The latest report by IMARC Group, titled “Automotive Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the automotive lubricants market demand. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global automotive lubricants market size reached US$ 78.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 104.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032.
Automotive Lubricants Market Trends:
The global market is primarily driven by the continuous increase in vehicle ownership ensuring optimal engine performance and longevity. In line with this, the growing awareness of the importance of regular vehicle maintenance among consumers is supporting the market demand. The rapid expansion of the global automotive industry, including the rise in production and sales of passenger and commercial vehicles, is further propelling the market.
Moreover, continual advancements in lubricant technology, such as the development of synthetic and bio-based lubricants, are offering improved performance and environmental benefits, attracting a wider consumer base to the market. Furthermore, the growth of the automotive aftermarket, including services and repairs, is another factor driving the consumption of the product. Apart from this, stringent government regulations related to vehicle emissions and fuel economy are encouraging the product use and stimulating market reach.
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Automotive Lubricants Market Scope and Growth Analysis:
The scope of the market is expanding and witnessing steady growth due to the rising adoption of synthetic and bio-based lubricants that offer superior performance and environmental benefits. Market analysis indicates that the factor broadening the market scope is the increasing focus on developing lubricants that cater to specific vehicle types, including hybrids and electric vehicles, which require unique formulations.
In addition to this, the ongoing trend towards longer oil drain intervals, driven by advancements in lubricant formulations, is impacting the market dynamics by shifting consumer preferences towards premium products. The market scope is also benefiting from the expansion of the automotive sector in emerging markets, where rising vehicle ownership is driving demand for lubricants. Moreover, the increasing emphasis on vehicle durability and the growing awareness of the benefits of regular maintenance are sustaining the demand for automotive lubricants.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Amsoil Inc.
- BP plc
- Chevron Corporation
- China National Petroleum Corporation
- Exxon Mobil Corporation
- Fuchs Group
- Petronas Lubricants International Sdn Bhd
- Phillips 66 Company
- Royal Dutch Shell plc
- SK Lubricants Co. Ltd.
- Total SE
- Valvoline Inc
Automotive Lubricants Market Segmentation:
Our report has categorized the market based on region, product and vehicle type.
Breakup by Product:
- Engine Oil
- Gear Oil
- Transmission Fluids
- Brake Fluids
- Coolants
- Greases
- Others
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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