PUBLISHER: IMARC | PRODUCT CODE: 1379092
PUBLISHER: IMARC | PRODUCT CODE: 1379092
The global automotive lubricants market size reached US$ 75.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.8 Billion by 2028, exhibiting a growth rate (CAGR) of 3.6% during 2022-2028.
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.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive lubricants market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product and vehicle type.
Engine Oil
Gear Oil
Transmission Fluids
Brake Fluids
Coolants
Greases
Others
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
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.