Automotive Lubricants Market Share
The global market for automotive lubricants is expected to experience substantial growth during the forecast period of 2022-2032. According to a recent report published by Market Research Future, the global automotive lubricants market is projected to reach a CAGR of 4.67%, amounting to a impressive valuation of more than USD 10 billion by the end of 2032.
The key driving forces behind this growth include the increasing demand for fuel-efficient vehicles and steady advancements in fuel economy. Additionally, government initiatives to improve the quality of oil formulations also contribute to the robust growth of the automotive lubricants market.
Automotive Lubricants Market Analysis
The global automotive lubricants market can be segmented on the basis of product type, end-user industry, and region. By product type, the global automotive lubricants market is divided into engine oil, transmission fluids, and others. Engine oil held the largest market share of 45.68%, in terms of volume, in 2019, due to its wide applications in passenger cars, commercial vehicles, and off-highway vehicles. The engine oil segment is expected to register the highest market share of 59.31% by 2032.
Based on end-user industry, the automotive lubricants market is segmented into passenger vehicles, commercial vehicles, and off-highway vehicles. Passenger vehicles held a prominent share in 2019, accounting for more than 40% of the automotive lubricants market in terms of volume. This can be attributed to the growing number of passenger cars across the globe, as well as the increasing preference for fuel-efficient vehicles. This segment is further expected to witness substantial growth with a CAGR of 3.81% during the forecast period.
Automotive Lubricants Market
In terms of region, the automotive lubricants market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share of 34.39% in terms of volume in 2019. Rapid technological advancements and the presence of major automotive companies in the region are some of the major factors driving market growth in North America. Europe, on the other hand, is expected to be the fastest-growing region in the market, with a CAGR of 6.19%.
The Asia Pacific is also expected to be a major contributor to the global automotive lubricants market due to the increasing government regulations and stringent industry standards. Furthermore, the growing population in the region is expected to drive the market for automotive lubricants, as it contributes to greater demand for passenger and commercial vehicles.
The automotive lubricants market is highly competitive with a large number of established players in the industry. Some of the major players in the market include Royal Dutch Shell plc, Chevron Corporation, ExxonMobil Corporation, BP plc, Total SA, CNPC, and Sinopec Limited.
In conclusion, the global automotive lubricants market is expected to witness significant growth in the coming years. Factors such as the increasing demand for fuel-efficient vehicles and stringent quality standards are expected to propel the market growth. Moreover, advancements in fuel economy and the presence of major industry players contribute to the dynamic growth of this market.
