The global automotive lubricants market size is expected to reach USD 87.1 billion by 2025, according to a new report by Grand View Research, Inc. High engine oil demand in passenger cars, diesel trucks, and light-duty trucks is expected to drive global automotive lubricants industry growth over the forecast period.
Rise in middle class, urbanization, and growing disposable income in developing countries have led to greater passenger car sales. On a parallel level, economic growth in these regions has promoted trade, leading to the growth of transportation sector. These factors combined have led to increased lubricants consumption.
Engine oil segment is the largest contributor to automotive lubricants market which was around USD 34 billion in 2016. Engine oil is widely used in passenger cars, diesel trucks, and light-duty trucks. They help to maintain the viscosity, ensure dependability and reduce engine wear. Increasing drain intervals and formulation of high performance oils to impact their consumption, thereby growth.
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Further key findings from the report suggest:
- The global automotive lubricants market size was worth USD 57.2 billion in 2014 and is expected to grow at a CAGR of 3.7% from 2017 to 2025
- Brake fluids accounted for over 12% of the overall volume in 2016, with the segment expected to be the fastest growing from 2017 to 2025
- Bio-based lubricants are gaining acceptance due to their bio-based origin coupled with stable raw material prices and availability. Favorable government regulations for the usage of bio-based materials are further expected to influence the global industry growth positively
- Asia Pacific is the largest consumer with the region characterized by high passenger car sales and a rapidly developing aftermarket. The region is expected to grow at a CAGR of 3.5% from 2017 to 2025
- The U.S. is a highly matured region for the industry with its dynamics influenced by high level of product innovation, concentration of global majors, and a well-established regulatory framework
- Grease is projected to register the highest price growth whereas coolants will witness slowest price growth during the forecast period. Availability of advanced coolants and standard production process are helping the prices to be maintained through the forecast period
- Major industry participants include ExxonMobil, Royal Dutch Shell, Total SA and British Petroleum among others
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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