Global Automotive Lubricants Aftermarket Market was valued at US$ 34.86Bn in 2017 and is expected to reach US$ 46.97Bn by 2026, at a CAGR of 3.8% during a forecast period. The growth of end-user industries in key countries such as China, India, South Africa, Brazil and Iran is driving the growth of the lubricants market.
Major driving factors of the Automotive Lubricants Aftermarket Market are the growing automotive sector and industrial production have resulted in enhanced demand for lubricants. Lubricants are used for their ability to increase the operating lifespan of mechanical parts.
The transportation industry is increasingly utilizing synthetic and bio-based lubricants to replace conventional lubricants. Emerging environmental regulations make the players in this industry more proactive as they have to produce lubricants that reduce friction while containing emissions. Fluctuating cost of raw materials and high competition will act as restraint to the market. Based on the Type, Engine Oil is expected to hold the largest share in the market during the forecast period. Engine oils account for more than 95 percent of the total MCO market, with the balance consisting of products including fork oils, rear suspension oils, greases and chain oils. In the light vehicle segment, lubricants demand is dominated by engine oil, which accounts for the majority of automotive lubricants demand and for 21% of total lubricants demand. The engine oil segment dominated the construction lubricants market in terms of value.
This dominance is mainly due to its high cost and frequent replacement in various construction equipment and off-road vehicles. ICE efficiency gains playing a vital role in Lubricant – all vehicles to be electrified with a minimum 48V for ICE and 300-800 volts for battery electric vehicles, up to 30% of vehicles will still contain an ICE. This means continued efficiency improvement of conventional – predominantly gasoline powered – ICE technology is a high priority in lubricants. In terms of region, Asia Pacific is expected to hold the largest share in the market during the forecast period. Asia-Pacific is the leading region for finished lubricant demand. Overall finished lubricant demand in the Asia-Pacific region is forecast for modest growth of a CAGR of XX over the next eight years. Although passenger car sales growth is expected to positive note in China, penetration is still high compared with developed economies, especially in the middle and inland area, resulting in China still offering potential for long-term growth in lubricant market. Overall competition amongst the major lubricant suppliers has become more competitive in China in recent years, as multinational companies pay more attention to the Asian market.
While major domestic and multinational suppliers used to concentrate on different market sectors, now all include strategies to take market share from other domains. The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
The Scope of the Report for Automotive Lubricants Aftermarket Market
Global Automotive Lubricants Aftermarket Market, By Type
• Engine Oil
• Gear Oil
• Transmission Fluid
Global Automotive Lubricants Aftermarket Market, By Vehicle
• Passenger Vehicle
• Passenger Vehicle
Global Automotive Lubricants Aftermarket Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Automotive Lubricants Aftermarket Market
• Royal Dutch Shell plc
• ExxonMobil Corporation
• BP p.l.c.
• Chevron Corporation
• Total S.A.
• Sinopec Corporation
• Fuchs Lubricants Co.
• LUKOIL Oil Company
• Valvoline
• Phillips 66
• JX Nippon Oil & Energy Corporation
• Repsol S.A.
• Petrobras
• Petronas
• Indian Oil Corporation Limited.
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