Automotive Lubricants Market– Overview
The surge in use of automobiles has had an influential impact on the growth of the automotive lubricant market. Market reports connected with the basic chemicals industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is estimated to progress at an optimistic CAGR in the duration of the forecast period.
The progress of advancements in the passenger and commercial vehicles segment is motivating the growth of the automotive lubricant market. The market also has favorable growth aspects in terms of the demand from the motorsport and auto racing segment due to the increased popularity of auto sports. The expansion of the automobile sector is expected to motivate the growth of the automotive lubricant market further.
The segmental analysis of the automotive lubricants market is carried out on the basis of type, vehicle, and region. On the basis of type, the automotive lubricant market is segmented into engine coolant, engine oil, grease, gear oil, transmission fluids, and other fluids. Based on vehicle, the automotive lubricant market has been segmented into commercial, light and heavy. The regions covered in the automotive lubricant market are South America, North America, Europe, Africa, Asia Pacific, and the Middle East.
Detailed Regional Analysis
The regional analysis of the automotive lubricants market comprises of regions such as South America, North America, Europe, Africa, Asia Pacific, and the Middle East. The Asia Pacific region is among the main regions for the automotive lubricants market. The rising demand spurred by the increasing population in the Asia Pacific region is among the key factors for the amplified growth in this region. The North American and European regions are one of the mature markets that are displaying stable development in the automotive lubricants market.
Significant reductions in administrative costs are inducing further expansion of the market. The vertical additions and product tactics of the market are boosting the potential of the market players. The development of a robust value chain is further motivating the development of the market. The strategic goals intended for the market are reinforced due to favorable product differentiation carried out by market competitors. The growth of the market is moving in a favorable direction due to new product launches or rising gross revenue of the players in the market. Increased adaptability of market players to new market trends and customers inclinations are lifting the growth curve of the market and will continue do so in the forecast period. The successful implementation of strategies is expected to motivate the market in the coming years.
The substantial players shaping the automotive lubricant market are Chevron Corporation (U.S.A), Fuchs Lubricants Co. (U.S.A), ExxonMobil Corporation (U.S.A), BP plc (U.K.), Royal Dutch Shell plc (Netherlands), LUKOIL Oil Company (Russia), ConocoPhillips Corporation (U.S.A), IDEMITSU Kosan Co. Ltd. (Japan), Total S.A. and Valvoline (U.S.A) among others.
Jan 2019 India's leading doorstep car-services company, Pitstop has announced a strategic partnership with the top global energy corporation, SHELL which is a leader in automotive lubricants as their lubricant partner for giving periodic oil service to vehicles for its clients.
Nov 2018 Tata Motors and Gulf Oil Lubricants India Limited (GOLIL), officially signed an agreement to introduce a range of co-branded lubricants for its passenger vehicle segment in India. The companies will be marketing co-branded Tata Motors Genuine Oil in the high street market under this partnership.
May 2018 Savita Oil Technologies Limited has launched the Savsol lubricant brand with a modified position to interest the millennial consumers and mechanics. The company has its presence in domains such as automotive, wind energy and industrial lubricants and petroleum products with various applications.