June 19, 2019 by Steve Blade
Fact.MR’s latest forecast study estimates that the global automotive lubricant market will expand at a value CAGR of 5.4% over the forecast period, 2017-2026. In terms of volume, the report estimates that more than 45,350 Mn Liters of automotive lubricants will be sold globally by the end of 2026.
Lucrative outlook of automotive to resonate high demands is accounted to fetch concomitant growth in automotive lubricant market. Automotive lubricants play a defining role in ensuring optimal capabilities of engines. Innovative combustion engine designs also leverage considerable innovations, encouraging market participants to offer enhanced viscosity to enable improved functional attributes of engines. Superlative engine quality remains crucial for low vehicle emissions. Stringent emission control norms are likely to further augment greater adoption of vehicle lubricants, thereby entailing tremendous growth potential in automotive lubricant market.
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Advanced additives are frequently adopted to improve functional capabilities of automotive lubricants. Significant advances in additive improvisation such as inclusion of advanced polymers to enable greater performance is a dominant trend in automotive lubricant space, allowing to market to entail swelling growth. Increased production of lubricants is further anticipated to stem from advancements in lubrication systems of vehicles that favor an optimistic growth outlook in the coming years.
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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Fully Synthetic Oil Segment to Account for More Than One Third of the Revenue Share of the Base Oil Type Segment in 2017
As per the findings of the Fact.MR research report, the fully synthetic oil segment is poised to grow at a moderate CAGR and touch a value of US$ 41,319 Mn in 2026. The fully synthetic oil segment was estimated to account for more than one-third of the revenue share of the base oil type segment by the end of the year 2017 and is forecasted to lose market share by the end of the year 2026.
Automotive Lubricant Market: Competition Landscape
Total S.A., Royal Dutch Shell plc, Valvoline Inc., Quaker Chemical Corporation, Nippon Oil, Exxon Mobil, Chevron, British Petroleum, Fuchs Group, AMSOIL INC. and Buhmwoo Chemical Ind. Co., Ltd. have been recognized as key players in the global automotive lubricant market. Catering to the customized lubrication needs of vehicle owners and OEMs will be among a key manufacturing trend in the future of global automotive lubricant market.
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