Hyderabad, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Automotive Lubricants Market Report (2023-2028),” the market is estimated at 21.56 billion liters in 2023. It is expected to register a CAGR of 3.81% during the forecast period.
Lubricant is a fluidic material that decreases friction between contact surfaces to avoid wear and tear. Depending upon the end-uses, lubricant is prepared with specific additives and specific group base oils. Automotive lubricants are mainly employed as engines, gear, and hydraulic oils. Factors such as increasing EV production globally and demand from the automotive components industry are expected to drive the market.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | 21.56 billion liters |
| Market Size (2028) | 25.99 billion liters |
| CAGR (2023-2028) | 3.81% |
| Study Period | 2018-2028 |
| Forecast Units | Volume (in liters) |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing EV production. |
| Demand from the automotive components industry. |
Who are the Top Companies in the Automotive Lubricants Market?
The market is partially consolidated, with intense competition among the top players. The key players in the global automotive lubricants market are:
- Amsoil Inc.
- Bharat Petroleum Corporation Limited
- BP PLC (Castrol)
- Chevron Corporation
- China National Petroleum Corporation
- China Petroleum & Chemical Corporation
- ENEOS
- Exxon Mobil Corporation
- FUCHS
- Gazprom Neft PJSC
- Gulf Oil Lubricants India Ltd (Hinduja Group)
- Hindustan Petroleum Corporation Limited
- Indian Oil Corporation Ltd
- LUKOIL
- Motul
- Petrobras
- PETRONAS Lubricants International
- Phillips 66 Company
- PT Pertamina Lubricants
- Repsol
- Shell PLC
- SK Lubricants Co. Ltd
- TotalEnergies
- Valvoline Inc.
- Veedol International Limited
Other Reports That Might Be of Your Interest:
- South Africa Lubricants Market Report - The South African lubricants market is projected to register a CAGR of 3.16% to reach 446.31 million liters by 2026.
- Pakistan Lubricants Market Report - The Pakistani lubricants market volume is estimated to reach over 400 million liters by the end of 2023, and it is projected to register a CAGR of around 3.5% over the next five years.
Key Highlights from the Automotive Lubricants Market Report:
Increasing Usage of Engine Oils
- Engine oils are widely employed in lubricating internal combustion engines in different types of automobiles. They are used for various applications such as wear reduction, corrosion protection, and ensuring the smooth operation of the engine internals.
- Engine oils create a thin film between the moving parts to enhance heat transfer and reduce tension during contact.
APAC to Account for Major Market Growth
- Rapid industrialization in the Asia-Pacific region is anticipated to drive market growth. The development of industries such as automotive in the region will result in lubricant growth.
- The automotive industry consumes lubricants in automotive parts for finishes which are estimated to boost the market's growth. The region is anticipated to hold a major market share, with the largest consumption coming from developing and emerging countries such as China, Malaysia, India, Thailand, Indonesia, and Sri Lanka.
What are the Latest Developments in the Automotive Lubricants Market?
- In October 2022, TotalEnergies signed an agreement with MG Motor to create a new range of lubricants in Chile. These lubricants are expected to be manufactured entirely in Chile, which will likely help TotalEnergies strengthen its geographical presence there.
- In August 2022, Valvoline Inc. announced selling its global products business to oil company Saudi Arabian Oil Co. for USD 2.65 billion as the motor oil maker sharpened its focus on its retail services unit.
Mordor Intelligence has Segmented the Automotive Lubricants Market Based on Product Type, Vehicle Type, and Geography:
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- By Product Type
-
- Engine Oil
- Transmission and Gear Oils
- Hydraulic Fluids
- Greases
-
- By Vehicle Type
-
- Passenger Vehicles
- Commercial Vehicles
- Motorcycles
-
- By Geography
-
- North America
-
- United States
- Canada
- Mexico
-
- Europe
-
- United Kingdom
- Germany
- France
- Italy
- Rest of Europe
-
- Asia-Pacific
-
- China
- India
- Japan
- South Korea
- ASEAN Countries
- Rest of Asia-Pacific
-
- South America
-
- Brazil
- Argentina
- Rest of South America
-
- Middle East & Africa
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- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
-
- North America
-
- By Product Type
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Automotive Lubricants Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Africa Lubricants Market Report - The African lubricants market is projected to register a CAGR of 3.91% over the next five years.
- Lubricant Additives Market Report - The lubricant additives market is projected to register a CAGR of over 3% over the next five years.
- Middle East Lubricant Additives Market Report - The Middle East lubricant additives market is estimated to register a CAGR of over 4% over the next five years.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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