Automotive Lubricants Market Outlook 2031
The global automotive lubricants market size was valued at USD 74.80 billion in 2022 and is estimated to reach USD 86.13 billion by 2031, expanding at a CAGR of 1.58% during the forecast period, 2023–2031. The growth of the market is attributed to increasing demand for high-performance and lightweight vehicles in emerging economies, rising need for high-performance lubricants, and growing disposable income.
Lubricant is a fluidic material that is used to minimize wear and tear by reducing friction between contact surfaces. Depending on end-uses, it is made using appropriate additives and base oils from specific groups. Automotive lubricants are essential for a vehicle's efficient operation and protection.
A variety of automotive lubricants is available in the market, each having a different source or base oil. Mineral-based lubricants comprise the majority of lubricants. In the automotive sector, lubricants are utilized in a variety of applications, including brake systems, fuel systems, body component stamping, and gearbox production. Automotive lubricants help in temperature control by collecting heat generated by the vehicle's moving parts and transmitting it to the sump or cooler.
Automotive Lubricants Market Trends, Drivers, Restraints, and Opportunities
Drivers
- Rising adoption of high-performance lubricants is expected to spur the market growth during the forecast period. Automotive lubricants play a vital role in maintaining the appropriate and improved operation of consumer and industrial vehicles in a variety of challenging and severe environments. Tractor engine oils maintain and ensure a tractor's performance in harsh environments and field circumstances and enable hardware compatibility with unbroken toughness and quality.
- Growing demand for high-performance and lightweight vehicles is estimated to fuel the market in the coming years. As the number of vehicles on the road increases, the demand for lubricants increases.
- Rising disposable income across the globe and economic expansion are anticipated to boost the market during the forecast period.
Restraints
- Growing demand for electric vehicles is projected to hinder the market growth during the forecast period. Electric vehicle sales are expected to increase in the coming years, presenting a challenge to market growth, as these vehicles do not consume engine oil.
Opportunities/Trends
- R&D investment and technological advancement to develop new synthetic lubricants are expected to create immense opportunities for the market players.
Scope of The Automotive Lubricants Market Report
The report on the global automotive lubricants market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Automotive Lubricants Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Oil Types (Semi-synthetic, Synthetic, and Conventional), Product Types (General Industrial Oil, Transmission and Hydraulic Fluids, Engine Oil, Gear Oil, Coolant, and Brake Fluid & Greases), Vehicle Types (Light Commercial Vehicles, Passenger Cars, Heavy Commercial Vehicles, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
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Key Players covered in the Report
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Royal Dutch Shell Plc., Exxon Mobil Corporation, Total S.A., BP Plc., Chevron Corporation, PetroChina Company Limited, Valvoline, BASF SE, Indian Oil Corporation Ltd., and FUCHS Lubricants
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Global Automotive Lubricants Market Segment Insights
Based on oil types, the market is divided into semi-synthetic, synthetic, and conventional. The conventional segment is expected to account for a key share of the market during the forecast period, due to its low price. This factor increases the adoption of this segment in many developed regions including North America and Europe.
In terms of product types, the global automotive lubricants market is segregated into general industrial oil, transmission and hydraulic fluids, engine oil, gear oil, coolant, and brake fluid & greases. Engine oil is essential for the correct operation of an automobile's engine, which is commonly referred to as the "heart" of the vehicle.
Engine oil keeps the engine cool while assisting in the efficient functioning of moving parts. Engine oil must be changed regularly to extend the life of the engine and prevent dirt and pollutants from accumulating.
Based on vehicle types, the market is segmented into light commercial vehicles, passenger vehicles, heavy commercial vehicles, and others. The passenger vehicles segment is projected to represent a key share of the market during the forecast period, due to growth in global demand for passenger vehicles, increasing expenditure on public transportation, and consumers' preferences for efficient and convenient transportation.
On the basis of regions, the global automotive lubricants market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market at a high CAGR during the forecast period. Developing countries in Asia Pacific are expected to maintain steady growth rates, due to increased expansion of the global economy. Furthermore, increasing investments by key manufacturers in the region is another important factor driving the market.
Segments
By Oil Types
- Semi-synthetic
- Synthetic
- Conventional
By Product Types
- General Industrial Oil
- Transmission and Hydraulic Fluids
- Engine Oil
- Gear Oil
- Coolant
- Brake Fluid & Greases
By Vehicle Types
- Light Commercial Vehicles
- Passenger Cars
- Heavy Commercial Vehicles
- Others
By Regions
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East & Africa
By Key Players
- Royal Dutch Shell Plc
- Exxon Mobil Corporation
- Total S.A
- BP Plc
- Chevron Corporation
- PetroChina Company Limited
- Valvoline
- BASF SE
- Indian Oil Corporation Ltd
- FUCHS Lubricants
Competitive Landscape
Key companies introduced significant financial investments in R&D to develop advanced products that meet market demands. Royal Dutch Shell Plc., Exxon Mobil Corporation, Total S.A., BP Plc., Chevron Corporation, PetroChina Company Limited, Valvoline, BASF SE, Indian Oil Corporation Ltd., and FUCHS Lubricants are among the industry's major players.
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