Tag Archives: Automotive Lubricants

Automotive Lubricants Market Expansion in Automotive Industry to Reflect Lucrative on Sales

​Automotive Lubricants Market are predominantly used to reduce friction and gain smooth functioning of a vehicle. Examples of automotive lubricant products are engine oil, gear oil, transmission fluid, greases, coolants, bearing oil, brake fluid, etc. Engine oil is estimated to expand at a significant rate during the forecast period due to increasing number of vehicles. Stringent environmental regulations on emissions across the globe is estimated to influence use of synthetic or bio-based lubricants over mineral oil based lubricants. Asia Pacific is likely to have a major share in consumption of automotive lubricants during the forecast period.

Automotive Lubricants Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024

Automotive lubricants are predominantly used to reduce friction and gain smooth functioning of a vehicle. Examples of automotive lubricant products are engine oil, gear oil, transmission fluid, greases, coolants, bearing oil, brake fluid, etc. Engine oil is estimated to expand at a significant rate during the forecast period due to increasing number of vehicles. Stringent environmental regulations on emissions across the globe is estimated to influence use of synthetic or bio-based lubricants over mineral oil based lubricants. Asia Pacific is likely to have a major share in consumption of automotive lubricants during the forecast period.

Global Automotive Lubricants Market: Scope of the Study

Automotive Lubricants Market Asia Pacific to Maintain its Leading Streak

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.

Automotive Lubricants Market – Asia Pacific to Remain Frontrunner Due to Rising Consumer Purchasing Power, TMR

Automotive Lubricants Market

According to a new study by Transparency Market Research (TMR), the global automotive lubricants market exhibits a high degree of competition and is likely to increase with the entry of new players in the near future. The top three players, namely ExxonMobil Corp., Royal Dutch Shell PLC, and BP PLC, accounted for 31.6% of the overall market in 2015, indicating at highly fragmented nature of the market. “The dominance of these players can be attributed to their diversified product portfolio and robust distribution channels,” says TMR’s lead analyst. 

Global Automotive Lubricants Market to reach US$78.92 bn by 2024

Global Automotive Lubricants Market: Snapshot

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, 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.

Automotive Lubricants Market – Global Industry Analysis, Size, Share, Forecast :2024

The upcoming mergers and acquisitions in the global fire protection systems market are likely to win companies not just strategic partnerships but also bigger market shares. Findings by Transparency Market Research state that market developments such as 3M Company’s acquisition of Polypore’s Separations Media business will lead to the creation of bigger and more fierce competitors in the market.

 

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The report also suggests that companies will aim towards providing unwavering service to customers to maintain a loyal base and lure in new clients. The future of the companies in the global fire protection systems depends on their strategic planning to gain advantage in the given market dynamics