Global Automotive Lubricants Market: Expansion in Automotive Industry to Reflect Positively on Sales
Global Automotive Lubricants Market: Snapshot
Thanks
to the increasing trend of owning a vehicle among consumers, the demand
for automotive lubricants has been witnessing a significant rise across
the world. The growing awareness level regarding the benefits of
automotive lubricants, such as improved operations and enhanced average
age of vehicles, is also having a positive impact on their sales.
Researchers anticipate the scenario to remain more or less same over the
next few years.
According
to Transparency Market Research (TMR), the global market for automotive
lubricants offered an opportunity worth US$55.4 bn in 2015. Progressing
at a CAGR of 4.10% during the period from 2016 to 2024, the market is
expected to reach US$78.9 bn by 2024.
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http://www.transparencymarketresearch.com/automotive-lubricants-market.html
Asia Pacific to Maintain its Leading Streak
The
global market for automotive lubricants stretches across Europe, Asia
Pacific, the Middle East and Africa, North America, and Latin America.
The prominent rise of the automotive industry has given the market for
automotive lubricants in Asia Pacific an edge over other regional
markets. The increase in the purchasing power of consumers, thanks to
the strengthening economy, has also supported the Asia Pacific market
for automotive lubricants significantly. The growing consumption of
automotive lubricant in this region, specifically in China and Japan, is
likely to maintain the lead of Asia Pacific in the coming years too.
North
America and Europe have also been exhibiting a healthy demand for
automotive lubricants since the last few years. The implementation of
stringent rules and regulations regarding the emission of fuels in
Europe is boosting the demand for synthetic lubricants in this region
and is expected to propel the Europe market for automotive lubricants in
the coming years. However, the pace of demand for automotive lubricants
in this region is anticipated to decline slightly in the near future.
The North America market for automotive lubricants is likely to exhibit a
similar condition in the years to come due to the rising enforcement of
norms and regulations on fuel emissions.
On
the flip side, Latin America and the Middle East and Africa are likely
to experience a considerable rise in their respective markets of
automotive lubricants over the next few years. The Middle East and
Africa is projected to gain significantly from the infrastructural
developments and an improving vehicle parc in the near future. Latin
America, on the other hand, is likely to benefit from the rising trend
of replacing old vehicles with newer models, growing usage of engine
oils with lower viscosity, and the escalating sales of automobiles in
Brazil and Mexico.
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Demand for Engine Oil to Remain Strong
Gear
oil, engine oil, and transmission fluid are the prime types of
automotive lubricants available around the world. Among these, engine
oil, also known as motor oil, is the most valued product in this market
and is likely to remain so over the forecast period. The rising number
of vehicle on road is the key driving force behind the exceptional
growth of this segment.
On
the flip side, the demand for gear oil and transmission fluid is likely
to decline a bit in the near future due to the increasing usage of
single fluid for both gearbox and transmission.
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