Automotive Lubricants Market Report:
According to IMARC Group latest report titled “Automotive Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on automotive lubricants market overview. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global automotive lubricants market reached a value of US$ 73.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 90.8 Billion by 2027, exhibiting a CAGR of 3.59% during 2022-2027.
Automotive lubricants play a crucial role in efficiently operating and protecting a vehicle. Different automotive lubricants with varied sources or base oil are available in the market. It reduces friction between surfaces and contact, such as road and vehicle, which protects the automotive parts and increases the vehicle’s performance. It is used in almost all types of vehicles, such as heavy-weight commercial vehicles, lightweight commercial vehicles, passenger cars, three-wheelers, and two-wheelers.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The global market is majorly driven by the increasing production of vehicles. In line with this, the rising demand for environment-friendly lubricants is positively influencing the adoption of automotive lubricants. Furthermore, numerous government initiatives to increase automobile manufacturing are further catalyzing the market. Apart from this, growing awareness regarding the use of oil is creating a positive outlook for the market. Moreover, several players are focusing on increasing their investment in research and development activities to improve product quality to meet rising consumer requirements. Besides this, the wide usage of some quality lubricants, such as synthetic or semi-synthetic oil, is expected to accelerate market growth. Additionally, rising disposable income globally is also reflected in the growing sales of automotive vehicles, which, in turn, is leading to a substantial increase in the demand for automotive lubricants.
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 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.
- Engine Oil
- Gear Oil
- Transmission Fluids
- Brake Fluids
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- 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 (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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