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The Automotive Lubricants Market is growing at a rapid pace majorly due to the burgeoning automotive industry. Factors such as the increasing popularity of Motor Sport and Auto Racing are supporting the growth of the automotive lubricants market. Besides, the growing number of passenger cars and the rising demand for passenger and commercial vehicles is escalating the market on the global level.Considering the spurting growth, the market is perceiving currently and the potential this market holds to grow further, a leading research firm ‘Market Research Future’ (MRFR) in its recently published study report asserts that the Global Automotive Lubricants Market will garner an exponential growth by 2023 registering a fabulous CAGR throughout the forecast period (2017 to 2027).
Additional factors helping the market to surge are the increase in inclination of consumers towards practical and easy transportation needs. The increasing number of automobiles, globally and the rapid surge in commercial activities account for one of the key driving forces propelling the growth of the market.
Moreover, factors such as the increasing per capita income and augmenting demand for commercial utility vehicles and revised specifications that are encouraging the changes in additive selection and formulation of lubricants are boosting the market growth.
On the other hand, factors such as the paramount concerns pertaining to the environmental hazards associated with the mineral oil lubricants are impeding the growth of the Automotive Lubricants Market. Nevertheless, the increasing investments in R&D activities to bring novelties in the existing product range and innovations are expected to support the market growth, providing opportunities for future growth.
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Global Automotive Lubricants Market – Segments
For enhanced understanding, the market has been segmented into three key dynamics: -
By Type : Gear oil, Engine oil, Grease, Engine coolant, and Transmission fluids among other fluids.
By Vehicles: Commercial, Light, Heavy Vehicles, and others.
By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World.
Automotive Lubricants Market – Geographical Analysis
The Asia Pacific region heading with its burgeoning automotive sector heads the Global Automotive Lubricants Market. The in the region is expected to generate enormous demand for these lubricants during the assessment period. The ample availability of cost-competitive workforce and raw materials required for the production of these lubricants is attracting many foreign manufacturers, encouraging them to shift their production bases to the emerging countries such as Japan, China, and India.
As a result, the automotive sectors in the countries such as Japan,China, and India account for the major contributors to the growth of the regional Automotive Lubricants Market. Furthermore, the rapidly improving economic condition in the region is boosting the demand for automotive lubricants, increasing the purchasing power of consumers.
Additional factors such as the presence of matured original equipment manufacturers (OEM) provide impetus to the growth of the market in the region, with a strong base for robust development. India, being the research hub of Asia, leads the innovation in the market. Rising unit sale of vehicles in developing economies such as India and China are substantiating the demand for these lubricants in the region.
The North American and European regions being one of the saturated markets are showing steady growth in the Automotive Lubricants Market.
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Automotive Lubricants Market - Competitive Landscape
Fiercely competitive, the Automotive Lubricants Market appears fragmented with the presence of many large and small-scale players. To maintain their market positions, these players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and product & technology launch to gain a competitive edge. To develop advanced lubricating materials based on the advent technology, they invest substantially in R&D and to acquire promising firms in the rapidly developing regions to meet their expansion plans.
High growth opportunities that the market demonstrates are in turn, intensifying the competition in the already highly competitive market, attracting several new entrants to the market, further. Also, the competition based on the product and technology launch is trending among the well-established players in the market. Every such product launches results in getting the competition in the market further intensified.
Matured players partner with suppliers of raw material. To provide the high-quality lubricants, they invest heavily in the R&D to develop the adept technologies that are entirely on a different level compared to their competition. They also invest in developing a packaging system, with unrivaled attractive design.
Major Players:
Key players leading the Global Automotive Lubricants Market include Chevron Corporation (US), ExxonMobil Corporation (US), Fuchs Lubricants Co. (US), BP Plc. (UK), ConocoPhillips Corporation (US), LUKOIL Oil Company (Russia), Royal Dutch Shell Plc. (Netherlands), IDEMITSU Kosan Co. Ltd. (Japan), and Valvoline (US) among others.
Industry/ Innovation/ Related News:
March 5, 2019 ---- Valvoline Inc. (the US), a leading global Chemical company and supplier of premium branded lubricants and automotive services, announced its plans to expand the reach of its quick-lube network into the Las Vegas market beginning with two acquisitions where the company previously had little presence.
The company also informed that it has already signed a definitive agreement with Terrible Herbst, (the US), a privately held gas station company to purchase 12 existing quick-lube centers, which later will be rebranded as Valvoline Instant Oil Change (VIOC). This acquisition is expected to close soon, by the end of March. Secondly, the company has also recently acquired three existing VIOC service centers from a franchise.
These acquisitions will enable Valvoline to focus on expanding its operations in the Albuquerque and Denver markets and overall, this base of 15 company-owned locations will give it a great foundation to build on within the growing Las Vegas market.
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