Automotive Lubricants Market by Product Type, Vehicle Type (Internal Combustion Engine, Electric vehicles), Composition, Sales Channel, and Geography - Global Forecast to 2030
Automotive Lubricants Market by Product Type (Engine Oil, Transmission & Hydraulic Fluids, Gear Oil, Grease, Chain Oil, Brake Fluids), Vehicle Type, Composition, Sales Channel, and Geography-Global Forecast to 2031.
The research report titled, 'Automotive Lubricants Market by Product Type (Engine Oil, Transmission & Hydraulic Fluids, Gear Oil, Grease, Chain Oil, Brake Fluids), Vehicle Type, Composition, Sales Channel, and Geography-Global Forecast to 2031', provides an in-depth analysis of the global automotive lubricants market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.
The global automotive lubricants market is projected to reach $123.1 billion by 203, at a CAGR of 7.8% from 2024 to 2031.
The growth of the automotive lubricants market is driven by the growing demand for high-performance lubricants, the rapid development of transportation infrastructure, the growth in the automotive industry, and the rising demand for sustainable automotive lubricants.
Furthermore, emerging economies and the rising demand for environment-friendly automotive lubricants are expected to create market growth opportunities. However, the need for producing compatible lubricants for EVs and hydrogen fuel cell engines and the volatile pricing of automotive lubricants restrain the growth of this market.
The automotive lubricants market is segmented based on product type (engine oil, transmission & hydraulic fluids, gear oil, grease [multipurpose grease, automotive grease, and synthetic grease], chain oil, brake fluids, and others), vehicle type (ICE vehicles [passenger cars, light commercial vehicles, heavy commercial vehicles, two/three wheelers, agricultural vehicles, and special purpose vehicles], electric vehicles [passenger cars, light commercial vehicles, heavy commercial vehicles, two/three wheelers, agricultural vehicles, and special purpose vehicles], CNG vehicles, and hydrogen fuel cell electric vehicles), composition (mineral oil lubricants [paraffinic oil and naphthenics oil], fully synthetic oil lubricants [polyalphaolefins and ester oil], and semi-synthetic lubricants), and sales channel (Original Equipment Manufacturers (OEMs) and Aftermarket). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product type, the automotive lubricants market is segmented into engine oil, transmission & hydraulic fluids, gear oil, grease, chain oil, brake fluids, and other products. In 2024, the engine oil segment is expected to account for the largest share of the global automotive lubricants market. The large market share of this segment is attributed to the rising need to improve the fuel efficiency of ICE vehicles, the high demand for engine oil replacements from automobile aftermarkets, and the growing need to ensure proper engine operation and reduce fuel consumption & CO2 emissions. However, the grease segment is projected to register the highest CAGR during the forecast period.
Based on vehicle type, the automotive lubricants market is segmented into ICE vehicles, electric vehicles, CNG vehicles, and hydrogen fuel cell electric vehicles. In 2024, the ICE vehicles segment is expected to account for the largest share of the global automotive lubricants market. This segment's large market share can be attributed to the large fleet of ICE vehicles globally and the high demand for lubricants to help extend the lifespan of internal combustion engines by minimizing wear on critical engine components such as pistons, crankshafts, and valves. However, the electric vehicles segment is projected to register the highest CAGR during the forecast period.
Based on composition, the automotive lubricants market is segmented into mineral oil lubricants, fully synthetic oil lubricants, and semi-synthetic lubricants. In 2024, the fully synthetic oil lubricants segment is expected to account for the largest share of the global automotive lubricants market. This segment's large market share can be attributed to the benefits offered by these lubricants, such as low viscosity, reduced fluid friction, and excellent lubrication. Moreover, the fully synthetic oil lubricants segment is projected to register the highest CAGR during the forecast period.
Based on sales channel, the automotive lubricants market is segmented into original equipment manufacturers and aftermarket. In 2024, the aftermarket segment is expected to account for the largest share of the global automotive lubricants market. This segment's large market share can be attributed to the growing number of car owners, particularly in emerging economies, increasing consumer awareness about the importance of lubricants in maintaining vehicle efficiency and achieving better fuel economy, and the widespread availability of automotive lubricants through various retail channels, including auto parts stores, online marketplaces, and specialized lubricant distributors. Moreover, the aftermarket segment is projected to register the highest CAGR during the forecast period.
Based on geography, the automotive lubricants market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the market. Asia-Pacific's significant market share can be attributed to the rapid growth of the automotive industry, the presence of major lubricant and auto manufacturers, and the abundant availability of raw materials required for manufacturing automotive lubricants. Moreover, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period.
Key Players:
The key players operating in the automotive lubricants market are Shell International B.V. (Subsidiary of Shell Plc) (Netherlands), Exxon Mobil Corporation (U.S.), FUCHS PETROLUB SE (Germany), Motul (France), Phillips 66 Company (U.S.), Repsol, S.A. (Spain), SK Enmove Co., Ltd. (South Korea), China National Petroleum Corporation (China), Kluber Lubrication Munchen Se & Co. KG (Subsidiary of Freudenberg Group) (Germany), Amsoil Inc. (U.S.), Petroleo Brasileiro S.A. - Petrobras (Brazil), Valvoline Inc. (U.S.), Sinopec India(China), Chevron Corporation (U.S.), BP P.L.C. (U.K.), and Castrol Limited (U.K.).
Key Questions Answered in the Report:
Which are the high-growth market segments in terms of product type, vehicle type, composition, sales channel, and geography?
What is the historical market size for automotive lubricants across the globe?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, restraints, opportunities, and challenges in the automotive lubricants market?
Which are the major players in the automotive lubricants market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the automotive lubricants market?
What are the different strategies adopted by the major players in this market?
What are the key geographic trends and high-growth countries?
Scope of the report:
Automotive Lubricants Market Assessment-by Product Type
Engine Oil
Transmission & Hydraulic Fluids
Gear Oil
Grease
Multipurpose Grease
Automotive Grease
Synthetic Grease
Chain Oil
Brake Fluids
Other Products (Compressor & Multifunctional Oils)
Automotive Lubricants Market Assessment-by Vehicle Type