Automotive Lubricants Market | Size, Analysis, Development, Revenue, Future Growth, Business Prospects and Forecasts.21 December 2023
The global automotive lubricants market size is expected to reach USD 79.91 billion by 2026, exhibiting a CAGR of 1.58% during the forecast period. The growing adoption and popularity of synthetic lubricants in the automotive sector will have a positive impact on the automotive lubricants market growth during the forecast period. The growing innovation in lubricants has improved the overall of quality, which has led to extended oil drain and service intervals, better fuel efficiency, and more extended protection period. This factor will spur demand for lubricants, which in turn, will enable speedy growth of the market. In addition, the increasing awareness regarding the benefits of synthetic lubricants among consumers will aid the market revenue for automotive lubricants in the foreseeable future.
According to the published report by Fortune Business Insights, titled “Automotive Lubricants Market Size, Share & Industry Analysis, By Oil Type (Synthetic, Semi-synthetic, and Conventional or mineral), By Product Type (Engine Oil, Gear Oil, Transmission Fluids, Coolant and Brake Fluid & Greases), and Regional Forecast, 2019-2026)” the market size stood at USD 70.25 billion in 2018. The report automotive lubricants market report focuses and elaborates the definition, types, applications and major players in detail.
Inauguration of Lubricant Laboratory by Royal Dutch Shell to Propel Market
Royal Dutch Shell, a British-Dutch oil and gas company headquartered in the Netherlands inaugurated the first-ever lubricant laboratory in India. The new lab will help the company to expand and strengthen its R&D activities in the world as well as India. The lab can be play an imperative role in uplifting the automotive lubricants market share during the forecast period due to the technologies to co-engineer products that will help OEMs in improving efficiency and reliability of their equipment along with business development support and maintenance activities of Indian customers. In addition, Country Head, Shell Lubricants India, Mansi Tripathy said in a statement, “OEM partnerships are the main pillars of our technology leadership. At Shell, we are significantly investing in the R&D of lubricants that help us pioneer solutions to support the evolving needs of OEMs and customers.” She further added, “the lubricants laboratory is an important milestone in our journey to serve our customers better, accurately matching their requirements. In addition to serving OEMs, this laboratory will also enable us in developing performance data of Shell-branded products relevant to Indian customers. We are proud to lead the way as R&D specialists in serving customers around the world.”
Burgeoning Automotive Industry to Augment Growth in Asia Pacific
Europe is predicted to witness high growth during the forecast period owing to the high consumption of lubricants in the region. The growing demand for high quality and efficient lubricants from the consumers will promote automotive lubricants market trends in Europe. However, the increasing sales of electric vehicles along with stringent environmental regulations by government will hamper growth of the market during the forecast period. The market in North America stood at USD 14,168 billion in 2018 and is expected to witness steady growth during the forecast period owing to growing demand for commercial vehicles in the region. Asia Pacific is expected to witness significant growth in the forthcoming years owing to the surge in on-road vehicles in countries such as China, Japan, India and South Korea. Moreover, the flourishing automotive industry in Asia Pacific will contribute positively to the growth in the region.