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The market for automotive lubricants is being propelled by the growing demand for road transportation across the globe. The increasing demand for personal mobility solutions, especially in the wake of the COVID-19 pandemic, is leading to a surge in the demand for automotive lubricants and invigorating the market expansion. With the introduction of various stringent government regulations regarding emissions from road transportation, automotive lubricants manufacturers are increasingly developing engine oils with enhanced mileage and increased fuel-efficiency. Various countries are increasingly switching to advanced and renewable automotive lubricants as an alternative to synthetic ones, which is expected to add to the market growth. Moreover, to capitalise on the growing popularity of electric vehicles, various companies are introducing innovative lubricants to boost the driving range of electric vehicles, which is anticipated to provide impetus to the market in the forecast period.
Chevron Corporation (NYSE: CVX), one of the leading companies in the market, announced the launch of Havoline® PRO-RSTM Renewable Full Synthetic Motor Oil in November 2021. The product is an addition to the Havoline portfolio and is the first renewable motor oil product, which supports the company’s aim of carbon neutrality. The motor oil uses the company’s proprietary ECOSTRENGTTM Technology and offers enhanced performance attributes such as wear protection and cleaning power. As compared to synthetic motor oils, the product offers lower carbon intensity and emission control, which makes it ideal for both cars and the environment. It provides excellent thermal protection while delivering heightened fuel economy retention. The development of such innovative products by the leading companies is positively impacting the market for automotive lubricants.
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The major players in the global automotive lubricants market are AMSOIL Inc., Bharat Petroleum Corporation Limited, BP International Limited, Chevron Corporation, China National Petroleum Corporation, ENEOS Corporation, Indian Oil Corporation Limited, and Exxon Mobil Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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