Due to the presence of a large number of players, the global market
for automotive lubricants is highly fragmented and competitive in
nature, finds a new study by Transparency Market Research (TMR). In
2015, the top three market participants, namely, Royal Dutch Shell
Plc, ExxonMobil Corp., and BP Plc, could hold a share of 31.6% only
in the overall market.
The wide array of products, these players offer, has allowed them to
have an edge over their competitors. However, the increasing entry of
regional players is likely to intensify the competition for the
leading participants in this market over the next few years, states
the report.
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As per TMR’s estimations, the global automotive lubricants market,
which stood at US$55.44 bn in 2015, is expected to rise at a CAGR of
4.10% between 2016 and 2024 and to reach a value of US$78.92 bn by
the end of the forecast period. Passenger cars (PC) have emerged as
the key consumer of automotive lubricants due to the soaring number
of existing units. This scenario is anticipated to remain same over
the forecast period, with sales crossing 32.3 mn tons by 2024, notes
the research study.
Increasing Demand for Passenger Cars to Ensure Dominance of Asia
Pacific
The report also studies the global market for automotive lubricants
on the basis of its regional reach. According to the study, the
Middle East and Africa, Latin America, Europe, North America, and
Asia Pacific are the main regional markets for automotive lubricants.
Among these, Asia Pacific has emerged as the leading contributor to
the global market. Expanding at a CAGR of 5.40%, it is expected to
remain so throughout the forecast period. The increasing demand for
passenger cars, thanks to the augmenting disposable income of
consumers, is the key driving force behind the growth of the market
for automotive lubricants in this region.
Other regional markets, specifically the Middle East and Africa and
Latin America are also projected to exhibit a strong demand for
automotive lubricants in the near future on account of the rising
demand for automobiles, fueled by strengthening economic condition,
states the report.
Rising Demand for Vehicles to Greatly Influence Global Automotive
Lubricants Market
“The demand for automotive lubrication is highly influenced by the
increasing number of motor vehicles on road,” says an analyst at
TMR. Since automotive lubricants improve the operation of vehicles
and protect their engine by reducing friction, their demand is
directly proportional to the usage of automobiles.
With the increasing population, more vehicles are required to meet
the transportation need of people across the world. Apart from this,
the surge in consumers’ purchasing power is also reflecting on the
sales of motor vehicles, which eventually, is leading to a
substantial rise in the demand for automotive lubricants, globally,
reports the study.
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High Price of Fully- or Semi-synthetic Lubricants to Impact
Overall Demand for Automotive Lubricants
“Although the growth prospects of the worldwide market for
automotive lubricants is bright, the high price of fully- or
semi-synthetic lubricants may act as an obstruction in the growth
trajectory of this market over the next few years,” says the author
of this study.
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