According to Stratistics MRC, the Global Automotive Lubricants Market is accounted for $69.27 billion in 2022 and is expected to reach $85.65 billion by 2028 growing at a CAGR of 3.6% during the forecast period.
Automotive lubricants are essential to a vehicle’s effective operation and protection. They are produced using a variety of base oils. Because they are widely available, mineral-based lubricants are primarily used in all parts of the world. However, the market has been significantly transformed by the introduction and popularity of synthetic or bio-based lubricants. Consumers have benefited from technological advancements in various ways, including longer oil drain and service intervals, higher fuel efficiency, and a longer warranty period.
Automotive lubricants are increasingly popular on the market thanks to their qualities of durability and vehicle protection. By drastically reducing friction between the pieces, they provide defence against damage to a vehicle’s systems and parts. Additionally, the need for low viscosity and better-performing lubricating oils is continuously growing due to the industry’s use of smaller and more complicated automotive systems.
By geography, Asia Pacific is projected to hold the largest market share during the forecast period owing to the region’s rapid economic expansion, massive construction projects, and the introduction of several advantageous government policies like 100% FDI and “Smart Cities,” the automotive industry is predicted to grow at a significant rate over the projected period. Additionally, the rising desire for premium, high-performance passenger cars has drawn significant investment from global automakers.
Some of the key players profiled in the Automotive Lubricants Market include Chevron Corporation, B.P. PLC, Exxon Mobil Corporation, Valvoline Corporation, Shell International B.V., Phillips 66 Company, China National Petroleum Corporation, FUCHS Petrolub SE, Kluber Lubrication Munchen SE & Co. KG, Petroleo Brasileiro S.A., Royal Dutch Shell Plc., Equilon, Indian Oil Corporation Ltd. and BASF SE
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By Product Types:
- Engine Oil
- Gear Oil
- Transmission Fluids
- Coolants
- Brake Fluid & Greases
- Other Product Types
By Types:
- Semi-Synthetic Lubricants
- Synthetic Lubricants
- Conventional Lubricants
- Mineral Oil Lubricants
- Bio-Based Lubricants
- Other Types
By Vehicle Types:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Other Vehicle Types
By Sales Channels:
- Aftermarket
- Original Equipment Manufacturers (OEMs)
By Applications:
- Transportation
- Industrial Machinery & Equipment
- Other Applications
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- Competitive Benchmarking
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