Global Automotive Lubricants Market: Snapshot
The global automotive lubricants market is treading a growth path mainly because of exponential growth of the automotive sector. Rising disposable incomes leading to increasing vehicle ownership in emerging economies of Asia Pacific has given a boost to the automotive lubricants market. Automotive lubricants help improve vehicle efficiency and increase operational life of engines which diminishes due to frequent stops, idling on the roads.
While new vehicles require relatively low maintenance, frequent oil change and maintenance much needed for old vehicles. This is favoring the automotive lubricants market.
On the flip side, high price of fully synthetic and semisynthetic lubricants is limiting the growth of automotive lubricants market. Considering a number of favorable factors, the global automotive lubricants market is likely to rise at a CAGR of 4.1% vis-à-vis revenue from 2017 to 2024.
Passenger Cars to Account for Significant Revenue through 2024
The global automotive lubricants market is segmented on the basis of product, base oil, vehicle type, distribution channel, and geography. In terms of product, engine oil, gear oil, and transmission oil are the key products into which the automotive lubricants market is segregated. Among them, engine oil product segment dominates the automotive lubricants market; the segment is predicted to remain attractive during the forecast period. On the other hand, gear oil and transmission fluid are expected to display declined share through 2024. This is because of availability of lubricant products that can be used for gearbox as well as transmission. Also, vehicles manufactured using new technologies use single fluid for both gearbox and transmission. In terms of volume, transmission fluid segment is anticipated to amount to 6.92 mn tons by 2024.
Depending upon base oil, synthetic oil, mineral oil, and bio-based oil are the segments into which the automotive lubricants market is divided. Of them, mineral oil is the most attractive base oil segment in this market. In the years ahead too, mineral oil segment is anticipated to remain at the fore because of its high quantity and cheap price range, and the use of mineral oil in the manufacture of synthetic blends. Bio-based oil, on the other hand, is anticipated to hold a small share in the market as it is in developing stage.
By vehicle type, PC, LCV, and HCV are the segments into which the automotive lubricants market is segregated. Passenger cars vehicle type account for the leading share in the market due to exponential rise in the number of passenger cars. In the years ahead, passenger cars segment is anticipated to be highly attractive to reach 32.37 mn tons vis-à-vis volume by 2024.
On the basis of distribution channel, OEM and aftermarket are the segments into which the automotive lubricants market is divided. The aftermarket distribution channel accounts for more than 50% of overall automotive lubricants market. However, in the years ahead, the share of aftermarket distribution channel segment is predicted to rise at a slow pace.
Flourishing Automobile Sector Pushes Asia Pacific to the Fore
Among the key regional markets, Asia Pacific currently holds significant share in the global automotive lubricants market, followed by Europe and North America. Asia Pacific automotive lubricants market is anticipated to exhibit increased share due to flourishing automobile industry in the region. On the other hand, increasing use of public transportation instead of personal vehicles due to environmental considerations is negatively impacting the North America and Europe automotive lubricants market.
Some leading companies in the global automotive lubricants market are Royal Dutch Shell plc, Sinopec Corporation, ExxonMobil Corporation, BP plc, Total S.A., Chevron Corporation, Fuchs Lubricants, and LUKOIL Oil Company.
Global Automotive Lubricants Market: Overview
The research study analyzes the automotive lubricants market in terms of revenue (US$ Mn) for the 2017- 2024 forecast timeframe at regional as well as global level. For the research, 2016 has been considered as the base year while 2015 values have been provided for historical information. The objective of the automotive lubricants market report is to serve as a reliable business decision making instrument for its audiences. The analysis of the automotive lubricants market presented in this report has been derived using industry-best analytical tools such as Porter’s five forces and SWOT analysis. The automotive lubricants market has been studied on the basis of product, base oil, vehicle type, distribution channel, and region in this report.
The introductory part of the report outlines definitions, conventions, and terms and terminologies relevant for the overall automotive sector. Industry policies and industry statutes in the purview of automotive industry are appended at the end of this section.
The market study strives to examine key growth drivers, unique trends, and leading consumers that are important for a know-how of automotive lubricants market. The report discusses qualitative and quantitative aspects of key aspects such as investments, regulatory scenario, and price trends that influence the growth of automotive lubricants market. The analysis of the automotive lubricants market presented in the report provides valuable insights for key stakeholders. The report covers price trend analysis and value chain analysis for automotive lubricants market for the 2017-2024 forecast period.
Comprehensive Research Methodologies Add Credibility to Market Analysis
The making of the report involved top-down approach to estimate market numbers for each segment. Bottom-up approach has been employed to validate revenue and market share estimations for each segment. Key underlying assumptions in the making of the report include production and sales of vehicles, and prices offered by different automotive lubricant manufacturing companies in different regions. Business and competitive aspects considered in the making of the report include strategic partnerships, upgrade, mergers and acquisitions, and geographical outreach.
The making of the report involved an elaborate primary and secondary research phase. This involved assessing growth trends, which were used to forecast market share and revenue estimations of this market. Trade dynamics and import-export scenario in different countries were taken into consideration to provide insights into market attractiveness. Average cost of components, raw material costs, and volume consumption were considered for baseline year calculations.
Secondary sources reached out to include International Organization of Motor Vehicle Manufacturers, European Automobile Manufacturers Association, U.S. Energy Information Administration, OPEC Annual Statistical Bulletin, company annual reports, IHS Market Ltd., and automotive lubricants magazines, and news articles.
Extensive Competitive Analysis Leads to Valuable Insights
Included in the report is detailed insights on the competitive outlook. This includes identifying and profiling key vendors for automotive lubricants globally. Competitive strategy, financials, product portfolio, product developments, and SWOTs are the attributes based on which leading vendors are profiled. Market share estimates and corresponding market position of each player is a highlight of the report.