Effectiveness of lubricants remains closely associated with the performance of automobiles. High-performance automotive lubricants ensure that the vehicle works on optimized fuel consumption, reduced carbon emission, and increased torque. In the past, elevating the performance of automotive lubricants has led manufacturers towards adopting additives in the production procedures. In the years ahead, automotive lubricant manufacturing will witness emergence of new products made of advanced polymers and performance additives. Changing designs of combustion engines and automobile components will play a key role in transforming the quality and advantages of automotive lubricants. Moreover, OEMs will be partnering with automotive lubricant manufacturers to develop new engines and sub-components for meeting the driving needs of future generations.
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According to a recent study published by Fact.MR, the global automotive lubricants market is anticipated to expand at a CAGR of 5.3% in terms of volume during the forecast period, 2017-2026. By the end of 2026, an estimated US$ 113,944 Mn worth of automotive lubricants are pegged to be sold in the global market. The report observes that fluctuating prices of base oils and additives, coupled with increasing customization of automotive parts, will limit the adoption of automotive lubricants to a considerable extent. However, steady sales growth of conventional fuel cars will continue to facilitate a firm consumer base for automotive lubricants through 2026.
4 Insights on How Global Automotive Lubricants Market will Evolve by 2026
1- Gear oil segment in the in the lubricants type category is forecasted to exhibit a robust CAGR during the period of assessment and is estimated to reach a value of nearly US$ 22,400 Mn by the end of 2026. The gear oil segment was expected to account for nearly one-fifth of the revenue share of the lubricants type category by the end of the year 2017.
2- Semi-synthetic oil segment in the base oil type category is forecasted to exhibit a CAGR of 6.1% during the period of assessment and is likely to reach a valuation of nearly US$ 57,800 Mn by 2026 end. The semi-synthetic oil segment was expected to account for nearly half of the revenue share of the base oil type category by 2017 end and is expected to gain market share during the forecast period.
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3- The LCV segment in the vehicle type category was forecasted to exhibit a moderate CAGR during the period of assessment and is expected to reach a valuation of nearly US$ 23,525 Mn by the end of 2026. The LCV segment was estimated to account for more than one-fifth of the revenue share of the vehicle type category by 2017 end.
4- The United States automotive lubricant market is likely to reach a value of nearly US$ 21,000 Mn and exhibit a robust CAGR during the period of assessment from 2017 till 2026.
The report has also profiled leading manufacturers of automotive lubricants, which include, Chevron, Valvoline Inc., Fuchs Group, Buhmwoo Chemical Ind. Co., Ltd., Total S.A., Nippon Oil, Royal Dutch Shell plc, British Petroleum, Quaker Chemical Corporation, AMSOIL INC. and Exxon Mobil. These companies will be responsible for almost entire automotive lubricants produced in the world through 2026. Environmental law compliance will continue to remain a challenge for automotive lubricant manufacturers. In the foreseeable future, several market players are likely to explore their capabilities in producing biolubricants for automotive applications.
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