Allied Market Research published a report, titled, “The Automotive Lubricants by Base Oil (Mineral Oil, Synthetic, Semisynthetic, and Bio-based Lubricants), Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), and Others), and Application, (Engine Oil, Gear & Brake oil, Transmission Fluids, Greases, and Others). Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global automotive lubricants industry generated $77.8 billion in 2022, and is estimated to reach $116.1 billion by 2032, witnessing a CAGR of 4.1% from 2023 to 2032.
Market Dynamics:
The robust growth of emerging economies, particularly in the Asia-Pacific region, has been a key driver of the automotive lubricants market. The surge in vehicle ownership and production in these regions has significantly contributed to market expansion. Additionally, the advent of online platforms for lubricant purchases has enhanced consumer accessibility, further fueling market growth.
The report highlights several factors driving market growth, including robust usage in the automotive industry, technological advancements, and increased vehicle production. It also identifies high demand from industrial sectors as a significant opportunity for market expansion. However, challenges such as resource depletion and environmental impact may hinder overall growth.
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The mineral oil lubricant segment to maintain its leadership status throughout the forecast period
By base oil, the mineral oil lubricant segment held the highest market share in 2022, accounting for more than half of the global automotive lubricants market revenue and is estimated to maintain its leadership status throughout the forecast period. A growing interest in reducing the environmental impact of automotive lubricants has been witnessed. Mineral oil lubricants are derived from fossil fuels and contribute to carbon emissions. As a result, manufacturers develop low-viscosity mineral oil lubricants that improve fuel efficiency and reduce emissions. Furthermore, some consumers have become more environmentally conscious and choose lubricants that align with their sustainability goals. However, the synthetic lubricants segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032.
Upcoming trends and industry highlights to influence the expansion of the industry
The Chinese government has estimated a 20% rise in electric vehicle production by 2025, which is anticipated to significantly increase the lubricant demand, set to maintain sales at this momentum. While EVs eliminate traditional engine oil usage, specialized lubricants are required for components such as bearings, gears, and electric motors.
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The passenger vehicle type segment to maintain its leadership status throughout the forecast period
By vehicle type, the passenger segment held the highest market share in 2022, accounting for more than half of the global automotive lubricants market revenue and is estimated to maintain its leadership status throughout the forecast period. Development and improvement of road networks, highways, and transportation infrastructure contribute to the convenience and accessibility of passenger cars. Better infrastructure encourages car ownership and usage. Passenger cars offer convenience and flexibility, allowing individuals and families to travel comfortably and at their own pace. This is especially important as people seek to balance work, leisure, and family needs. Automotive lubricants are employed to protect frame components and suspension parts, such as control arms and stabilizer bars. However, the heavy commercial vehicle segment is projected to manifest the highest CAGR of 4.0% from 2023 to 2032.
The engine oil application segment to maintain its lead position during the forecast period
By application, the engine oil segment accounted for the largest share in 2022, contributing to nearly two-thirds of the global automotive lubricants market revenue, and is estimated to maintain its leadership status throughout the forecast period. In emerging economies, the expansion of vehicle fleets is significant. Countries like China and India have seen substantial growth in the number of vehicles on the road, contributing to increased demand for engine oil. Modern engines are designed for higher performance, efficiency, and emissions control. These advancements have led to the development of specialized engine oils that meet the specific requirements of advanced engines, driving demand for more advanced lubricants. Stricter environmental regulations and emissions standards have encouraged the use of higher-quality engine oils that reduce friction and improve fuel efficiency.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for two-fifths of the global automotive lubricants market revenue and is estimated to maintain its leadership status throughout the forecast period. Increasing population-driven electricity consumption, expanding industrial expansion, and increased demand for automobiles are the region’s primary drivers. The Asia-Pacific automotive lubricants market is anticipated to expand during the forecast period. India, China, and Japan are anticipated to contribute to the Asia-Pacific automotive lubricants market expansion. In addition, population growth-driven increases in power consumption, industrial expansion, and demand for electric and hybrid automobiles are anticipated to stimulate regional market growth. China is a major player in the automotive lubricants market.
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Total Energies and MG Motor signed an agreement in October 2022 to develop a new range of lubricants in Chile. The new product is expected to be MG Oil, the first MG Motor oil specially formulated for automobiles.
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