Albany, New York, Nov. 13, 2017 (GLOBE NEWSWIRE) — The leading three vendors in the global automotive lubricants market, namely ExxonMobil Corporation, Royal Dutch Shell plc., and BP PLC, collectively accounted for a mere 31.6% of the total market in 2015, hinting at a largely fragmented and competitive market, observes Transparency Market Research in a recent report. Companies having a relatively better stronghold on the global market lead on account of their diverse range of products in the portfolio, massive networks in international as well as regional circuits, and focus on research and development aimed at the development of trendy products such as bio-based lubricants.
Transparency Market Research estimates that the global automotive lubricants market will exhibit a CAGR of 4.1% over the period between 2016 and 2024, rising from a valuation of US$57.29 bn in 2016 to US$78.92 bn by the end of 2024.
Engine Oils to Continue to Account for Maximum Revenue Share in Global Market
In terms of type of automotive lubricants, the report states that the segment of engine oil is will account for the leading contribution of revenue to the global market, representing nearly 70% of the market by the end of the forecast period. These oils are utilized for lubricating internal combustion engines, for enhancing sealing, inhibit corrosion, cooling the engine, and for reducing wear and tear.
On the basis of geography, the market for automotive lubricants in Asia Pacific is poised to lead the global market over the report’s forecast period. The regional market for automotive lubricants will be powered by factors such as the rising disposable incomes in countries such as India and China resulting and a vast rise in demand for passenger and commercial vehicles. On the other hand, North America and Europe are saturated markets for automotive lubricants and any substantial growth will largely stem from the development of bio-based alternatives.
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Mounting Sales of Vehicles Globally to Lead to Increased Demand for Automotive Lubricants
Owing to the important role played by automotive lubricants in improving the overall performance of any vehicle, much of growth of the global automotive lubricants market is driven by the benefits these products provide. Automotive lubricants play a key role in the reduction of wear and tear as well as friction within automobiles. Lubricants in automobiles also help in enhancing the functional lifespan of vehicles, and hence provide high-efficiency output. The steady expansion of the automotive industry across the globe in the past few years has resulted in healthy development of the global automotive lubricants market as well.
Rising disposable incomes of people across the globe have resulted in the increased sales of vehicles globally, thus also fuelling the global automotive lubricants market in the forecast horizon. On the other hand, the strict environment regulations have raised the adoption of high-performance lubricants by vehicle owners, resulting in enhanced fuel economy and reduced carbon dioxide emissions, hence impeding the growth of the market for automotive lubricants.
For the study, the market has been segmented as follows:
Automotive Lubricants Market – Product Analysis
- Engine oil
- Gear oil
- Transmission fluid
Automotive Lubricants Market – Base oil Analysis
- Mineral oil
- Synthetic oil
- Bio-based fluid
Automotive Lubricants Market – Vehicle type Analysis
- Passenger car (PC)
- Light-weight Commercial Vehicle (LCV)
- Heavy-weight Commercial Vehicle (HCV)
Automotive Lubricants Market – Distribution channel Analysis
- Original Equipment Manufacturer (OEM)
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