Automotive Lubricants are an essential part of maintaining optimum efficiency when using automobiles. The automotive industry has been expanding at a truly rapid pace which has resulted in an increased demand for Automotive Lubricants. Market Research Future has revealed several important findings in its newest report on the Global Automotive Lubricants Market. Growth of the market is expected to witness a steady, upward trend.
Global sales of automotive vehicles have increased significantly, and expansion of the commercial sector has resulted in increased sales of commercial vehicles. Increasing urbanizations across the world, and a rise in disposable incomes in emerging economies has increased sales of passenger automobiles which has directly impacted the Automotive Lubricants Market. The expansion of the commercial sector has been influenced by the economic growth in developing countries. Increasing popularity of motorsports and auto racing have also been found to contribute to the increased demand for automotive lubricants. Automotive Lubricants are vital in increasing vehicular performance and have the ability to reduce engine wear, thus contributing to a longer life and efficient running of automotive vehicles. These advantages act as drivers of the Automotive Lubricants Market.
Biolubricants are increasingly witnessing applications in the automotive industry. Rising environmental concern is expected to reveal new opportunities in the near future. Moreover, market players are consistently developing new and improved lubricants which will drive market growth.
Chevron Corporation, Fuchs Lubricants Co., ExxonMobil Corporation, ConocoPhillips Corporation, and BP Plc are among the leading market participants that have been included in MRFR’s competitive analysis.
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Latest Industry News:
Tata Motors & Gulf Oil have signed an agreement to launch a lubricant range aimed at passenger vehicles in India. The co-branded lubricant range is expected to cater to the expanding sales of passenger vehicles in the region.
HollyFrontier is poised to acquire Sonneborn in an effort to bolster its positioning in automotive lubricants market.
The Global Automotive Lubricants Market report by MRFR has included several key segments which contribute to market structure. Segmental analysis of the market has been done on the basis of type, vehicle, and region.
Types of automotive lubricants include transmission fluids, engine coolant, grease, gear oil, engine oil, and others. These lubricants perform various functions to help maintain smooth functioning of automotive vehicles. Some examples of their varied applications include the use of gear oil for smooth transmission, while engine coolants are used to absorb heat from the engine to avoid overheating.
Vehicles which use automotive lubricants include light, commercial, and heavy vehicles. Use of lubricants in vehicles ensures optimization of fuel consumption as well as reduced carbon emissions.
The Asia Pacific has captured a significant share of the market and has earned a leadership position for itself in the Global Automotive Lubricant Market. Countries such as South Korea, India, China, and Japan are key markets within the APAC due to the rapid growth of the automotive industry in the region. The economic growth in the region and increasing industrialization has led to the expansion of the transportation sector, thus driving increased demand for automotive lubricants. Moreover, the region has an immense population and an expanding middle class which is increasingly urbanizing. Consumers in the region, due to above-mentioned factors have a rising disposable income which has increased the demand for light passenger vehicles.
Additionally, the APAC has been established as a manufacturing hub for automotive vehicles. This is expected to have a positive impact on the market.
Europe and North America are mature markets, and the developed countries in these regions have somewhat reached their saturation point. However, these regions hold great promise in the rapidly developing economies present in the region. The European market is witnessing increasing opportunities for growth in Eastern Europe. Meanwhile, North America comprises the U.S, Canada, and Mexico. The U.S is a developed country with a saturated market with a large automotive sector and several leading market players. Mexico and Canada represent growth opportunities for the market over the forecast period.
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