Automotive Lubricants Market to Record an Exponential CAGR by 2024
The
global automotive lubricants market is choc-o-bloc with numerous
companies of varying sizes featuring a highly fragmented and
competitive vendor landscape, states Transparency Market Research
(TMR) in a new report. Top shots namely Royal Dutch Shell plc, BP
plc., and ExxonMobil Corp. held only 31.6% share in the overall
market in 2015. While leading players operate globally, small players
largely serve regional and local markets. Large product offerings to
serve a varied customer base gives an edge to big players over their
smaller counterparts.
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With
the increasing entry of regional players to serve local markets, the
competition in the automotive lubricants market is likely to escalate
in the forthcoming years, says the analyst of the study.
As
per estimates of the TMR report, the global automotive lubricants
market is likely to be worth US$78.92 bn by the end of 2024 expanding
at a CAGR of 4.1% between 2017 and 2024. The demand in the market
translated into a revenue of US$59.40 bn in 2017. Vis-Ã -vis volume,
engine oil is estimated to be attractive segment through the forecast
period. In terms of base oil, mineral oil segment is anticipated to
display spiked market share because of its affordable price range.
Mineral oil is also used for the manufacture of semi-synthetic blends
further contributing to the lead of this segment. On the basis of
distribution channel, aftermarket distribution channel contributes
more than 50% sales of automotive lubricants.
Exponential
Growth of Automotive Sector in Asia Pacific a Boon for Market
Majorly
fuelling the automotive lubricants market is exponential growth in
the number of vehicles worldwide. Automotive lubricants improve
efficiency of vehicles and increase operational life of engines by
reducing friction. This is because traffic congestions leading to
frequent stop-and-go, idling, and frequent short trips reduce vehicle
efficiency that needs to be restored using automotive lubricants.
While new vehicles require relatively low maintenance, frequent oil
change and garage trips increase to keep vehicles going.
The
growth of the automotive sector in Asia Pacific coupled with rising
vehicle ownership has fueled the automotive lubricants market in the
region. Vehicles require oil change and other maintenance as long as
they are in use.
In
the last decade, BRIC countries have emerged as key regional
automotive markets. These nations have emerged as large centers for
automotive manufacturing for both export as well as domestic use.
This offers immense growth opportunities to the automotive lubricants
market in these countries.
Preference
for Low-cost Affordable Lubricants in Developing Economies Hampers
Growth
Despite
lucrative growth prospects, the worldwide automotive lubricants
market faces growth challenges. Firstly, high price of
fully-synthetic or semi-synthetic lubricants is limiting their sales.
For instance, high demand for synthetic lubricants in North America
and Europe environmental regulations and customer preference for
quality automotive lubricants account for their high prices. On the
contrary, in developing regions, customer preference for affordable
automotive lubricants over quality account for low sales of synthetic
and semi-synthetic lubricants.
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In
addition, increasing trend of using biofuels for vehicles is also
likely to limit the demand for automotive lubricants in the coming
years. For example, in the U.K., newly introduced bus fueled by human
waste is expected to be sustainable for the environment by curbing
emissions in polluted towns and cities. However, the larger the
bio-components in a fuel higher is the oil filling that combustion
engine suffers.
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