The projected global market value for automotive lubricants is expected to reach a remarkable USD 116.1 billion by 2032, reflecting a substantial Compound Annual Growth Rate (CAGR) of 4.1% from 2023 to 2032, as reported by Valuates Reports. This substantial growth is driven by multiple factors, including the increased worldwide production of vehicles, stringent emission regulations mandating the use of advanced lubricants for improved fuel efficiency, and ongoing advancements in technology that enhance lubricant formulations.
Mineral oil lubricants are favored by manufacturers and consumers alike due to their cost-effectiveness, as well as the engine protection and performance they offer. Engine oil, in particular, plays a vital role in preserving engine efficiency and reliability by reducing friction, dissipating heat, and preventing wear and corrosion.
The industry is further propelled by the global rise in car production, the enforcement of stricter pollution standards and environmental legislation pressuring automakers to create more fuel-efficient vehicles, and the growing recognition among vehicle owners of the importance of regular maintenance.
The demand for automotive lubricants is also bolstered by the expansion of the automotive aftermarket, which is driven by the increasing number of vehicles on the road globally. This consistent demand for lubricants for routine maintenance, repairs, and oil changes is also attributed to the growth in industrialization and commercial transportation, including trucks, buses, and heavy-duty vehicles.
In regard to market share, mineral oil lubricants were the highest revenue-generating sector in 2022 and are expected to exhibit the fastest compound annual growth rate throughout the forecast period. Additionally, the passenger vehicle sector led the industry worldwide in 2022 and is poised to maintain its leading position.
Key players in this burgeoning market include Fuchs, Indian Oil Corporation Limited, PetroChina Company Limited, Chevron Corporation, Exxon Mobil Corporation, and TotalEnergies, among others.
As the global automotive lubricants market continues to prosper, it presents a multitude of potential opportunities for industry participants and investors. With the market projected to grow at a significant rate, it is imperative for stakeholders to remain well-informed and up-to-date on the latest market trends and insights.
Valuates Reports offer comprehensive market insights across various industries, maintaining a continuously updated repository of reports to meet evolving industry analysis requirements. Their reports can be customized to meet specific regional needs, incorporating a detailed research methodology to generate insights.
For industry stakeholders seeking to capitalize on the growth of the automotive lubricants market, Valuates Reports serve as a valuable resource for gaining a consistent view of the market and staying informed of emerging opportunities. With substantial growth potential on the horizon, now is the time to closely monitor this thriving market for automotive lubricants.
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