TransparencyMarket Research has published a new report titled, “AutomotiveLubricant Market - Global Industry Analysis, Size, Share, Growth, Trends, andForecast, 2018–2026”. According to the report, the globalautomotive lubricant market is anticipated to surpass US$120 Bn by 2026, expanding at a CAGR of more than 4% during the forecast period.
Increasednumber of on-road vehicles, globally, is driving the automotive lubricantmarket. Average age of vehicles has increased with more number of peoplepreferring to retain their vehicle. Consequently, an increased number of ageingvehicles on the road need maintenance, thereby driving the demand forautomotive lubricant.
Demandfor lower viscosity oils has increased due to their ability to improve engineperformance and fuel economy. OEMs are recommending lower viscosity lubricantsand shifting the OEM and aftermarket demand toward better quality synthetic/semi-synthetic oils. Consumers are becoming more aware about maintenance oftheir vehicle’s health. Synthetic/Semi-synthetic oils are expensive but havelonger drain interval time and hence, adoption of these oils is a win-winsituation for both manufacturers and consumers. Therefore, the market is movingtoward higher value lubricants. API or API-equivalent standards are followedglobally in order to curb rising emission and maintain minimum performance oflubricants. Rising performance requirements are prompting OEMs to seek betterquality lubricants, which in turn is boosting the automotive lubricant market.
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Vehicleusers in North America and Europe prefer automatic transmission, whichcontributes to the high demand for automatic transmission fluid (ATF) in theseregions. Asia Pacific is witnessing a technology shift from manual to automatictransmission, owing to the rising demand for continuously variable transmissionand dual clutch transmission. This is expected to drive the demand for ATF inthe region.
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In terms ofsales channel, the aftermarket segment is expected to dominate the globalautomotive lubricant market. Automotive lubricants require periodic replacementand hence, the demand for lubricants in the aftermarket is high. OEMs havedifferent lubricant specifications in different countries. However, OEMs areconverging to maintain same portfolio across the global market in order tosimplify marketing and distribution.
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Key playersoperating in the global automotive lubricant market include Royal Dutch Shellplc, ExxonMobil Corporation, BP p.l.c., Chevron Corporation, Total S.A..,Sinopec Corporation, Fuchs Lubricants Co., LUKOIL, Phillips 66 Company,Valvoline LLC, Repsol S.A., JXTG Nippon Oil & Energy Corporation, BharatPetroleum Corporation Limited, Indian Oil Corporation Limited, Petrobras, andMorris Lubricants. The market is largely fragmented due to the presence ofseveral public-sector companies
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