Automotive Lubricants Market Witnessing a Significant rise across the World
Thanks to the increasing trend of owning a vehicle among consumers, the demand for automotive lubricants has been witnessing a significant rise across the world. The growing awareness level regarding the benefits of Automotive Lubricants Market, such as improved operations and enhanced average age of vehicles, is also having a positive impact on their sales. Researchers anticipate the scenario to remain more or less same over the next few years.
According to Transparency Market Research (TMR), the global market for automotive lubricants offered an opportunity worth US$55.4 bn in 2015. Progressing at a CAGR of 4.10% during the period from 2016 to 2024, the market is expected to reach US$78.9 bn by 2024.
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Gear oil, engine oil, and transmission fluid are the prime types of automotive lubricants available around the world. Among these, engine oil, also known as motor oil, is the most valued product in this market and is likely to remain so over the forecast period. The rising number of vehicle on road is the key driving force behind the exceptional growth of this segment.
On the flip side, the demand for gear oil and transmission fluid is likely to decline a bit in the near future due to the increasing usage of single fluid for both gearbox and transmission.
Asia Pacific to Maintain its Leading Streak
The global market for automotive lubricants stretches across Europe, Asia Pacific, the Middle East and Africa, North America, and Latin America. The prominent rise of the automotive industry has given the market for automotive lubricants in Asia Pacific an edge over other regional markets. The increase in the purchasing power of consumers, thanks to the strengthening economy, has also supported the Asia Pacific market for automotive lubricants significantly. The growing consumption of automotive lubricant in this region, specifically in China and Japan, is likely to maintain the lead of Asia Pacific in the coming years too.
North America and Europe have also been exhibiting a healthy demand for automotive lubricants since the last few years. The implementation of stringent rules and regulations regarding the emission of fuels in Europe is boosting the demand for synthetic lubricants in this region and is expected to propel the Europe market for automotive lubricants in the coming years. However, the pace of demand for automotive lubricants in this region is anticipated to decline slightly in the near future. The North America market for automotive lubricants is likely to exhibit a similar condition in the years to come due to the rising enforcement of norms and regulations on fuel emissions.
On the flip side, Latin America and the Middle East and Africa are likely to experience a considerable rise in their respective markets of automotive lubricants over the next few years. The Middle East and Africa is projected to gain significantly from the infrastructural developments and an improving vehicle parc in the near future. Latin America, on the other hand, is likely to benefit from the rising trend of replacing old vehicles with newer models, growing usage of engine oils with lower viscosity, and the escalating sales of automobiles in Brazil and Mexico.