Increasing Number of Vehicle Ownership is Primarily Driving Consumption of Advanced Automotive Lubricants: Fact.MR Analysis
Increasing Number of Vehicle Ownership is Primarily Driving Consumption of Advanced Automotive Lubricants: Fact.MR Analysis
According to the updated industry report by Fact.MR, a market research and competitive intelligence provider, states that prominent automotive lubricant producers are investing substantially in R&D to improve product efficiency and meet rising consumer demand for better products. This move is set to increase the size of the global automotive lubricant market from US$ 84 billion in 2024 to US$ 114 billion by the end of 2034.
The prime reason driving the demand for high-quality automotive lubricants is the escalating vehicle ownership across the globe. Automotive lubricants improve the performance of vehicles and increase the engine life. Thus, high-performance automotive lubricants are gaining traction to increase the durability of vehicles. Synthetic automotive lubricants are exhibiting increasing demand to meet the demands of modern automobile technologies. Furthermore, the introduction of bio-based automotive lubricants is driving the attention of eco-friendly consumers.
North America and Europe are dominant marketplaces for automotive lubricant producers due to the presence of target audience. Asia Pacific is emerging as a profitable market due to the increasing number of vehicle registration and stringent regulations on passenger safety and emissions.
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Key Takeaways from the Market Study:
“Integration of advanced technologies such as machine learning and artificial intelligence in manufacturing processes will lead to better products and complement global automotive lubricant market growth”, says a Fact.MR analyst.
Leading Players Driving Innovation in the Automotive Lubricant Market
Royal Dutch Shell PLC; Idemitsu Kosan; Sinopec Group; China National Petroleum Corporation; Fuchs Petrolub SE; Valvoline Inc.; ENEOS Corporation; Shell Plc.; TotalEnergies SE; Exxon Mobil Corporation; Chevron
Competitive Analysis
The automotive lubricant market is characterized by the presence of prominent companies and the emergence of new producers. Majority on start-ups are focusing on advancing the properties of automotive lubricants. This move is expected to aid them to attract a wider consumer base.
Leading companies are employing strategies such as global expansion, mergers, collaborations, and partnerships to increase their product offerings. Several market players are also utilizing customer centric approaches and digital marketing strategy to increase their presence.
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Automotive Lubricant Industry News:
In May 2022, Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij – both of Shell Plc.'s subsidiaries – announced that Shell Neft LLC sales, Shell's Russian retail and lubricants businesses, to PJSC LUKOIL were complete.
More Valuable Insightson Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive lubricant market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on lubricant (engine oil, gear oil, brake oil, grease, others), base oil (fully synthetic, semi-synthetic, mineral oil), and vehicle (LCVs, HCVs, midsize vehicles, compact vehicles, premium class vehicles, luxury vehicles), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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A synthetic lubricant is a man-made lubricant designed to provide superior performance compared to traditional mineral oils, often used in modern engines.
CAGR stands for Compound Annual Growth Rate, which measures the mean annual growth rate of an investment over a specified time period, expressed as a percentage.
Bio-based lubricants are environmentally friendly lubricants made from renewable resources, aimed at reducing the ecological impact of traditional petroleum-based products.
Market analysis is the process of assessing the dynamics of a market, including trends, competition, and consumer behavior, to inform business strategies.
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