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Global Automotive Lubricants Market 2021: By Base Oil (Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants, Bio-Based Lubricants), By Product Type (Engine Oils, Gear Oils, Transmission Oils, Others (coolants, Brake oils, etc.), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Others (Two-wheelers, and Three-wheelers), By Distribution Channel (OEM, Aftermarket)Global Automotive Lubricants Market Growth Rate Trends, Product Applications, Opportunity Analysis, Growth, and Industry Forecast: 2019 to 2028”. Trusted Business Insights delivers insightful report on the target market, which focuses on product development, and detailed profile of prominent players, along with growth driving and challenging factors, value chain analysis, trends, future opportunities, PEST and Porters Five Forces Analysis, and other vital industry insights. The global automotive lubricants market report has been divided on the basis of product type, distribution channel, and region.Request Covid - 19 Impact The Global The Global Automotive Lubricants market size was valued at USD $75.47 Billion in 2020, USD $78.24 Billion in 2021, forecasted to reach USD $81.1 Billion in 2022, and is projected to reach USD $109.47 Billion by 2030, and is anticipated to expand at a CAGR of 3.66% over the forecast period from 2020 to 2030.
Automotive Lubricants: Product OverviewAutomotive Lubricant is a thick sticky liquid, which is used to provide ease of movement to the various parts of the automotive such as gear, engine, brakes, suspension, etc. Automotive lubricant is a substance used to decrease friction between connected surfaces, which eventually reduces heat generated from the movement of surfaces. It is necessary to use lubricants for the vehicle to perform smoothly and also to provide protection to automobile body parts. Automotive lubricants are available in various types of viscosity and are different for every part of the automotive. For instance, gear oils deal with the sliding action of gears and provide great resistance to shear breakdown, which will reduce energy consumption owing to its low friction coefficient. Similarly, engine oils are necessary to protect viscosity loss, which provides sustainability for lubricating between engine parts in long run. Higher the viscosity level of the lubricants, higher will be the ease of motion and lower will be the possibility of wear and tear.
Major Positive and Negative Impacting FactorsRising production and demand for automobiles due to increasing disposable income among individuals and increasing number of discounts and EMI options for purchasing automobiles is among the key factors propelling growth of the global automotive lubricants market. Additionally, enormous popularity of sports vehicles, especially for automobile racing, coupled with increasing demand for passenger cars and commercial vehicles from transportation sector and other commercial sectors, are factors that are anticipated to fuel global market growth. Furthermore, shifting consumer preference towards organic and highly sustainable lubricants is estimated to fuel global market growth over the next few years. However, rapidly inclining demand for battery-powered electric vehicles and hybrid vehicles is a factor that could result in low adoption of automotive lubricants and restrain the market growth to some extent. Segment Analysis:
By Product Type:Amid the segments based on types of products, the engine oil segment is anticipated to record highest share in terms of value in the target market. The gear oil segment is projected to grow at a comparatively higher growth rate in the target market.
By Distribution Channel:Amid the two distribution channels, the OEM segment is anticipated to record higher value share as compared to another distribution channel segment in the global market, owing to high adoption of automotive lubricants by manufacturers while production of automobiles.
Analysis by Region: Automotive Lubricants MarketCurrently, North America Market accounts for the largest market share in the global automotive lubricants industry, majorly due to large volume production of automobiles by various major manufacturers in the region. Market in the Asia Pacific is anticipated to witness significant rate of growth over the 10-year forecast period, followed by Europe market. This is due to ever-growing automobile industry in the economies of the region such as China, Japan, India, among others, wherein the markets in Malaysia, Thailand, Philippines are estimated to grow at moderate rate due to focus of major manufacturers to set up manufacturing plants in countries in APAC and high demand for hatchback and SUV vehicles. In January 2018 for instance, Hyundai Motor Company announced plans to set-up a car manufacturing plant in Southeast Asia, with Indonesia and Vietnam being possible locations. This is in order for the company to enhance its presence across Asia Pacific region.
Below are the leading companies profiled in this Automotive Lubricants Market Report:
Chapter 1 Methodology and Scope