DUBLIN, December 22, 2021--(BUSINESS WIRE)--The "Automotive Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The automotive lubricants market size was estimated at around 20 million metric ton in 2020, and the market is projected to register a CAGR of over 2.5% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. The declining automotive industry, along with the temporary shutdown of automotive manufacturing units and various industrial activities due to the ongoing pandemic scenario, has declined the consumption of engine oil, gear oils, and greases, thus creating a negative impact on the demand in the automotive lubricants market.

Over the short term, the growing adoption of high-performance lubricants is expected to drive the market's growth.

On the other hand, extended drain intervals of lubricants and the modest impact of electric vehicles (EVs) are expected to hinder the market's growth.

Engine oil dominated the market, and it is expected to continue the growth during the forecast period.

Asia-Pacific dominated the market, followed by North America and Europe across the world with the largest consumption from the countries, such as China, India, the United States, and Russia, among others.

Increasing Usage of Engine Oils

Engine oils are widely used to lubricate internal combustion engines and are generally composed of 75-90% base oils and 10-25% additives.

They are typically used for applications, such as wear reduction, corrosion protection, and smooth operation of engine internals. They function by creating a thin film between the moving parts for enhancing the transfer of heat and reducing tension during the contact of parts.

Between technology improvements and government-mandated fuel economy requirements, automakers have been manufacturing light vehicles with tight tolerances, which makes them more durable.

High-mileage engine oils are in demand lately, owing to the properties that help in the prevention of oil leaks and the reduction of oil consumption.

The light motor vehicles segment has the highest consumption rate of engine oils among all segments.

Heavy-duty motor vehicle engine oils are high-viscosity engine oils, which are used in on-highway and off-highway heavy vehicle applications. These engine oils are manufactured to help sustain extreme geographical and strict emission standards.

Up to Q3 of 2019, about 67.47 million vehicles were produced globally and has reached about 52 million vehicles up to Q3 of 2020, registering a decline rate of about 23%, thus led to a decrease in the demand for engine oils, greases, and others, which, in turn, negatively impacted the market growth of automotive lubricants.

Most of the light and heavy vehicle diesel and gasoline engines use 10W40 and 15W40 viscosity-grade oils.

As of Q3 2019, about 15.37 million light commercial vehicles were produced globally and reached about 11.79 million till Q3 2020, registering a decline rate of about 23.2%. Thus, this led to a decrease in the demand for engine oils, which in turn, negatively impacted the market growth of automotive lubricants.

The average age of vehicles has been increasing at a constant rate over the years. This factor provides an opportunity in terms of the refill market. The increasing average age of passenger cars and the growing urban population in the developing countries are the factors expected to drive the market for engine oils.

Owing to the increased engine oil change intervals, technological advancements are imposing a threat to the growth of the engine oil segment in terms of volume consumption. Therefore, the aforementioned factors are expected to show a significant impact on the automotive lubricants market in the coming years.

Asia-Pacific is Expected to Dominate the Market

The Asia-Pacific region dominated the global market share. In the region, China is the largest lubricant market and is expected to remain so in the coming years, irrespective of the economy witnessing slow economic growth.

The government is focusing on replacing obsolete vehicles, in turn, increasing the demand for improved and high-performance lubricants. At the same time, India is the second-largest lubricant market in the region and the third-largest in the world.

China is the world's largest automotive producer. As of Q3 2019, China had produced 18.17 million vehicles and reached 16.96 million vehicles by Q3 2020, registering a decline rate of about 6.66%, which negatively impacted the demand for the regional automotive lubricants market.

Indonesia is one of the major consumers of lubricants in the ASEAN region. Japan is the fifth-largest consumer of lubricants in the world.

China Petroleum & Chemical Corporation

Gulf Oil Lubricants India Ltd (Hinduja Group)

For more information about this report visit https://www.researchandmarkets.com/r/r14bwf

View source version on businesswire.com: https://www.businesswire.com/news/home/20211222005217/en/

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

(Bloomberg) -- Venezuela says it’s pumping the most oil since harsh U.S. sanctions strangled state-owned oil company Petroleos de Venezuela SA more than two years ago. Not everyone believes it. Most Read from BloombergCoronavirus Can Persist for Months After Traversing BodyCDC Reduces Isolation Time; Apple Shuts NYC Stores: Virus UpdateFauci Says Domestic Travel Vaccination Rule Should Be ConsideredU.S. Futures Rise as Traders Mull Virus, China Vow: Markets WrapCases Surge Globally; Fauci Warns

The National Highway Traffic Safety Administration (NHTSA) said it had opened an "engineering analysis" covering about 3 million vehicles to evaluate, among other things, the efficacy of recalls initiated by the two automakers. The agency added that it was aware of 161 fires occurring potentially due to engine failures. An engineering analysis is the next step in a process that could lead to a recall, although sometimes NHTSA closes such probes without requiring any action.

