Global Forecast for Automotive Lubricants: Trends and Market Dynamics
The automotive lubricants market is poised for substantial growth, with projections indicating it will soar to a value of USD 79.91 billion by 2026, showcasing a robust CAGR of 1.58% over the forecast period. A key driver of this expansion is the increasing embrace of synthetic lubricants within the automotive realm, promising a favorable trajectory for market development. The surge in innovation within the lubricants sector has significantly enhanced product quality, resulting in prolonged oil change intervals, heightened fuel efficiency, and extended protection periods. Such advancements are expected to fuel demand for lubricants, consequently accelerating market growth.
Highlighted in a comprehensive report by Fortune Business Insights titled “Automotive Lubricants Market Size, Share & Industry Analysis, By Oil Type (Synthetic, Semi-synthetic, and Conventional or mineral), By Product Type (Engine Oil, Gear Oil, Transmission Fluids, Coolant and Brake Fluid & Greases), and Regional Forecast, 2019-2026”, the market was valued at USD 70.25 billion in 2018. The report delves into the nuances of the automotive lubricants market, encompassing definitions, types, applications, and major players. Through meticulous analysis, it elucidates the competitive landscape, market positioning, industry trends, and macroeconomic policies, providing invaluable insights for stakeholders and investors.
In a significant development,
Royal Dutch Shell recently inaugurated India’s first lubricant laboratory, underscoring its commitment to research and development. This initiative is poised to bolster the company’s global and domestic R&D capabilities, potentially driving market growth by facilitating the co-engineering of products tailored to enhance efficiency and reliability for original equipment manufacturers (OEMs). Mansi Tripathy, Country Head of Shell Lubricants India, emphasized the pivotal role of OEM partnerships in driving technological innovation, affirming the company’s dedication to pioneering solutions that meet evolving customer needs.
Regionally Analysis:
Asia Pacific is poised for substantial growth, buoyed by the burgeoning automotive industry and escalating demand for lubricants in countries such as China, Japan, India, and South Korea. Meanwhile, Europe is anticipated to witness robust growth driven by increasing consumer demand for high-quality lubricants, albeit hindered by regulatory pressures stemming from the rising adoption of electric vehicles and stringent environmental mandates. In North America, steady growth is expected, fueled by escalating demand for commercial vehicles.
Information Source:
https://www.fortunebusinessinsights.com/automotive-lubricants-market-102681