Automotive Lubricants Market valuation to reach US$78.92 Bn by 2024, Thanks to Burgeoning Automobile Industry – Transparency Market Research
Rising disposable incomes leading to increasing vehicle ownership in emerging economies of Asia Pacific has given a boost to the automotive lubricants market.
Albany, New York, Aug. 22, 2018 (GLOBE NEWSWIRE) -- The global automotive lubricants market depicts the presence of a highly fragmented and competitive vendor landscape, says Transparency Market Research on the basis of a newly published report. Such high competitiveness is mainly due to the presence of innumerable players. The international players are facing increasing competition from local and regional businesses, in terms of increasing geographical expansion and improved product quality and efficiency. However, the larger companies possesses a wider customer base than the local enterprises, thus giving them an edge in this competitive rivalry.
With the number of players expected to increase during the next few years, the global automotive lubricants market is prophesized to depict a surge in competitive intensity. Most companies are focusing on bringing forth innovative lubricant production techniques in order to increase production capacity and sales. Fuchs Lubricants, Royal Dutch Shell Plc, Total S.A., ExxonMobil Corporation, Sinopec Corporation, Chevron Corporation, BP plc, and LUKOIL Oil Company, are key companies operating in the global automotive lubricants market.
As per expert analysts, the global automotive lubricants market is anticipated to grow at healthy CAGR of 4.1% during the forecast period from 2017 to 2024. Such growth is expected to be depicted in the form of revenue worth US$78.92 bn projected by 2024. This is a notable increase from an initial revenue worth US$59.40 bn that was registered in 2017.
Rapidly Increasing Vehicle Production Brings Growth to the Market
With the production of vehicles increasing exponentially all across the globe, the global automotive lubricants market too is witnessing widespread expansion. This is mainly due to the fact that lubricants play a highly crucial role in maintenance of vehicles, apart from enabling reduction of friction during engine functions. A rise in the number of old vehicles is increasing the need to maintain them properly, thus demanding the use of lubricants on a large scale. Moreover, with rapid urbanization and increasing disposable income, a surge has been noted in the number of customers pouring their money into buying cars and other vehicles. This is further expected to boost the global automotive lubricants market in the near future. Vehicle ownership is substantially high in developed economies, and also is increasing rapidly in developing nations too, thus proving to be beneficial to the market’s progress.
Volatility in Product Availability in Remote Regions Hampers Progress
However, fluctuation in availability of raw materials required for production of the lubricants mainly in remote and underdeveloped regions, along with volatility of product costs, is substantially restraining the global automotive lubricants market’s growth. Such unpredictability in costs and availability might discourage customer growth too. Moreover, lack of expertise regarding production of lubricants in remote regions too poses as a key obstacle to the automotive lubricants market, from a regional perspective. Increasingly stringent regulations put forth by governments owing to environmental concerns regarding polluting effects of vehicles running on traditional fuels also is restraining the products’ sales. Nevertheless, several players are expected to introduce cost-regulated lubricant types soon, which could offset most restraints affecting the global automotive lubricants market.
The information presented here is based on the findings of a TMR report, titled “Automotive Lubricants Market (Product - Engine Oil, Gear Oil, and Transmission Fluid; Base Oil - Mineral Oil, Synthetic Oil, and Bio-based Fluid; Vehicle - Passenger Car (PC), Light-weight Commercial Vehicle (LCV), and Heavy-weight Commercial Vehicle (HCV); Distribution Channel - Original Equipment Manufacturer (OEM) and Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2024.”
Key Takeaways
With the production of vehicles increasing exponentially all across the globe, the global automotive lubricants market too is witnessing widespread expansion.
With the number of players expected to increase during the next few years, the global automotive lubricants market is prophesized to depict a surge in competitive intensity.
The global automotive lubricants market is segmented as follows;
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Source: GlobeNewswire
(August 22, 2018 - 9:50 AM EDT)
