Around 40% of total automotive lubricants sales are concentrated in Asia.
NEW YORK, NY / ACCESSWIRE / April 21, 2021 / Fact.MR: A report by Fact.MR on global automotive lubricants market projects a steady growth through 2021 and beyond. Rising sales of passenger and heavy duty vehicles have increased the usage of automotive lubricants. High-performance automotive lubricants offer better hydrophilic properties. Properties such as high-level thermal stability and low freezing point are essential for improve the engine performance. These automotive lubricants applications are accelerating the demand in the market.
Market players are focusing on adopting bio-based automotive lubricants due to the strict regulations imposed by government. Furthermore, to meet the government guidelines and norms, they are developing eco-friendly automotive lubricants. Also, leading players such as Castrol limited, Goodyear, and FUCHS Petrolub SE are providing bio-based automotive lubricants.
"Rising adoption of electric vehicles (EV) in countries such as the United States, the UK, German,y and France might hamper the growth of automotive lubricants market. However, gasoline and diesel-based automotive industries are well-established across the globe. So despite of rising adoption of EV, automotive lubricants market will continue witnessing increasing sales" says a Fact.MR analyst.
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Key Takeaways
- China is expected to be the biggest automotive lubricants market through 2021
- United States to emerge as a potential market backed by the rising adoption of passenger vehicles
- Automotive lubricants market in India expected to expand at over 6% CAGR
- Germany and Russia to dominate the European automotive lubricants market
- Countries such as UK, France and other European countries are expected to project impressive growth over forecast period
Prominent Drivers
- Increasing demand for light passenger vehicles and heavy duty vehicles likely to fuel the growth
- Strategic collaborations between automakers and regional players to provide growth opportunities in automotive lubricants market
- Government favorable policies for automotive lubricants to be a key driver
Key Restraints
- Volatile price of raw materials is likely to limit the growth
- Increasing engine downsizing for passenger cars is expected to hamper the demand
- Rising adoption of electric vehicles may restrict the growth of automotive lubricants market
Discover more about the automotive lubricants market with 96 figures and 126 data tables, along with the table of contents.
https://www.factmr.com/report/434/automotive-lubricant-market
Competitive Landscape
Leading players operating in automotive lubricants market profiled by Fact.MR include Total S.A., Royal Dutch Shell Plc., Valvoline Inc., Quaker Chemical Corporation, Nippon Oil, ExxonMobil, Chevron, British Petroleum, Fuchs Group, and AMSOIL Inc. among others. According to Fact.MR, market players are adopting strategies like mergers, acquisitions and expansion projects to enhance their market position in the industry.
For instance, in 2020, US headquartered tyre major Goodyear announced the collaboration with Assurance International as it has forayed into automotive lubricants segment in India.
More Valuable Insights on Automotive lubricants Market
Fact.MR, in its new report, offers an unbiased analysis of the global automotive lubricants market, analyzing forecast statistics through 2021 and beyond. The study reveals growth projections on the automotive lubricants market on the basis of lubricants (engine oil, gear oil, brake oil, grease, and other fluids), base oil (fully synthetic oil, semi-synthetic oil and mineral oil), vehicle (LCV, HCV, midsize vehicles, compact vehicles, premium class vehicles, luxury vehicles, and other vehicle types), across regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and Middle East & Africa).
Key Questions Covered in the Report
- Which base oil will be the most lucrative for automotive lubricants market?
- What is likely to be the future outlook of automotive lubricants market?
- What are the key drivers and restraints for the automotive lubricants market?
- Which region has the highest growth rate in automotive lubricants market?
- Which are the leading players operating in the automotive lubricants market?
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SOURCE: Fact.MR