Global Automotive Lubricants Market: Snapshot
The world automotive lubricants market is expected to witness a telling increase in demand in the coming years on account of the rising trend of possessing an automobile among consumers. The sale of automotive lubricants could be optimistically impacted on the back of the surging awareness level about several benefits such as improved average age of automobiles and upgraded operations. This positive situation of the world automotive lubricants market is anticipated to prevail over the course of the forecast period.
In 2015, the world automotive lubricants market was valued at US$55.4 bn. However, it is predicted to progress at a decent CAGR of 4.10% between 2016 and 2024 to reach US$78.9 bn by the end of the forecast period.
Increasing Number of Automobiles Directly Proportional to Growth of Engine Oil
Across the globe, vendors are projected to receive business from three premier types of automotive lubricant, viz. transmission fluid, engine oil, and gear oil. Nevertheless, engine oil a.k.a. motor oil could rake in a significant demand by emerging as one of the most valuable products in the international automotive lubricants market. This trend is foreseen to continue all through the forecast years. The incomparable growth of engine oil in the international automotive lubricants market could be attributed to the mounting count of automobiles running on road.
On the other hand, the magnifying engagement of single fluid for both transmission and gearbox functions is envisaged to cause a decline in the growth of transmission fluid and gear oil in the foreseeable future.
On the basis of base oil, the international automotive lubricants market could be classified into bio-based fluid, synthetic oil, and mineral oil. Each of these base oils is envisioned to offer some or the other type of business opportunity to industry players operating in the international automotive lubricants market.
An automotive lubricant could differ according to the type of automobile it is used for. Therefore, automobiles such as heavy-weight commercial vehicle (HCV), light-weight commercial vehicle (LCV), and passenger car are prophesied to set the tone for growth in the international automotive lubricants market.
By distribution channel, players could find favorable prospects in the aftermarket and original equipment manufacturer (OEM) automotive lubricants markets.
Asia Pacific Keeps Lead with Sizable Consumption in Improving Economies
Asia Pacific is prognosticated to sustain its lead in the worldwide automotive lubricants market while riding on key economies such as Japan and China that account for a larger consumption. The improving economies of Asia Pacific could allow for a substantial increase in the purchase power of consumers. Besides this, the impressive rise of the automotive sector therein is expected to enhance the growth rate of Asia Pacific.
In the near future, Europe could see a ballooning rise in demand propelled by the boosted growth of synthetic lubricants and enforcement of stricter regulations regarding fuel emission. Howbeit, the pace of growth in demand testified by Europe is anticipated to slightly dwindle during the forecast period. The North America automotive lubricants market could be subjected to a similar condition.
Nonetheless, the Middle East and Africa and Latin America are predicted to showcase a considerable growth in the next few years. Developing vehicle parc and infrastructural improvements could be vital for the growth of the Middle East and Africa region. Latin America is envisaged to advance imposingly due to the swelling sales of automobiles in Mexico and Brazil, intensifying implementation of engine oils having lower viscosity, and escalating trend of replacing old automobiles with newer models.
Some of the popular company names in the worldwide automotive lubricants market are Chevron Corp., ExxonMobil Corp., BP Plc., Royal Dutch Shell plc, and Petrobras.
Global Automotive Lubricants Market: Overview
Automotive lubricants are predominantly used to reduce friction and gain smooth functioning of a vehicle. Examples of automotive lubricant products are engine oil, gear oil, transmission fluid, greases, coolants, bearing oil, brake fluid, etc. Engine oil is estimated to expand at a significant rate during the forecast period due to increasing number of vehicles. Stringent environmental regulations on emissions across the globe is estimated to influence use of synthetic or bio-based lubricants over mineral oil based lubricants. Asia Pacific is likely to have a major share in consumption of automotive lubricants during the forecast period.
Global Automotive Lubricants Market: Scope of the Study
The report estimates and forecasts the automotive lubricants market on the global and regional levels. The study provides forecast between 2016 and 2024 based on volume (million tons / kilo tons) and revenue (US$ Bn / US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage.
The study includes drivers and restraints for the automotive lubricants market along with their impact on demand during the forecast period. It also provides key market indicators affecting the growth of the market.
Further, the report analyzes opportunities in the automotive lubricants market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes substitute analysis of automotive lubricants and global average price trend analysis.
Global Automotive Lubricants Market: Research Methodology
The report includes Porter’s Five Forces Model to determine the degree of competition in the automotive lubricants market. The report comprises a qualitative write-up on market attractiveness analysis, wherein end-users and regions have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for automotive lubricants between 2016 and 2024.
Secondary research sources that were typically referred to include, but were not limited to, company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
Global Automotive Lubricants Market: Segmentation
The study provides a comprehensive view of the automotive lubricants market by dividing it into product, base oil, vehicle type, distribution channel, and geography segments. The products have been segmented into engine oil, gear oil and transmission fluid. The base oils are segmented into mineral oil, synthetic oil and bio-based oil.
Based on the vehicle type, the market is segmented into passenger car (PC), light-weight commercial vehicle (LCV) and heavy-weight commercial vehicle (HCV). The distribution channels are segmented into OEM and aftermarket. These segments have been analyzed based on historic, present, and future trends.
Regional segmentation includes the current and forecast consumption of automotive lubricants in North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA). Market segmentation includes demand for consumption in all the regions individually.
Companies Mentioned in the Report
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include Royal Dutch Shell plc, ExxonMobil Corporation, BP p.l.c., Chevron Corporation and Others. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
The global refinery catalysts market has been segmented as follows:
Automotive Lubricants Market – Product Analysis
- Engine oil
- Gear oil
- Transmission fluid
Automotive Lubricants Market – Base oil Analysis
- Mineral oil
- Synthetic oil
- Bio-based fluid
Automotive Lubricants Market – Vehicle type Analysis
- Passenger car (PC)
- Light-weight Commercial Vehicle (LCV)
- Heavy-weight Commercial Vehicle (HCV)
Automotive Lubricants Market – Distribution channel Analysis
- Original Equipment Manufacturer (OEM)
Automotive Lubricants Market – Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America