With the increasing levels of on-road passenger car traffic, the aftermarket demand for automotive lubricants is on a steady surge. The growing demand for high-end luxurious automobiles across the globe, due to factors such as an increased purchasing power and improving infrastructural facilities of several developing nations is expected to expand the market size of the Global Automotive Lubricants market in the future.
| Report Coverage | Details |
| Study Period | Historical Data: 2015-19 |
| Base Year: 2019 | |
| Forecast Period: 2020-25 | |
| Regions Covered | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa | |
| Unit Denominations | USD Million/Billion |
According to MarkNtel Advisors’ research report titled “Global Automotive Lubricants Market Analysis, 2020”, the Global Automotive Lubricants market is anticipated to grow at a CAGR of around 5% during 2020-25. The increasing awareness among consumers about high-quality lubricants, interloped with their amplified purchasing power, has been driving the market for automotive lubricants.
However, depleting oil reserves and the increasing shift in preference toward electric vehicles has been posing as challenges for the Global Automotive Lubricants market growth. Base oils such as crude oil, shale oil, and Condition-based Maintenance (CBM), are refined and then injected with additives to form the lubricant and then applied in the automotive. With a gradual depletion in the crude oil reserves, the lubricant market is witnessing a decline in the supply of raw material. Furthermore, the escalating sales of electric vehicles due to supportive government policies have been posing as a threat to the overall growth of the Automotive Lubricants market. The electric vehicles operate only on batteries, and this eliminates the necessity of engine oils in the EVs.
Surging Demand for High-Performance Synthetic Lubricant through 2025
The mineral oil type acquired the majority market share in 2019, as stated in the MarkNtel Advisors’ research report “Global Automotive Lubricants Market Analysis, 2020”. However, with the increasing awareness about the availability and benefits of high-performance lubricants such as synthetic and semi-synthetic lubricants, the two segments are expected to experience the highest CAGR during 2020-25. The synthetic lubricants offer improved performance over the mineral lubricants. The synthetic lubricants offer performance efficiency in the form of reduced power consumption, low carbon-emissions, reduced gear-wear, and increase service life.
According to MarkNtel Advisors’, some the of key competitors operating in the Global Automotive Lubricants market include Exxon Mobil, Royal Dutch Shell, British Petroleum, Total SA, Chevron Corp., Fuchs Group, Petronas Lubricant International Sdn, Amsoil Inc., and others.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What would be the growth rate or CAGR of Global Automotive Lubricants Market during 2020-25?
A. The market size of Global Automotive Lubricants Market during 2020-25 is forecast to be around 5%.
Q. Who are the key competitors or players operating in Global Automotive Lubricants Market?
A. Exxon Mobil, Royal Dutch Shell, British Petroleum, Total SA, Chevron Corp., Fuchs Group, Petronas Lubricants International Sdn, Amsoil Inc. are few of the leading players in the Global Automotive Lubricants Market.
Q. Does the report scope cover Global Automotive Lubricants type and region wise market statistics also?
A. Yes, the scope of the report encompass detailed Global Automotive Lubricants type and region wise statistics such as market size, market segmentation based on various subcategories.
Q. Which oil type segment would emerge as an opportunity area for players in Global Automotive Lubricants Market?
A. Mineral oil segment continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Automotive Lubricants Market.
