Automotive Lubricants Market Scope Report

Global Automotive Lubricants Market Highlights Over 2023 - 2033

The global automotive lubricants market is estimated to garner a revenue of ~ USD 98 billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 69 billion in the year 2022. Automotive lubricants are mostly used to reduce friction caused in different parts of vehicles. They can also be used to prevent build-up and corrosion and to cool and clean up engine parts. The large-scale production and supply in the automotive industry is the primary factor driving the growth of the global automotive lubricants market. For instance, the global sales of automobiles in 2021 are thought to have reached ~71 million units.

GET A SAMPLE COPY OF THIS REPORT

High-performance lubricants are mostly used in automotive maintenance and manufacturing. Automotive lubricants also form a thin film between the moving part of the engine to prevent friction and the energy loss that comes with it.

Global Automotive Lubricants Market: Growth Drivers and Challenges

Growth Drivers

• Considerable Growth in Industrialization – It is estimated that only in 2021, there were about 754 million people employed in industries. With the growing industrialization came the growth in transportation infrastructure and the manufacturing of vehicles. Automobile manufacturing is one of the important industries to employ an assembly line. The growth of industrialization and especially that of the automobile industry is considered important for the developments in transportation and other infrastructure as it gives people the means and freedom to move from place to place and access various services and jobs.

• Considerable Growth in Disposable Income – It is estimated that in 2021 Americans alone had a disposable personal income that amounted to about USD 16 trillion.

• Inevitable Revival of Road Trips Towards the End of COVID-19 – Road trips are thought to be one of the main forms of travel in the post-pandemic world, with ~81% of travelers going on a road trip.

• Increase in the Use of Electric Cars – As of 2022, there are about 17 million electric cars on the road.

Challenges

• Restrictions in the Distribution and Transportation of Raw Materials

• Temporary Halt in Manufacturing of Automobiles During Covid-19

• Growth of Work-from-home Culture Reducing the Use of Passenger Cars and Commercial Vehicles

The global automotive lubricants market is segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. Of these, the passenger cars segment is anticipated to hold the largest market size by the end of 2033. The increase in demand and production of passenger cars is the main reason for the segmental market growth. For instance, it is estimated that in 2021 the number of passenger cars produced worldwide was about 58 million units. Favorable traveling time, easy transportation of people and luggage, and personal comfort, ambiance, and protection from bad weather while traveling are the main reasons for the demand for passenger cars

Global Automotive Lubricants Market Regional Synopsis

Regionally, the global automotive lubricants market is studied into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the Asia Pacific is projected to hold the largest market share by the end of 2033. The growth in the production of passenger cars, the rapid economic development, the huge construction projects, and favorable government policies are the factors driving the regional market growth. For instance, passenger car production in India and China is expected to grow by ~23% and ~45% respectively, by 2030.

Market Segmentation

Our in-depth analysis of the global automotive lubricants market includes the following segments:

Key Companies Dominating the Global Automotive Lubricants Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global automotive lubricants market that are included in our report are Exxon Mobil Corporation, BP p.l.c.,  Shell plc, Gulf Oil International Ltd, Idemitsu Lubricants America Corporation, CASTROL LIMITED, FUCHS PETROLUB SE, Chevron Corporation, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, and others.

Global Automotive Lubricants Market: Latest Developments

• November 2021: FUCHS PETROLUB SE announced the introduction of new small packs for automotive lubricants which are gentle on resources with the help of recycled materials. Its ergonomic design enables better handling while new labels ensure better orientation

• November 2021: Chevron Corporation announced the launch of its first renewable motor oil product, the Havoline PRO-RS Renewable Full Synthetic Motor Oil, which is also a great addition to the Havoline portfolio.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

• We provide customized reports as per the client's requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goals.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

.