The automotive lubricant sales are expected to report a high growth rate in the years to come. This is due to increasing demand for the high-performance lubricants and proliferating sales of the automobiles. Moreover, stringent government norms toward carbon emissions due to industrial and automobile operations, and rising environmental concerns are several other key factors that is expected to augment the sales of automotive lubricants.
According to MarkNtel Advisors’ research report titled “Automotive Lubricants Market Analysis, 2020”, the Automotive Lubricants market is anticipated to grow at a CAGR of around 5% during 2020-25. Growing industrialization has actively supported the automotive industry in the form of increasing demand for light weight commercial vehicles in the transportation of logistics and material within and outside the manufacturing facility. Furthermore, the demand for heavy weight commercial vehicles has also gained significant growth over the past few years. According to the International Organization of Motor Vehicle Manufacturers (OICA), the registration of new commercial vehicle has been persistently rising, with 23.37 million units in 2015 to 26.36 million units in 2018.
Furthermore, increasing disposable income of the passengers across the globe, in addition to their improved standard of living and the demand for personal vehicles have led to an increasing demand for automotive lubricants. Such a noticeable growth in the automotive industry is expected to proportionately drive the demand for automotive lubricants across both sales channels.
Passenger Cars Segment Holding the Largest Market Share in Global Automotive Lubricant Industry
Based on the vehicle type, the passenger cars segment dominated the global automotive lubricant market in 2019. The segment is projected to maintain its dominance during 2020-25, owing to the availability of the large number of passenger cars on-road and the persistently growing demand and production rate of personal vehicle across the globe. However, the rapid urbanization and commercialization activities, majorly in the developing nations, has been driving the demand for lightweight, and heavy-weight commercial vehicles. Thus, this is expected fuel the demand for automotive lubricant in the near future.
Asia-Pacific Region Projected to Emerge as the Fastest Growing Region During 2020-25
The Asia-Pacific region accounted for the largest market share in 2019. The region is anticipated to attain the maximum market growth in the coming years, due to the presence of giant key players in the countries like China, India, and Japan and rising government initiatives toward the development of national economy and the economic infrastructure of the nations such as “Make in India”, “Smart Cities”, and “100% FDI”.
Moreover, the changing government regulations and implementation of environment-friendly standards is providing the growth opportunities to the companies in the global automotive lubricant market. For instance, the major automobile manufacturers and the Government of India are working toward the implementation of the BS VI, to be rolled out in 2020. With the move towards BS VI, the demand for technologically advanced lubricants is currently on the surge.
According to MarkNtel Advisors, some the of key competitors operating in the Automotive Lubricants market includes Exxon Mobil, Royal Dutch Shell, British Petroleum, Total SA, Chevron Corp., Fuchs Group, Petronas Lubricant International Sdn, Amsoil Inc., Bharat Petroleum, etc.
“Global Automotive Lubricants Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decision, hotspots and growth opportunities available for automotive lubricant providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Key questions answered in the study