(MENAFN- Ameliorate Digital Consultancy)
The global automotive lubricants market is likely to be valued at US$ 79.23 Billion in FY 2022, up from US$ 76.82 Billion in 2021.
During the past year, the industry registered a Y-o-Y increase worth 3% . From 2022 to 2032, automotive lubricants sales are poised to flourish at a CAGR of 3.1% to reach a value of US$ 108 Billion by the end of 2032.
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Key Takeaways of Automotive Lubricants Market
The automotive lubricants market refers to the market for oils and fluids used to reduce friction, heat, and wear in automotive engines and mechanical components. The market has been experiencing steady growth due to the increasing production and sales of vehicles, the growing demand for high-performance lubricants, and the need for extended vehicle lifespan and maintenance. Key drivers of the market include the expansion of the automotive industry, the increasing adoption of advanced engine technologies, the focus on fuel efficiency and emission reduction, and the rise in vehicle ownership and miles driven. Automotive lubricants are used in various applications, including engine oils, transmission fluids, gear oils, hydraulic fluids, and greases. These lubricants provide lubrication, cooling, cleaning, and corrosion protection for automotive components. The market offers a range of lubricant types, including mineral oils, synthetic oils, and semi-synthetic oils. Synthetic lubricants are gaining popularity due to their superior performance characteristics, including high temperature stability and extended drain intervals. The demand for automotive lubricants is highest in regions with a large automotive industry and vehicle population, such as Asia Pacific, North America, and Europe. However, emerging economies in Asia Pacific and Latin America are witnessing significant growth due to the increasing vehicle ownership and industrialization.
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Competitive Landscape
Prominent Automotive Lubricants providers are reliant on partnerships, collaborations, acquisitions, and new software launch to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.
In May 2022, Shell Overseas Investments B.V. and B .V. Dordtsche Petroleum Maatschappij – subsidiaries of Shell Plc. , have signed an agreement to sell Shell Neft LLC, which owns Shell's retail and lubricants businesses in Russia, to PJSC LUKOIL. In May 2019, ExxonMobil agreed to purchase Indonesian lubricant blender PT Federal Karyatama , the companies announced this week, as part of a plan to expand in the Asia-Pacific region. The $435 Billion acquisition includes the Federal Oil brand of lubricants and a new blending plant in Cilegon, Indonesia.
Key Companies Profiled:
Royal Dutch Shell PLC ExxonMobil Chevron Total S.A. FUCHS
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Key Segments Covered in the Industry Survey
By Lubricants : Engine Oil Gear Oil Brake Oil Grease Other Automotive Fluid Lubricants
By Base Oil : Fully Synthetic Automotive Lubricant Oils Semi-Synthetic Mineral Oil
Key Questions Covered in the Automotive Lubricants Market Report
What is the projected value of the Automotive Lubricants factors Industry in 2022? At what rate will the global Automotive Lubricants factors market size grow until 2032? Which are the factors hampering the growth of Automotive Lubricants factors? Which region is expected to lead in the global Automotive Lubricants factors market By 2032? Which are the factors driving the Automotive Lubricants factors Industry during the forecast period? What is the expected market value of the Automotive Lubricants factors market during the forecast period?
Regional Analysis For Automotive Lubricants Market:
APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka) Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania) North America (USA, Canada and Mexico) South America (Brazil, Chile, Argentina, Rest of South America) MEA (Saudi Arabia, United Arab Emirates, South Africa)
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