Research Nester published a report titled “Automotive Lubricants Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global automotive lubricants in terms of market segmentation by oil, product, vehicle type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global automotive lubricants market is anticipated to grow with a CAGR of ~2% during the forecast period, i.e. 2023-2033. The market is segmented by vehicle type into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. Out of these, the passenger cars segment is anticipated to garner the highest market share by 2033, owing to its increased sales and production worldwide. As per International Organization of Motor Vehicle Manufacturers (OICA), in 2021, 49 million new passenger cars were sold and 57 million passenger cars were produced across the globe.
The global automotive lubricants market is estimated to garner a noteworthy revenue by the end of 2033. Automotive lubricants are primarily used to decrease the friction between the surfaces and contact such as road and vehicle, which protects the automotive parts and hence, increase the vehicle performance. Therefore, the growth in this market is anticipated to be majorly driven by the growing automotive industry, increasing production of vehicles, and rise in disposable income.
Geographically, the global automotive lubricants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific region is estimate to garner the largest market share by the end of 2033, on the back of increased sales and production of vehicles. International Organization of Motor Vehicles, stated that the total production of vehicles in the region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020. Similarly, the total sales in the region was 42,663,736 units in 2021, a rise from 40,322,544 in 2020.
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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rise in Demand and Sales of Automobiles to Drive the Market Growth
Primary growth factor attributed to the automotive lubricants market is owing to the increasing demand for engine oils, brake fluids, and transmission fluids among both consumer and commercial automobiles. Further, the rise in production and sales of motorcycles are also expected to further strengthen this growth over the forecast period. Also, the recent shift in trend towards green derivatives is also expected to drive the market over the forecast period. Rising per capita income and increasing need for individualized transportation options has also expected to drive the sale of cars in several countries which in turn, is expected to bring lucrative growth opportunities in the automotive lubricants market.
However, the increasing preference of extended oil drain period along with the stringent government rules regarding carbon dioxide emission and low awareness among the population is expected to operate as key restraint to the growth of the global automotive lubricants market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automotive lubricants market which includes company profiling of Eurol B.V., Shell International B.V., Chevron Corporation, CNPC, Exxon Mobil Corporation, Phillips 66 Company, Valvoline Inc., BP p.l.c., Klüber Lubrication München GmbH & Co. KG, FUCHS PETROLUB SE, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive lubricants market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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