According to a recent report by Reports and Data, the global automotive lubricants market is expected to reach USD 97.59 billion by 2030, with a revenue CAGR of 5.3% over the forecast period. The market growth is primarily driven by rising demand for synthetic oil and an increasing number of passenger cars in developing countries.
Automotive lubricants are fluids that reduce friction between surfaces that come into contact. In addition to reducing energy loss caused by friction, lubricants also aid in cleaning, cooling, and protecting metal parts from corrosion and rust, as well as many other challenges faced by a machine during operation. For example, engine oil is a type of lubricant designed specifically for use in engines, and high-quality engine oil is essential for an engine's proper functioning, as it improves engine efficiency by preventing damage and extending engine life.
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There are numerous types of automotive lubricants available on the market, each with a different source or base oil. Mineral-based lubricants account for the majority share, but synthetic lubricants are rapidly gaining popularity and revolutionizing the market. Advancements in lubricant technology have led to longer oil drain and service intervals, improved fuel efficiency, and longer protection periods.
The report also highlights several key factors, including the adoption of synthetic oil by automotive manufacturers to reduce carbon emissions, the passenger cars segment accounting for the largest revenue share in 2020, and the engine oil segment accounting for a significant revenue share in 2020. The Asia Pacific market accounted for the largest revenue share in 2020, driven by the rising number of on-fleet vehicles in countries such as China, Japan, India, and South Korea.
Companies profiled in the global market report include Castrol Limited, Gulf Oil International, Panama Petrochem Ltd., GP Petroleums Ltd., Shell International B.V., Chevron Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Valvoline Inc., and Petróleo Brasileiro S.A. The market has been segmented based on base oil, vehicle type, application, and region.
Automotive Lubricants Market: Product develpment
The automotive lubricants market has seen significant product development in recent years. Synthetic lubricants are becoming increasingly popular due to their ability to reduce carbon emissions and improve engine performance. Additionally, advancements in lubricant technology have led to longer oil drain and service intervals, improved fuel efficiency, and longer engine life. Some companies have also focused on improving customer experience through the use of QR codes on product packaging, which provides customers with instant access to relevant product details. The development of new and improved lubricant products is likely to continue as the market grows and demand for more efficient and environmentally friendly options increases.
Automotive Lubricants Market: Notable Innovation
One notable innovation in the automotive lubricants market is the increasing adoption of synthetic oil by automotive manufacturers. Synthetic oil is produced by capturing carbon elements and combining them with hydrogen elements, which extensively reduces carbon emissions. This engine oil also has improved detergent properties, which help combat corrosion and carbon deposits in the engine. Synthetic lubricants are rapidly gaining popularity and revolutionizing the market, providing longer oil drain and service intervals, improved fuel efficiency, and a longer protection period. Additionally, some companies in the market, such as Lucas Oil, are incorporating customer-centric QR codes on their packaging, providing customers with instant access to relevant product details and improving the overall customer experience.
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