Meticulous Research®—a leading global market research
company, published a 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.’
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According to this latest publication from Meticulous
Research®, the automotive lubricants market is projected to reach $114.2
billion by 2030, at a CAGR of 7.8% during the forecast period. The growth of
the automotive lubricants market is driven by the growing demand for
high-performance lubricants, the rapid development of transportation
infrastructure, the growing automotive industry with increasing vehicle
production, and the rising adoption of sustainable lubricants. However, the
reduced need for automotive lubricants due to the penetration of electric
vehicles and the volatile nature of the prices of raw materials may restrain
the market’s growth.
The significant growth opportunities from emerging economies
and the rising demand for environment-friendly lubricants are expected to offer
significant growth opportunities for the automotive lubricants market. However,
the need for producing compatible lubricants for EVs and hydrogen fuel cell
engines and the volatile pricing of automotive lubricants may hinder the growth
of this market. Furthermore, the increasing need for thinner engine oil is the
latest trend in the automotive lubricants market.
Meticulous Research® has segmented this market based on
product type, vehicle type, composition, sales channel, and geography for
efficient analysis. The study also evaluates industry competitors and analyses
the market at the regional and country levels.
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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 automotive
lubricants market. The large market share of this segment is attributed to the
rising need to improve the fuel efficiency of ICE vehicles, high demand for
engine oil replacements from the automobile aftermarket segment, and growing
demand for maintaining proper engine operation and reducing fuel consumption
& CO2 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.
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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 projected to register the highest CAGR during the
forecast period.
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, the presence of a huge customer base, stringent government
regulations related to CO2 emission, and the rising consumer awareness
regarding the use of lubricants to maintain vehicle efficiency and achieve
better fuel economy. In addition, this segment is projected to register the
highest CAGR during the forecast period.
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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 share is attributed
to the rapid growth in the automotive industry, the growing transportation
industry, and strong government support to promote the automotive industry. In
addition, the presence of key lubricants and auto manufacturers and the abundant
availability of raw materials in the region further supports the growth of the
automotive lubricants Asia-Pacific market. In addition, this region is
projected to register the highest CAGR during the forecast period.
The key players operating in the automotive lubricants
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.).
TOP 10 COMPANIES IN AUTOMOTIVE LUBRICANTS MARKET >> https://meticulousblog.org/top-10-companies-in-automotive-lubricants-market/?utm_source=linkedin&utm_medium=social&utm_campaign=product&utm_content=20-02-2024
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