected to drive the growth of the automotive lubricants market during the
forecast period.
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The government of India has made significant investments in
road transportation infrastructure. For instance, in November 2022, according
to the Union Budget of India, the Government allocated USD 26.04 billion to the
Ministry of Road Transport and Highways for the construction of national
highways. Also, in December 2022, the Indian Ministry of Road Transport and
Highways constructed national highways extending 5,835 km. Road transportation
has gradually increased over the years, improving connectivity between
countries. The sale of automobiles and the movement of freight by roads is
growing rapidly. This growth in the automobile industry is driving the demand
for automotive lubricants globally.
Based on product type, the automotive lubricants market is
segmented into engine oil, transmission & hydraulic fluids, gear oil, grease,
chain oil, brake fluids, and other products. In 2023, the engine oil segment is
expected to account for the largest share of the global automotive lubricants
market. The large share of this segment is attributed to the rapid development
of transportation infrastructure, the growing production of vehicles across the
globe, rising consumer awareness regarding the use of oil, and huge demand from
the automobile aftermarket segment. Engine oil primarily benefits vehicle
owners by preventing costly repairs, ensuring a longer engine lifespan,
maintaining proper engine operation, and reducing fuel consumption and carbon
emissions. However, the grease segment is projected to register the highest
CAGR during the forecast period.
Based on vehicle type, the automotive lubricants market is
segmented into internal combustion engine vehicles, electric vehicles, natural
gas engines, and hydrogen-powered vehicles. In 2023, the internal combustion
engine vehicles segment is expected to account for the largest share of the
automotive lubricants market. The large market share of this segment is
attributed to the technological developments in terms of efficiency and
performance to boost the product demand for higher-performing IC engines,
stringent government regulations related to emissions, and the consistently
rising demand to accelerate the growth of high-performance IC engines. However,
the electric vehicles segment is projected to register the highest CAGR during
the forecast period.
Based on composition, the automotive lubricants market is
segmented into mineral oil lubricants, fully synthetic oil lubricants, and
semi-synthetic lubricants. In 2023, the fully synthetic oil lubricants segment
is expected to account for the largest share of the automotive lubricants market.
The large market share of this segment is attributed to the advantages of
high-performance and advanced engines, low overall viscosity and reduced
friction in the fluid, their ability to provide high-quality lubrication, and
the growing need for better fuel economy and reduced vehicle emissions. In
addition, this segment is also projected to register the highest CAGR during
the forecast period.
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Based on sales channel, the automotive lubricants market is
segmented into original equipment manufacturers and aftermarket. In 2023, the
aftermarket segment is expected to account for the largest share of the
automotive lubricants market. The large market share of this segment is
attributed to the increasing need for car ownership, especially in emerging
economies, a huge customer base, stringent government regulations related to
CO2 emission, and rising consumer awareness regarding the use of lubricants to
maintain vehicle efficiency and achieve better fuel economy. In addition, this
segment is also projected to register the highest CAGR during the forecast
period.
Based on geography, the automotive lubricants market is
segmented into North America, Europe, Asia-Pacific, Latin America, and the
Middle East & Africa. In 2023, Asia-Pacific is expected to account for the
largest share of the market. The large share of this market is attributed to
the rapid growth in the automotive industry & abundant availability of raw
materials in the region, the growing transportation industry, stringent
regulations on CO2 emissions, and the government initiatives to promote the
automotive industry. In addition, this region is also projected to register the
highest CAGR during the forecast period.
Some of the major players operating in this market are Shell
International B.V. (Subsidiary of Shell Plc) (Netherlands), Exxon Mobil
Corporation (U.S.), FUCHS PETROLUB SE (Germany), Motul (France), Phillips 66 Company
(U.S.), Repsol, S.A. (Spain), SK Enmove Co., Ltd. (South Korea), China National
Petroleum Corporation (China), Klüber Lubrication München Se & Co. KG
(Subsidiary of Freudenberg Group) (Germany), Amsoil Inc. (U.S.), Petróleo
Brasileiro S.A. — Petrobras (Brazil), Valvoline Inc. (U.S.), Sinopec India
(China), Chevron Corporation (U.S.), BP P.L.C. (U.K.), and Castrol Limited (U.K.).
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