According to a recent report by Reports and Data, the global Lubricants market is expected to reach USD 97.59 billion by 2030, with a revenue CAGR of 5.3% during the forecast period. The increasing demand for synthetic oil and a rise in the number of passenger cars in developing countries are driving the market's growth.
Automotive lubricants are fluids that primarily reduce friction between surfaces that come into contact. These lubricants aid in cleaning, cooling, and protecting metal parts from corrosion and rust, as well as other challenges faced by a machine during operation. Engine oil, for example, is a type of lubricant designed specifically for use in engines. High-quality engine oil is essential for an engine's proper functioning, improving engine efficiency by preventing damage and extending engine life.
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Lubricants For Automotive play a crucial role in the safe and efficient operation of a vehicle, with numerous types of lubricants available in the market, each with a different source or base oil. Mineral-based lubricants account for the majority share, but synthetic lubricants are rapidly gaining popularity and revolutionizing the market. Advancements in lubricant technology have resulted in longer oil drain and service intervals, improved fuel efficiency, and a longer protection period.
The report provides some key highlights, including the rollout of customer-centric QR codes across the entire lineup of racing, everyday car care, motorcycle, marine, and industrial products by Lucas Oil, a California-based manufacturer and distributor of high-performance automotive oil, additives, and lubricants. Synthetic oil is being increasingly adopted by automotive manufacturers as it reduces carbon emissions and aids in engine performance, even reducing sludge formation. The passenger cars segment accounted for the largest revenue share in 2020, while the engine oil segment accounted for significant revenue share in the same year.
The market in Asia Pacific accounted for the largest revenue share in 2020 due to the rising number of on-fleet vehicles in countries such as China, Japan, India, and South Korea. The consumption of automotive lubricants varies by country and region, with China contributing the largest market revenue share in Asia Pacific in 2020. The report profiles several companies in the global market, including Castrol Limited, Gulf Oil International, Panama Petrochem Ltd., GP Petroleums Ltd., Shell International B.V., Chevron Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Valvoline Inc., and Petróleo Brasileiro S.A.
The report also provides a segmentation of the automotive lubricants market based on base oil, vehicle type, application, and region, including mineral oil, synthetic, semi-synthetic, bio-based lubricants, passenger cars, light commercial vehicles, heavy commercial vehicles, others, engine oil, gear oil, brake fluids, transmission fluids, coolants, greases, North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
Automotive Lubricants Market: Notable innovation
In January 2022, Lucas Oil, a California-based manufacturer and distributor of high-performance automotive oil, additives, and lubricants, announced the implementation of customer-centric QR codes across their entire product lineup. This new smart packaging feature enhances the customer experience by providing easy access to relevant product details.
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