According to IMARC Group latest report titled “Automotive Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on automotive lubricants market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global automotive lubricants market size reached US$ 75.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.8 Billion by 2028, exhibiting a growth rate (CAGR) of 3.5% during 2023-2028.
Automotive lubricants are used in motor vehicles to reduce friction between moving parts and to keep the engine clean, cool, and running smoothly. They are considered essential elements for the proper functioning of an automobile. They are produced from a combination of base oils, additives, and other chemical compounds. There are different types of automotive lubricants available in the market and they are utilized depending on the type of vehicle and its usage. Due to the advent of high-performance automotive lubricants, there has been a considerable rise in their adoption across the globe as they aid in providing the smooth operation of vehicles.
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Market Trends:
Significant growth in the automotive industry majorly drives the global market. In addition, the growing inclination towards heavy-duty motor vehicle engine oils to handle severe geographical conditions and meet emission regulations for on- and off-highway heavy vehicles, is driving the market. In addition, the emergence of chemical-free bio-based automotive lubricants is serving as a further impetus to the demand as these lubricants boast improved lubricity and reduce the environmental burden associated with synthetic lubricants. Some of the other factors driving the market include the growing purchasing power of consumers and increasing investments in extensive research and development (R&D) activities conducted by key players to enhance oil quality.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Amsoil Inc.
- BP plc
- Chevron Corporation
- China National Petroleum Corporation
- Exxon Mobil Corporation
- Fuchs Group
- Petronas Lubricants International Sdn Bhd
- Phillips 66 Company
- Royal Dutch Shell plc
- SK Lubricants Co. Ltd.
- Total SE
- Valvoline Inc
Automotive Lubricants Market Segmentation:
Our report has categorized the market based on region, product and vehicle type.
Breakup by Product:
- Engine Oil
- Gear Oil
- Transmission Fluids
- Brake Fluids
- Coolants
- Greases
- Others
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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