Automotive Lubricant Market Outlook and Opportunities in Grooming Regions
Fact.MR’s latest forecast study estimates that the global automotive lubricant market will expand at a value CAGR of 5.4% over the forecast period, 2017-2026. In terms of volume, the report estimates that more than 45,350 Mn Liters of automotive lubricants will be sold globally by the end of 2026.
[USPRwire, Mon Aug 05 2019] Fact.MR’s latest forecast study estimates that the global automotive lubricant market will expand at a value CAGR of 5.4% over the forecast period, 2017-2026. In terms of volume, the report estimates that more than 45,350 Mn Liters of automotive lubricants will be sold globally by the end of 2026.
Proper maintenance of automobiles play a key role in their operations, and lubricants are the primary products that can improve the working of combustion engines and automotive components effectively. In the near future, automotive lubricants will witness a growing demand that will expand in parallel to the rising sales of automobiles. Transformations in the designs of combustion engines will influence the viscosity index of future automotive lubricants. Manufacturers are likely to continue the trending practices of using additives to improve the functions of automotive lubricants. Advanced polymers will be used to synthesize automotive lubricants with enhanced properties. Moreover, the demand for automotive lubricants will propel on the back of their growing applications in EV and hybrid vehicles. Emergence of highly-integrated lubrication systems for vehicles is likely to extend the application scope of these lubricants and bolster their production at a global scale.
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4 Insights on How Global Automotive Lubricants Market will Evolve by 2026
Gear oil segment in the in the lubricants type category is forecasted to exhibit a robust CAGR during the period of assessment and is estimated to reach a value of nearly US$ 22,400 Mn by the end of 2026. The gear oil segment was expected to account for nearly one-fifth of the revenue share of the lubricants type category by the end of the year 2017.
Semi-synthetic oil segment in the base oil type category is forecasted to exhibit a CAGR of 6.1% during the period of assessment and is likely to reach a valuation of nearly US$ 57,800 Mn by 2026 end. The semi-synthetic oil segment was expected to account for nearly half of the revenue share of the base oil type category by 2017 end and is expected to gain market share during the forecast period.
The LCV segment in the vehicle type category was forecasted to exhibit a moderate CAGR during the period of assessment and is expected to reach a valuation of nearly US$ 23,525 Mn by the end of 2026. The LCV segment was estimated to account for more than one-fifth of the revenue share of the vehicle type category by 2017 end.
The United States automotive lubricant market is likely to reach a value of nearly US$ 21,000 Mn and exhibit a robust CAGR during the period of assessment from 2017 till 2026.
The report has also profiled leading manufacturers of automotive lubricants, which include, Chevron, Valvoline Inc., Fuchs Group, Buhmwoo Chemical Ind. Co., Ltd., Total S.A., Nippon Oil, Royal Dutch Shell plc, British Petroleum, Quaker Chemical Corporation, AMSOIL INC. and Exxon Mobil. These companies will be responsible for almost entire automotive lubricants produced in the world through 2026. Environmental law compliance will continue to remain a challenge for automotive lubricant manufacturers. In the foreseeable future, several market players are likely to explore their capabilities in producing biolubricants for automotive applications.
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