Automotive Lubricant Market Overview:
The global Automotive Lubricant Market was worth US$ xx million in 2021, and it is estimated to reach a valuation of US$ xx million by the end of 2026, expanding at a robust CAGR.
Lubricants play an essential role in the industrial and commercial sectors, including aviation, automotive, manufacturing, and marine. Automotive lubricants help cooling components and remove dirt, providing one of the critical functions called viscosity. Therefore, the use of lubricants helps reduce friction, which increases fuel efficiency and the durability of auto parts. In addition, automotive lubricants improve the overall functionality of the vehicle and protect it from abrasion and high temperatures. Since the lubricant has a viscosity, it provides thermal stability, low freezing point, high oxidation resistance, corrosion resistance, and high boiling point. Therefore, they are becoming an integral part of the brakes, gears and transmission fluids of automotive engines.
Automotive Lubricant Market Recent Developments
In recent years, the manufacturer of lubricants FUCHS Petrolub SE has spent almost $ 12 million at a site based in Stoke-on-Trent, United Kingdom. The investment was made for a new automated and energy-efficient machine at Hanley's base in FUCHS.
In April 2019, a multimillion-dollar oil refining company, ExxonMobil, announced in Singapore that it would manufacture raw materials based on high-quality and high-performance lubricants and clean fuels. The project will add 7 million barrels per Group II base capacity each year, which is mainly used to manufacture high-performance automobile lubricants.
ExxonMobil acquired the PT Federal Karyatama (FKT) mixing plant in Cilegon, one of Indonesia's largest motorcycle lubricant manufacturers in 2018. With this acquisition, ExxonMobil's existing capacity will be 700,000 barrels per year.
In July 2019, FUCHS PETROLUB SE launched the TITAN ATF 6400, a new premium automatic transmission oil that meets the strict requirements of the general specification of the DEXRON VI engine and protects the motor vehicle.
Automotive Lubricant Market Growth
The high demand for motor oil for passenger cars, diesel trucks, and light trucks is expected to drive the growth of the global automotive lubricant industry during the forecast period.
The increase in demand for light and high-performance vehicles in emerging economies such as China and India, together with the rise in disposable income worldwide, is supposed to be an essential driver of market growth. Engine oil is likely to multiply due to the increase in passenger cars, the rise in mobility due to urbanization, the increase in per capita income, the growth in vehicle ownership aspirations and demand for cargo transport by small and medium enterprises. The increase in the number of vehicles on the road is one of the main drivers of the market for automobile lubricants. As the dependence on personal transport increases, economic stability increases and the economic efficiency of consumers increases, the use of vehicles increases and the demand for automobile lubricants increases.
The presence of an aging vehicle ages leads the automotive lubricant market by improving the scope of maintenance. OEM recommendations for the use of high-quality lubricants, such as synthetic/semi-synthetic oils that provide better lubrication than mineral oil, are expected to increase the demand for high-quality lubricants. As consumer awareness and economy increases, the use of high-quality lubricants is promoted, stimulating the market demand. Government agencies are setting minimum performance standards for lubricants to control the rise in emissions. Therefore, it encourages the use of low viscosity lubricants, such as synthetic/semi-synthetic oils. These synthetic/semi-synthetic oils have a longer drain interval than mineral oils, which makes them increasingly preferred by consumers. Also, they are more expensive than mineral oils, so they have a higher market share in terms of revenue.
Since electric vehicles have fewer reciprocals, the global automotive lubricant market is foreseen to be hampered by the increasing adoption of electric cars.
Automotive Lubricant Market Segmentation
By product type, the global automotive lubricant market has been classified into mineral oils, synthetic/semi-synthetic oils, and biologically based oils. Among these, synthetic/semi-synthetic oil segments are expected to expand at high growth rates during the forecast period due to the increased demand for high-quality lubricants and the rigorous emission standards. The biobased oil segment accounted for a relatively small part of the global automotive lubricant market, which is projected to augment in the next few decades.
Depending on base oils, the worldwide automotive lubricant market has diverged into engine oils, manual transmission fluids, and automatic transmission fluids. The engine oil sector occupied the dominant part of the market share in 2019 due to the short download time interval. Motor engine oil is generally in demand because it is replaced for every 10,000 to 15,000 miles.
Automotive Lubricant Market Regional Analysis
Asia-Pacific was a famous region, which represented more than 43.9% of total market revenues. The Asia Pacific automotive lubricant industry is expected to show high growth rates during the forecast period due to rapid economic development, large-scale construction projects and the introduction of several favorable policies by the government, such as 100% of FDI. High-performance luxury cars attracted massive investments from international players. Besides, key industry players are turning their production facilities into the lucrative Asia Pacific market due to low labor, increasing demand, and favorable government policies.
North America accounted for more than 19% of the total market size. The North American automotive lubricant market is rapidly industrializing, mainly in Mexico. Mexico has become a vital automobile manufacturing center since the last decade. Major US automakers moved their production bases to Mexico due to their relatively low manufacturing costs. Growing demand for bio-lubricants also characterizes markets in North America and Europe.
Companies like FUCHS Petrolub SE, Castrol Limited, etc., offer a wide range of biologically based automotive lubricants developed to reduce environmental impact and improve lubrication performance. Also, Biosynthetic Technologies, LLC raised approximately $ 9 million to market its products of biological origin.
Major players in the global automotive lubricant market include ExxonMobil Corporation, Royal Dutch Shell plc, BP plc, Total SA., Chevron Corporation, Sinopec Corporation, LUKOIL, Valvoline LLC, Phillips 66 Company, Fuchs Lubricants Co., Repsol SA, Bharat Petroleum Corporation Limited, JXTG Nippon Oil & Energy Corporation and Indian Oil Corporation Limited.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Automotive Lubricant Market, By Product Type
6.1.1 Mineral Oil
6.1.2 Synthetic and Semi-Synthetic Oil
6.1.3 Bio-Based Oil
6.1.4 Market Size Estimations & Forecasts (2019-2024)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Automotive Lubricant Market, By Base Oil
6.2.1 Engine Oil
6.2.2 Manual Transmission Fluid
6.2.3 Automatic Transmission Fluid
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By Base Oil
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Product Type
7.3.3 By Base Oil
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By Base Oil
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Product Type
7.5.3 By Base Oil
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Product Type
7.6.3 By Base Oil
8. Key Player Analysis
8.1 ExxonMobil Corp
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Royal Dutch Shell plc
8.3 BP plc
8.4 Total SA
8.5 Chevron Corporation
8.6 Sinopec Corporation
8.7 Valvoline LLC
8.9 Phillips 66 Company
8.10 Fuchs Lubricants Co
8.11 Repsol SA
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures