Automotive Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024
Automotive lubricants are primarily used to reduce friction and inspire
smooth functioning of a vehicle. They are also used for heat transfer,
transmitting power, and protection against rust and corrosion. Examples
of automotive lubricants are engine oil, greases, gear oil, transmission
fluid, coolants, brake fluid, and bearing oil.
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According
to a recent study by Transparency Market Research (TMR), the global
automotive lubricants market had opportunities worth US$55.44 bn in
2015, and estimates it reach a valuation of US$78.92 bn by the end of
2024, rising at a CAGR of 4.10% during the forecast period of 2016 to
2024. Growing number of vehicles is the key driver of this market.
Vehicles are mostly used for the stressful driving conditions in a city
which involves stop-and-go traffic, frequent short trip, and idling
which leads to significantly reduced efficiency. For better function of
vehicles and for protection of engines, automotive lubricants are used.
Moreover, vehicles continue to require oil change and other lubricant
related maintenance as long as they are in used. Coupled with stable
vehicle production and sales, the automotive lubricants market is
expected to continue its growth.
Which market segments are most lucrative?
By
product, the TMR report segments the global automotive lubricants
market into engine oil, transmission fluid, and gear oil. Out of these,
engine oil segment accounted for more than two-third of the demand in
2016 and is expected to remain most profitable segment during the
forecast period. Engine oil, also known as motor oil, is used for
lubrication of internal combustion engine. The primary function of
engine oil is to reduce wear on moving parts of vehicles.
On
the basis of base oil, the report bifurcates the automotive lubricants
market into mineral oil, bio-based fluid, and synthetic oil. In 2016,
mineral oil segment remained most important, as it is used to make
gasoline and other petroleum products and is produced in very large
quantities. By vehicle type, the report categorizes the market into
passenger cars, light-weight commercial vehicles, and heavy-weight
commercial vehicles, while on the basis of distribution channel, the
market has been segmented into original equipment manufacturer (OEM) and
aftermarket. The segments of passenger car and OEM currently serve the
maximum demand.
Geographically,
the report studies the lucrativeness of the market in the regions of
North America, Europe, Asia Pacific, the Middle East and Africa, and
Latin America. Asia Pacific currently accounts for the most significant
share of the currently global automotive lubricants market, owing
thriving automotive industry with vast population base and rapid
urbanization in the region. European and North America markets are
showing sluggish growth rate owning to increasing health awareness and
environmental regulations.
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What is the nature of competition in the market between the leading vendors?
The
global automotive lubricants market is highly fragmented in nature with
stiff competition between the leading as well as the domestic players.
ExxonMobil Corp., BP Plc, and Royal Dutch Shell Plc. were the leading
global companies in 2015, accounting for 31.6% of the shares. With wide
array of products, these companies are expected to remain leaders of the
market, although some other players are also making their presence
felt, such as Phillips 66, Total S.A., Chevron Corporation, Fuchs
Lubricants Co., Sinopec Corporation, Valvoline, Repsol S.A., LUKOIL Oil
Company, Petrobras and Morris Lubricants, and TX Nippon Oil & Energy
Corporation.
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