Last week, Tesla stock got dinged after The New York Times reported that the National Highway Traffic Safety Administration (NHTSA) was looking into potential risks in the company's software -- specifically, whether allowing drivers to play video games on their central infotainment systems while cars were in motion constituted "design defects posing unreasonable risks to safety." Had NHTSA concluded in the affirmative, the agency could have ordered Tesla to halt sales of its electric cars in the U.S. until the "design defect" was remedied.

Rik Mehta, a former FDA official and Georgetown University health law professor, joins Yahoo Finance Live to discuss U.S. COVID cases topping the early 2021 winter pandemic peak and how the medical community is responding to the Omicron variant.

The retailer became the latest Western company to face scrutiny over its handling of business involving Xinjiang following the passage of a U.S. law that bans most imports from the Chinese region.

We’re about to turn the page on the calendar, put 2021 behind us, and stride into the brave, new year of 2022 – and Wall Street’s prognosticators are busy scanning the stocks to find the winners and losers for next year’s markets. Whether it’s individual stocks, whole industry sectors, or some combination of both, the analysts are finding plenty of Buy-rated equities for investors to consider. Take the automotive sector. Few industrials will present as many investment opportunities, both in 2022

When you leave a job, and an IRA rollover is only one way to preserve the money’s tax-deferred status, and it's not always the best.

Upstream oil and gas operators in the Permian Basin are accelerated the trend last week toward fewer and bigger players.

These articles tell you how to do everything from how to use your 529 plan creatively to how to retire early.

When looking for the best artificial intelligence stocks to buy, identify companies using AI technology to improve products or gain a strategic edge, such as Google, Microsoft and Nvidia.

Omicron has thrown a return to the office into disarray, perhaps for months. Among companies pausing reopenings are Apple, Ford and Fidelity.

Investors in Nio (NYSE: NIO) have been on a roller-coaster ride in 2021, but most of that ride has been downhill. As of the close of trading on Friday, shares of the Chinese electric vehicle (EV) company were down by around 54% from its highest-ever trading price of $66.99 in early January and off by more than 37% year to date. Among other issues, investors are concerned about the rapidly spreading omicron COVID-19 variant and its possible impact on the global economy, ongoing semiconductor chip shortages, increasing U.S. regulatory scrutiny on foreign companies, and fears that a debt default by massive Chinese property developer Evergrande Group might set off a financial crisis in Nio's home market.

EV stocks have multiplied in Tesla’s wake and as electric cars look to go mainstream. Here are the top-rated electric vehicle makers.

Professionals toward the end of 2021 saw compensation jump at the fastest rate in nearly 20 years, with sectors including law and finance reaping significant gains.

In early 1984, I entered the Forbes building on lower Fifth Avenue in Manhattan for the first time, and I was scared. Forbes broke landmark stories on securities fraud, the burgeoning takeover movement, Michael Milken’s junk bond empire, and a brash New York real estate developer who claimed to be richer than he actually was. The much-feared top editor was Jim Michaels, one of a generation of newsroom tyrants who were The Devil Wears Prada of their time, but in black brogues, not stiletto heels.

The weak momentum and volume could give investors an excuse to sell, which would make .6785 the first downside target, followed by .6771 to .6755.

Soon, Brits will own nothing and will be happier for it…

Earlier this month employees at a Starbucks (NASDAQ: SBUX) location in Buffalo, New York, voted to join a union, making it the only company-owned store in the country to do so. While it's just one location now, it could set off a domino effect and inspire other Starbucks outlets across the country to follow a similar course of action. Starbucks has had to deal with the possibility of stores unionizing before.

Crude-oil futures reversed course to end sharply higher Monday, climbing in a session in which investors appeared willing to buy assets considered risky, despite concerns about the spread of the omicron variant of the coronavirus that causes COVID-19. West Texas Intermediate crude for February delivery traded $1.78, or 2.4%, higher, to settle at $75.57 a barrel on the New York Mercantile Exchange. Crude futures concluded an abbreviated week of trade last week with a 4% weekly rise during the Chr

As the new variant spreads, businesses across California are rethinking timelines for bringing workers back into the office and scrambling to cope with lost productivity.