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Global Automotive Lubricants Market to Reach About USD 79.6 Billion by 2027, Driven by the Growing Demand for Road Transportation

According to a new report by EMR titled, ‘Global Automotive Lubricants Market Report and Forecast 2022-2027’, the global market for automotive lubricants attained a value of about USD 70.5 billion in 2021. The market is further estimated to grow at a CAGR of 2.04% in the forecast period of 2022-2027 to reach a value of approximately USD 79.6 billion by 2027.

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.

Market Analysis by Product Type, Material, Vehicle Type, and Region:

  • The market, on the basis of product type, can be divided into engine oils, transmission oils, hydraulic fluids, and grease, among others.
  • Based on material, the market can be divided into mineral oils, synthetic oils, semi-synthetic oils, and bio-based oils.
  • The major vehicle types of automotive lubricants include passenger vehicles, commercial vehicles, and motorcycles.
  • The regional markets for automotive lubricants include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising automobile sales owing to rapid urbanisation and surging per-capita incomes are invigorating the market growth of automotive lubricants.
  • With the increasing replacement of old vehicles, the demand for advanced and high-performance automotive lubricants is growing, which is invigorating the market.
  • The increasing utilisation of high-viscosity engine oils to lubricate internal combustion engines and allow for a smooth operation is bolstering the growth of the market.
  • The growing demand for heavy-duty motor vehicle engine oils to withstand extreme geographic conditions while meeting stringent emission regulations is propelling the market for automotive lubricants.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for automotive lubricants for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the product types, materials, vehicle types, and major regions of automotive lubricants.
  • It assesses the regional price trends for the (2017-2021) and (2022-2027) periods.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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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