Automotive lubricants play a key role in the reduction of wear and tear as well as friction within automobiles. Lubricants in automobiles also help in enhancing the functional lifespan of vehicles, and hence provide high-efficiency output. A quality lubricant comprises a number of properties such as high viscosity index, high boiling point, thermal stability, corrosion prevention, high oxidation resistivity, and a low freezing point. The rising disposable income has resulted in the increased sales of vehicles globally, thus fuelling the global automotive lubricants market in the forecast horizon. On the other hand, the strict environment regulations have raised the adoption of high-performance lubricants by vehicle owners, resulting in enhanced fuel economy and reduced carbon dioxide emissions, hence impeding the growth of the market for automotive lubricants.
In terms of type, the report segments the market into gear oil, engine oil, transmission fluids, and grease. Amongst these, the segment of engine oil is predicted to lead the market in the forecast horizon with a share of over 70% in the market. These oils are utilized for lubricating internal combustion engines, for enhancing sealing, inhibit corrosion, cooling the engine, and for reducing the wear and tear.
On the basis of geography, the report segments the automotive lubricants market into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. Amongst these, the region of Asia Pacific is poised to lead the market in the forecast horizon. This is owing to the rising disposable incomes in countries such as that of India and China resulting in an increased demand for cars. On the other hand, North America and Europe are saturated markets for automotive lubricants and any substantial growth will largely stem from the development of biobased alternatives.
According to the report, the chief players dominant in the market are ExxonMobil Corporation, BP plc., Chevron Corporation, ConocoPhillips Corporation, LUKOIL Oil Company, Fuchs Lubricants Co., Royal Dutch Shell plc, Valvoline, Total S.A., Idemitsu Kosan Co. Ltd., and Repsol S.A., among others.
A new market research report by Transparency Market Research, titled “Automotive Lubricants Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2016 – 2023,” encapsulates an in-depth analysis on the market for automotive lubricants. The report provides a detailed evaluation on the major trends prevalent in the market and also collates the major drivers and inhibitors impacting the development of the market in the forecast horizon 2016 to 2023. The present and the forthcoming technological developments predicted to take place within the market have also been compiled in this report. The price of the key components of automotive lubricants and the manufacturing process utilized to make automotive lubricants have been included in this study. The impact of Porter’s five forces on the growth of the market has also been detailed in this report.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.