According to a new research study by Transparency Market Research on the global market for automotive lubricants, titled “Automotive Lubricants Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2016 - 2023,” the rising demand for motor vehicles across the world, propelled by the increase in the spending power of the population, is projected to drive this market significantly over the forecast period. However, the implementation of strict government regulations aimed at reducing the emission of CO2 and other greenhouse gases is compelling vehicle owners to shift to high-performance lubricants, which is expected to hamper the automotive lubricants market’s growth in the forthcoming years.
In this research report, the global automotive lubricants market has been studied on the basis of the type of automotive lubricant and the regional distribution of this market. Based on the type of automotive lubricant, the market has been classified into grease, gear oil, engine oil, and transmission fluids. Engine oil, also known as motor oil, is likely to be the highest demanded automotive lubricant during the forecast period. The segment held a share of more than 70% in the overall market in 2015. Other market segments are also expected to report a healthy rise on account of the rapid growth of the global automotive industry, states the research report.
On the regional front, the report segments the worldwide market for automotive lubricants into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The rising demand for automobiles, specifically cars, in Asia Pacific has fueled the demand for automotive lubricants significantly in this region. This trend is likely to continue during the forecast period, as the increased disposable income of individuals in this region is expected to stimulate the demand for cars in the coming years in Asia Pacific, notes the market study.
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The research report further talks about the condition of the automotive lubricants market in North America and Europe. According to the study, these regional markets have been swiftly approaching maturity. On the other hand, the markets for automotive lubricants in Latin America and the Middle East and Africa are reporting healthy growth due to the growing demand for automobiles, fueled by the rise in per capita income in these regions.
Repsol S.A., Valvoline, LUKOIL Oil Co., ExxonMobil Corp., Chevron Corp., BP Plc, The JX Nippon Oil & Energy Co., Idemitsu Kosan Co. Ltd., ConocoPhillips Corp., Royal Dutch Shell Plc, Fuchs Lubricants Co., and Total S.A. are the major players in the global automotive lubricants market profiled in this research report.
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