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Global automotive lubricants market was valued at USD 159.17 billion in 2021, and is expected to reach USD 231.03 billion by the end of 2027, registering a CAGR of 6.68%.
Rapid advancement in lubrication technologies and upsurge in demand of automobiles are driving the growth of the global automotive lubricant market in the forecast years.
Lubricating oil is used to lessen wear, heat, and friction between mechanical components that are in contact with one another. It is also referenced to as lubricant or lube. In automobiles, lubricating oil is used and is also referred to as motor oil and transmission fluid.
Improving Vehicle Efficiency
The demand for quality automotive lubricants is driven by the rise in the number of automobiles on the road. By lessening friction, automotive lubricants boost engine longevity and enhance vehicle performance. There has been an increasing need for more vehicles to meet transportation needs because of the growing world population. The market for automobile lubricants is benefiting from this aspect. Additionally, increasing disposable income has led to an increase in the sales of automobiles, which is in turn fueling a significant rise in the need for automotive lubricants. For higher efficiency and improved performance, automotive vehicle manufacturers use high-quality lubricants. Maintaining consistent manufacturing quality is important for big automakers, therefore by using automotive lubricants the vehicle components life get increases.
Increasing Applications of Semi-Synthetic/Synthetic Oil
The increased use of some high-quality lubricants, such as synthetic and semi-synthetic oil, is expected to drive market growth. As it provides superior lubrication than mineral oil, syntetic/semi synthetic coil is frequently used as a lubricant in vehicles. The demand for automotive lubricants is being driven by customers' growing awareness of the significance of using high-quality lubricants for their automobiles. The growth of the global automotive lubricant industry is also expected to be aided by consumers' increasing purchasing power. As global emissions are increasing, synthetic and semi-synthetic oil is being used more and more. To reduce growing emissions, governmental entities are adopting minimum performance standards for lubricants. As a result, there has been an increase in the use of low viscosity lubricants such as synthetic/semi-synthetic oil.
Declining Vehicle Sales
Global vehicle production was estimated at 67.47 million vehicles in Q3 of 2019 and plummeted to 52 million vehicles in Q3 of 2020, with a 23% reduction rate. This decreased demand for engine oils, greases, and other lubricants significantly impacted the market growth of automotive lubricants. The largest manufacturer of automobiles worldwide is China. China produced 18.17 million vehicles as of Q3 2019 and 16.96 million by Q3 2020, a decline rate of approximately 6.66% that had a negative impact on the demand for the local market for automotive lubricants. The substantial decline in the sale and manufacturing of automobiles has been the key reason for the slow growth of the Japanese automotive sector over the past two years. Japan manufactured 7.37 million automobiles as of Q3 2019 and reached 5.69 million by Q3 2020, a decline of around 22%. This significantly impacted the demand for the local automotive lubricants industry.
Technological Developments
Automakers have been producing light automobiles with precise tolerances, which makes them more durable, due to advances in technology and strictly imposed fuel economy standards. Eurol Lubricants developed a fully synthetic coolant & oil (Acetence RNT 5W-30) for diesel and gasoline engines. The product offers better thermal stability and protection against dust, corrosion, and wear. Simultaneously, technology developments pose a threat to the growth of the engine oil segment in terms of volume consumption because of the prolonged engine oil replacement intervals. As a result, in the upcoming years, it is anticipated that the aforementioned factors will have a substantial impact on the market for automotive lubricants.
Market Segmentation
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The automotive lubricants market is segmented by vehicle type, product type, base oil, demand category, and region. Key segments include two-wheelers, passenger cars, light and heavy commercial vehicles, engine oil, transmission oil, hydraulic fluid, grease, and regional segments like Asia-Pacific, Europe, and North America.
Here's a more detailed breakdown of the segmentation
1. By Vehicle Type
- Two-wheelers Includes motorcycles and scooters.
- Passenger cars Focuses on personal vehicles.
- Light commercial vehicles Includes vans and small trucks.
- Heavy commercial vehicles Includes trucks and buses.
2. By Product Type
- Engine oil Essential for lubricating internal engine parts.
- Transmission oil Lubricates transmission systems.
- Hydraulic fluid Used in hydraulic systems for various functions.
- Grease Provides lubrication and sealing in various components.
- Other fluids Includes brake fluid, coolant, etc.
3. By Base Oil
- Synthetic Offers superior performance and longevity.
- Semi-synthetic A blend of synthetic and mineral oils.
- Mineral The most common type of base oil.
- Bio-based Lubricants derived from renewable resources.
4. By Demand Category
- OEM (Original Equipment Manufacturer) Lubricants sold to car manufacturers for new vehicles.
- Aftermarket Lubricants sold to consumers for maintenance and repairs.
5. By Region
- Asia-Pacific A dominant market, particularly in China and India.
- Europe A significant market with strong automotive industries.
- North America Another major market, with the US as a key player.
- South America, Middle East, and Africa Emerging markets with growth potential.
6. By Sales Channel
- Direct sales Lubricants sold directly by manufacturers to customers.
- Distributors Lubricants sold through distributors to retailers and end-users.
- Online channels Lubricants sold through e-commerce platforms.
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Automotive Lubricant Market Size,
Key Market Players
- Indian Oil Corporation Limited
- Castrol India Limited
- Bharat Petroleum Corporation Limited
- Hindustan Petroleum Corporation Limited
- Gulf Oil International Ltd
- Valvoline Cummins Private Limited
- Shell India Markets Private Limited
- TotalEnergies S.A.
- SAVITA OIL TECHNOLOGIES LIMITED
- Veedol Corporation Limited
Company Profiles
Royal Dutch Shell PLC, Exxon Mobil Corporation, Valvoline Inc., BP PLC (Castrol), Gulf Oil Lubricants India Ltd (Hinduja Group), Repsol, PETRONAS Lubricants International, Chevron Corporation, AMSOIL Inc., FUCHS. These are the key players which are developing advanced technologies to stay competitive in the market and enhancing their product portfolio to increase their customer outreach.
|
Attribute |
Details |
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Market Size Value in 2021 |
USD 159.17 Billion |
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Revenue Forecast in 2027 |
USD 231.03 Billion |
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US Revenue Forecast in 2027 |
USD 52.05 Billion |
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Growth Rate |
6.88% |
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Base Year |
2021 |
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Historical Years |
2017 – 2021 |
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Estimated Year |
2022 |
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Forecast Period |
2023 – 2027 |
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Quantitative Units |
Revenue in USD Billion, Volume in Units, and CAGR for 2017-2021 and 2022-2027 |
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Report Coverage |
Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
· By Vehicle Type · By Demand Category · By Product type · By Region |
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Regional Scope |
APAC, Europe, North America, South America, Middle East and Africa |
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Country Scope |
China, Japan, India, South Korea, Australia, Indonesia, Thailand, Russia, Germany, France, United Kingdom, Italy, Spain, Belgium, United States, Canada, Mexico, Brazil, Argentina, Colombia, Iran, Turkey UAE, Saudi Arabia. |
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Key Companies Profiled |
Royal Dutch Shell PLC, Exxon Mobil Corporation, Valvoline Inc., BP PLC (Castrol), Gulf Oil Lubricants India Ltd (Hinduja Group), Repsol, PETRONAS Lubricants International, Chevron Corporation, AMSOIL Inc.., FUCHS |
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Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
|
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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