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Over 80% of Automotive Lubricants to be utilized in Engine Oils; Global Market to reach US$ 108 Billion by 2032: Fact.MR

Automotive Lubricants

Automotive Lubricants

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 

“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. 

 Competitive Landscape 

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.

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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).

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For more information, refer to our market research report or contact the PR author.

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