The global automotive lubricants market reached a value of US$ 73.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 90.8 Billion by 2027, exhibiting a CAGR of 3.59% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Automotive lubricants are fluidic substances used for reducing friction between the surfaces and preventing wear and tear of automobile components. Some of the commonly used automobile lubricants include engine oils, transmission fluids, grease oils, process oils and general industrial oils. They are further available in mineral, synthetic, semi-synthetic and bio-based oil variants, which are prepared using specialized oils and additives derived from petroleum sources to prevent oxidization and corrosion. These lubricants aid in minimizing the heat generated between parts and improving the efficiency and functioning of critical components, such as engines, hinges, bearings and hydraulic gears. They are also used for brake and fuel systems, body part stamping and transmission manufacturing.
Automotive Lubricants Market Trends:
- Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the widespread adoption of high-performance lubricants is providing a thrust to the market growth. Automobile manufacturers use premium high-viscosity engine oils to lubricate internal combustion engines by creating a thin film between moving components and facilitating smooth operations. In line with this, increasing preference for heavy-duty motor vehicle engine oils to sustain extreme geographical conditions and emission standards in on- and off-highway heavy vehicles is also contributing to the market growth. Additionally, various product innovations, such as the development of chemical-free bio-based automotive lubricants, are acting as other growth-inducing factors. These lubricants provide superior lubricity and aid in minimizing the adverse effects on the environment caused by synthetic lubricants. Other factors, including rising expenditure capacities of the consumers, along with extensive research and development (R&D) activities for improvements in oil quality, are anticipated to drive the market toward growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive lubricants market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product and vehicle type.
Breakup by Product:
- Engine Oil
- Gear Oil
- Transmission Fluids
- Brake Fluids
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Amsoil Inc., BP plc, Chevron Corporation, China National Petroleum Corporation, Exxon Mobil Corporation, Fuchs Group, Petronas Lubricants International Sdn Bhd, Phillips 66 Company, Royal Dutch Shell plc, SK Lubricants Co. Ltd., Total SE and Valvoline Inc.
- Key Questions Answered in This Report
- 1. What was the size of the global automotive lubricants market in 2021?
- 2. What is the expected growth rate of the global automotive lubricants market during 2022-2027?
- 3. What are the key factors driving the global automotive lubricants market?
- 4. What has been the impact of COVID-19 on the global automotive lubricants market?
- 5. What is the breakup of the global automotive lubricants market based on the product?
- 6. What is the breakup of the global automotive lubricants market based on the vehicle type?
- 7. What are the key regions in the global automotive lubricants market?
- 8. Who are the key players/companies in the global automotive lubricants market?