As per a recent report published by Fact.MR, the global automotive lubricants market is poised to grow at a CAGR of 3.1% from 2022 to 2032. During the said forecast period, the industry is likely to yield a valuation of US$ 108 Billion. With the rising number of vehicles, and the development of the transportation sector, the global market for automotive lubricants continues to grow.
From 2015 to 2021, the market for automotive lubricants grew at a CAGR of 3%, closing at a value of US$ 76.82 Billion. As of 2022, the industry is likely to reach US$ 79.23 Billion. Factors such as a rise in private transport, increasing economic stability, and consumer affordability are surging the usage of vehicles and are set to drive the automotive lubricants market across all geographical regions. North America and Europe are expected to witness stagnant growth in the automotive lubricants market.
Government policies lay emphasis on reducing the emission of Co2 from vehicles thus, strict environmental regulations and norms are being implemented by several countries. Prominent manufacturers are concentrating on abiding by the regulation, thereby reducing the usage of gasoline & diesel in the coming future. These factors are likely to have an adverse effect on the global automotive lubricants market.
Key Takeaways from the Market Study
- Global automotive lubricants market to flourish 1.3x from 2022-2032
- Engine oil automotive lubricants to be a top-selling category, capturing more than 4/5th of market share and flourishing at a 17% CAGR until 2032
- By vehicle type, Automotive Lubricants for the automotive industry to expand at a CAGR of 3.5%
- S to emerge as the fastest-growing Automotive Lubricants market, documenting a 3.1% CAGR
- China to be the 2nd most opportunistic market, expected to be valued at US$ 60 Billion in 2032
“Prominent manufacturers are consistently focusing on enhancing the efficiency of engines, thereby using modern technologies like nanoparticles to reduce the consumption of oil. Owing to this factor, the demand for lubricants in the automotive industry is likely to proliferate in the future outlook,” comments a Fact.MR analyst.
The global market for Automotive Lubricants is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In May 2022, Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij – subsidiaries of Shell plc have signed an agreement to sell Shell Neft LLC, which owns Shell’s retail and lubricants businesses in Russia, to PJSC LUKOIL.
- In May 2019, ExxonMobil has agreed to purchase Indonesian lubricant blender PT Federal Karyatama, the companies announced this week, as part of a plan to expand in the Asia-Pacific region. The $435 Billion acquisition includes the Federal Oil brand of lubricants and a new blending plant in Cilegon, Indonesia
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global Automotive Lubricants market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022 to 2032.
The study reveals essential insights on the basis of lubricants (engine oil, gear oil, brake oil, grease and other fluids), base oil (fully synthetic oil, semi-synthetic oil and mineral oil), vehicle (LCV, HCV, midsize vehicles, compact vehicles, premium class vehicles, luxury vehicles and other vehicle types) across six major regions (North America, Latin America, APEJ, Japan, Europe, and Middle East & Africa).
Fact.MR’s Domain Knowledge in Chemical & Materials
Our chemical & materials consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the Chemicals and Materials sector. Our expertise in recognizing the challenges and trends impacting the global Chemicals and Materials industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.