Mar 05, 2021: Market Tidbits:
The
global Automotive Lubricants Market size was projected at US$ 57.2 billion in
2014. It is expected to reach US$ 87.1 billion by 2025 with a CAGR of 3.7%
during the forecast period. This could be attributed to increase in the number
of vehicles on road. The usage of vehicles, in turn, gets boosted by high
dependence on private transport and growing affordability of consumers. Use of
lubricants has increased the vehicles’ age to 11 years.
OEMs
do recommend using quality lubricants like semi-synthetic/synthetic oil due to
the fat that they make way for better lubrication as compare to mineral oil.
This is another factor bolstering the automotive lubricants market. Besides,
government bodies are into establishment of performance standards with respect
to lubricants for controlling the ever-increasing emissions.
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Restraints:
Increasing
sales on the part of electric vehicles are expected to put a check on usage of
automotive lubricants. Battery-driven electric vehicles do eliminate
requirement of engine oil as IC engine is not present therein. Plus, electric
vehicles are subject to lesser number of reciprocating parts.
Market Segmentation:
The
automotive lubricants industry is segmented on the basis of base oil, product
type, and geography. By type of product, the segmentation goes like bio-based
oil, semi-synthetic/synthetic oil, and mineral oil. Semi-synthetic/synthetic
oil holds the largest market share; thanks to its splendid performance. By base
oil, the market spans manual transmission fluid, automatic transmission fluid,
and engine oil. By geography, the market constitutes North America, LATAM, Asia
Pacific, Europe, and MEA.
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Asia
Pacific is expected to witness the fastest growth due to increase in
consumption of vehicles in economies like India. LATAM is fast catching up due
to Brazil witnessing tremendous growth in sales of heavy and light vehicles.
The
players contributing to the automotive lubricants market include Chevron
Corporation, Sinopec Corporation, ExxonMobil Corporation, Royal Dutch Shell
plc, LUKOIL, Valvoline LLC, JKTG Nippon Oil & Energy Corporation, Indian
Oil Corporation Limited, Morris Lubricants, Petrobras, Bharat Petroleum
Corporation Limited, and Total S.A.
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