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NEW YORK , May 3, 2022 /PRNewswire/ -- As per Zion Market Research study, The global Automotive Lubricants market was worth around USD 87,291.50 million in 2021 and is estimated to grow to about USD 113676.24 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.50 percent over the forecast period. The report analyzes the Automotive Lubricants market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Automotive Lubricants market.
Key Industry Insights & Finding of the Automotive Lubricants Market Reports:
Zion Market Research published the latest report titled as "Automotive Lubricants Market By Base oil (Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants and Bio-based Lubricants), By Application (Energy Oil, Gear & Brake Oil, Transmission Fluids, Greases and Others), By Vehicle type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles and Others) and By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028" into their research database.
Lubricant is a fluidic material that is used to reduce friction between contact surfaces in order to prevent wear and tear. It is prepared using various additives and base oils from specific groups depending on the end-uses. The most prevalent uses for automotive lubricants are engine, gear, and hydraulic oils. Because of the growing use of high-performance lubricants, the market is expected to grow. The tremendous growth in car sales and infrastructure development in emerging countries has produced a large demand for these coolants and lubricants. Other factors driving the lubricant and coolant industry include rising demand for light passenger and heavy-duty vehicles, rising conventional fuel prices, and an increase in the average vehicle lifespan.
Furthermore, the vehicle oil and coolant industries will benefit from government-imposed tight emission rules. To avoid negative environmental implications, the current trend is to use bio-based lubricants, which will boost the market's total growth. Traditional lubricants have been replaced with synthetic lubricants as the demand for fuel efficiency in automobiles has increased. All of these reasons contribute to the automotive lubricants market's expansion. In terms of energy consumption, the engine components consume over 60% of the vehicle's total energy. As a result, advancements in automotive lubricants are a great place to start when it comes to improving engine performance. High-performance automobile lubricants have outstanding solvency and hydrophilic properties. The engine runs longer because to the lighter viscosity classes of high-performance lubricants utilized in these automotive lubricants. Furthermore, synthetic lubricants with lower viscosity and improved performance improve engine fuel efficiency to a greater extent.
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Automotive Lubricants Market: Growth Dynamics
Various factors influence the global demand for automotive lubricants. Lubricants used in industrial operations help the company save money because lubricated machines produce less friction, requiring less fuel and emitting less carbon dioxide. Furthermore, as the population grows, so does the demand for automobiles, which has a direct impact on the market demand for lubricants.
Despite the fact that the global automotive lubricants market is expanding rapidly, several factors are impeding its expansion. The presence of stringent environmental rules and norms governing carbon dioxide emissions stifles growth. The majority of manufacturers are shifting toward electronic vehicles, which is severely limiting the growth of the automotive lubricant market.
The global market's demand for lubricants is increasing. Increasing vehicle demand in both developed and developing countries drives up global demand for automotive lubricants. Furthermore, significant investment is made in the research and development sector to achieve consistent improvements in oil quality, which also provides various growth opportunities. During the forecasted period, improvements in the quality of semi-synthetic and synthetic oil will also provide growth opportunities.
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Global Automotive Lubricants Market: Segmentation
Based on Base oil, the market is segmented into Mineral Oil Lubricants, Synthetic Lubricants, Semisynthetic Lubricants and Bio-based Lubricants. The mineral oil segment controls the majority of the automotive lubricants market. Despite the fact that synthetic lubricant adoption and demand are increasing significantly, it is less likely to overtake conventional oil's market share during the forecast period due to the relatively low prices of conventional lubricants.
By application, the market is segmented into Energy Oil, Gear & Brake Oil, Transmission Fluids, Greases and Others. The engine is commonly referred to as the "heart" of a vehicle, and engine oil plays an important role in the proper operation of an automobile's engine. Engine oil aids in the proper operation of moving parts and keeps the engine cool. Engine oil must be changed on a regular basis to extend engine life and prevent sludge and contaminants from accumulating in the engine.
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List of Key Players of Automotive Lubricants Market:
Key questions answered in this report:
By Product Type, By Application, and By End Use
Value (USD Million), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
ROYAL DUTCH SHELL PLC., EXXON MOBIL CORPORATION, TOTAL S.A, BP PLC., CHEVRON CORPORATION, PETROCHINA COMPANY LIMITED, VALVOLINE, INDIAN OIL CORPORATION LIMITED and FUCHS LUBRICANTS.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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The North American market is expected to see a major growth due to increased consumer demand for high quality and efficient lubricants, the synthetic automotive lubricants segment is rapidly expanding in the region. The Asia-Pacific region has the largest market share in the global market due to being the fastest-growing region. The growing demand for vehicles, combined with the region's growing population, drives market growth. In addition, rising demand for semi-synthetic and synthetic lubricants in countries such as Indonesia , Japan , China , and India drives market growth.
Global Automotive Lubricants Market is segmented as follows:
Automotive Lubricants Market: By Base oil Outlook (2022-2028)
Automotive Lubricants Market: By Application Outlook (2022-2028)
Automotive Lubricants Market: By Vehicle Type Outlook (2022-2028)
Automotive Lubricants Market: By Region Outlook (2022-2028)
Press Release For Automotive Lubricants Market: https://www.zionmarketresearch.com/news/global-automotive-lubricants-market
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