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 analysis. 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 are the fluids used for decreasing the friction between the moving contact surfaces of the machines. Using automotive lubricants ensures the reduction in heat generation from the machines, helping the machine work smoothly and efficiently. Prepared with specific additives and specific group base oils, automobile lubricants are engineered to improve their performance features and match the demands of the latest automobile technologies. They are primarily used as engines, gear, and hydraulic oils in heavy-weight and light-weight commercial vehicles, passenger cars, 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 automotive lubricants market is primarily driven by significant growth in the automotive sector. Also, the growing demand for heavy-duty industrial vehicles and the increasing prices of conventional fuels act as major growth-inducing factors. Moreover, extensive research and development (R&D) activities and continual advancements in semi-synthetic and synthetic oil quality are some of the other factors providing an impetus to the market growth across the globe.
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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.
Breakup by Product:
- Engine Oil
- Gear Oil
- Transmission Fluids
- Brake Fluids
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
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 (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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