The increasing consumer demand for lightweight and high-performance cars and rising disposable income are expected to be major growth drivers in the automotive lubricants market. The rising demand for personalised transportation options has resulted in increased car sales in several countries, with OEMs expanding their production capacity to meet regional and global demand. Thus, the increase in the number of on-road cars and reliance on private vehicles for transportation are predicted to channel rigorous product differentiation in the automotive lubricants market. These trends are supported by manufacturers’ commitment to enhancing vehicle performance, which is set to positively influence product innovation and cross-collaboration among prominent auto industry leaders. Against this backdrop, the demand for automotive lubricants is poised to augment, strengthening the automotive lubricants market.
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Automotive Lubricant Demand Soars as Manufacturers Race to Improve Vehicle Performance
The acceptance of automotive lubricants is being influenced by their ability to enhance vehicle protection. Automotive lubricants play an essential role in ensuring that vehicles perform effectively in harsh weather conditions. By reducing friction between components, these lubricants offer protection against damage to a vehicle's systems and parts. Additionally, the demand for low-viscosity and higher-performing lubricating oils is continuously increasing owing to the auto industry's use of more complex automotive systems. This trend is set to drive the manufacturing and innovation of premium lubricating oils. Moreover, the rising standards for high performance in automobiles are also promoting the adoption of new products. Thus, with growing concerns for driver safety and the robust pursuit of advancing vehicle performance, the demand for automotive lubricants will surge.
Growing Need of High-Viscosity Engine Oil to Influence Product Innovation
On the basis of product, engine oil is expected to attract a higher demand in the automotive lubricants market. Automakers are using premium high-viscosity engine oils to lubricate internal combustion engines, enhancing the demand for engine oil. Moreover, the demand is also increasing for heavy-duty motor vehicle engine oils that can withstand harsh geographic conditions and meet emission standards. There is a growing need for motor oils with shear resistance and specific viscosity indexes, which is expected to support industry growth during the forecast period. In the near future, strong RD efforts to improve oil quality are also anticipated to drive the expansion of the automotive lubricants market. In this context, the automotive lubricants market will register new growth in terms of product innovation, manufacturing capacity, and competitive standards.
Asia Pacific Rises as Key Regional Player Due to a Flourishing Automotive Sector
Asia Pacific is poised to cement its dominance in the global automotive lubricants market. Growing vehicle ownership, the rapidly evolving e-mobility industry, and greater ease of doing business are expected to drive APAC’s automotive lubricants market to maturity. It is predicted that China, Japan, South Korea, and India will command a substantial market share owing to government efforts to replace outdated vehicles. Meanwhile, increasing demand for high-quality lubricants and emphasis on fuel efficiency will position Europe as a fierce contender in the automotive lubricants market.
Leading Market Players
Key players in the automotive lubricants market are Exxon Mobil Corporation, Klüber Lubrication München SE Co. KG, China National Petroleum Corporation, FUCHS PETROLUB SE, Shell International B.V., Phillips 66 Company, SK lubricants Co., Ltd., BP P.L.C. (CASTROL), Amsoil Inc., Chevron Corporation, and Motul among others.
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