Market Research Future has published a half-cooked research report on the Global Automotive Lubricants Market - Forecast to 2025
Automotive Lubricants Global Market – Overview
The Automotive Lubricants Market is growing at the rapid pace; mainly due to the burgeoning Automotive Industry. According to a recent study report published by the Market Research Future, The global market for Automotive Lubricants has witnessed continued demand during the last few years and is projected to gain prominence over the forecast period. The market is forecasted to perceive a massive growth by 2027, surpassing its previous growth records in terms of value and volume with a striking CAGR during the anticipated period (2016-2027).
Increasing number of automobiles globally and rapid surge in commercial activities has been one of the key factors of growth in the Automotive Lubricants Market. Growing number of passenger cars, growing popularity of Motor Sport and Auto Racing has also contributed to the growth of the Automotive Lubricants Market. Increasing demand for passenger and commercial vehicles is also going to fuel the demand in the Automotive Lubricants market.
Moreover, increase in inclination of consumers towards efficient and easy transportation needs further boosts the growth for this segment.
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Owing to constant growth in per capita disposable income and rise in demand for commercial utility vehicles; the Automotive Lubricants Market has witnessed major developments. However, paramount concerns pertaining to the environmental hazards associated with the mineral oil lubricants may affect the overall market growth in the developed and the developing countries. Adversely, investments in R&D activities to produce novel lubricants are expected to provide opportunities for growth in the future.
The rapid technological advances in the manufacture of machinery and automobiles are intensifying the need for environment-friendly and high-performance lubricants and lubricant additives. Therefore, lubricant manufacturers must constantly upgrade their production capabilities and product portfolio to match the revised requirements.
Although this results in the emergence of value-added products, it severely affects the profit margins of lubricant manufacturers. Apart from the additional costs of revised formulations, vendors also incur the capital costs associated with the technology and infrastructural upgrades. Noncompliance with the revised requirements invites regulatory attention and leads to a decline in market shares.
Automotive Lubricants Market – Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Automotive Lubricants appears to be highly competitive and fragmented. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on products, quality & technology launch, and reputation. Well established players partner with the raw material suppliers to provide the best-quality Automotive Lubricants in the market, they invest heavily in the R&D to develop the adept technologies that are completely on a different level compared to their competition, to supports their packaging system, with unrivalled attractive design.
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Industry News:
September 2017, Automotive lubricants giant Repsol (Spain) announces its plans to double its annual India sales over the next decade. The Spanish company, which operates through its Indian partner G.P. Petroleum Ltd. (GPPL), aims to capture 5% market share in the country’s automotive lubricant segment.
October 2017, Eterna Oil Plc. said that the company has invested over N3 billion to further expand its lubricant oil plants operations to promote local content drive in oil and gas sector.
Automotive Lubricants Global Market – Segments
The Global Automotive Lubricants Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type: Comprises Engine oil, Gear oil, Grease, Transmission fluids, Engine coolant, and other fluids.
Segmentation by Vehicle: Comprises Light, Commercial, and Heavy.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Automotive Lubricants Market – Regional Analysis
Asia-Pacific is one of the dominant regions for the Automotive Lubricants Market. Increasing demand due to increasing population in the Asia-Pacific region is one of the key factors for the high growth in this region. North America and Europe being one of the saturated markets are showing steady growth in the Automotive Lubricants market.
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