The Global Automotive Lubricants Market is projected to grow at a CAGR of 5.0% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. It is attributed to the surging demand for efficient vehicles combined with the need and maintenance of high-performing engines. Additionally, the rise in construction and agricultural activities, surging number of on-road vehicles, economic stability, consumer affordability, and maintenance of both private and public cars fuel the elevation of the industry. Along similar lines, as the durability of vehicles is majorly dependent on the smooth working parts, which is facilitated by the engine oil, or other product types, the market is likely to propel exponentially, further states the research report, “Global Automotive Lubricants Market Analysis, 2023.”
The market is broadly fragmented based on Application, Base-Oil Type, and Vehicle Type. Further classification of Applications includes Engine Oil, Gear Oil, Transmission Fluids, Brake Fluids, Coolants, and Greases. Based on Base-Oil Type, the industry is segmented into Mineral Oil Lubricants, Synthetic Lubricants, and Semi-Synthetic Lubricants. Finally, on the basis of Vehicle Type, the industry bifurcates into Passenger Cars, Light-Weight Commercial Vehicles, Heavy-Weight Commercial Vehicles, and Two-Three Wheelers.
Advancing Demand from Manufacturers Pushes Engine Oil to The Top
Engine oil is anticipated to gain the major market share in the Applications segment during the forecasting period. The market growth is attributed to the primary purpose of engine oil being to minimize wear and tear and friction on moving parts and prevent varnish and sludge, ensuring the quality and the whole process smoothly. Moreover, by lubricating internal combustion engines, protecting them from corrosion, and ensuring smooth operation of the engine, it performs an essential role in the functioning of the vehicle; thus, the requirement for regular application of engine oil enthralls the market’s elevation. Furthermore, the necessity of healthy functioning of high-duty vehicles such as tractors and off-the-road vehicles in construction and farming secures engine oil’s application, which consequently assures industrial expansion.
Asia-Pacific’s Strengthening Spending Capacity Propels the Market Development
Asia-Pacific region is expected to acquire the largest market share, owing to the automotive industry growth during the historical period. Besides, the region’s rising population, combined with surging urbanization, is fueling the demand for vehicles. Furthermore, the presence of China as the largest automotive manufacturer and India as a leading market and consumer of lubricants further accelerates the industrial progress of the region. Moreover, the high sales of vehicles combined with the requirement to maintain on-road vehicles, rising disposable income, and the expansion of the marine industry influencing the need for lubricants are contributing to the industry’s growth.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Exxon Mobil, Royal Dutch Shell, British Petroleum, Total SA, Chevron Corp., Fuchs Group, Petronas Lubricant International Sdn, Amsoil Inc., Vavoline, and Sinopec are looking forward to strengthening their market position.
Key Questions Answered in the Research Report