Portland, OR, April 18, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive lubricants market garnered $70.99 billion in 2017 and is expected to reach $89.58 billion by 2022, registering a CAGR of 4.8% from 2016 to 2022.
The report provides a comprehensive analysis of the automotive lubricants market covering aspects including market size and share, market dynamics, market segmentation, and competitive landscape. The report serves as a vital tool for stakeholders such as market players and investors as it helps them determine how the market will evolve across different regions and technology segments. It also helps them to grab the opportunities to grow and expand in the space.
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Growth Drivers and Industry Trends
The report offers an analysis of the growth drivers, restraints, and opportunities of the global automotive lubricants market. Increasing vehicle production, growing consumer preference for automotive lubricants, increasing competition among key market players, and rapid development of transportation infrastructure drive the growth of the market. However, volatile nature of raw material prices and harmful environmental impact of conventional lubricants restrict the growth of the industry. Conversely, increasing demand for eco-friendly lubricants offer new opportunities for the growth of the market.
Segmentation Analysis of the Industry
The report offers a broad segmentation of the global automotive lubricants market. It segments the market into base oil, application, vehicle type, and region. Based on base oil, the market is classified into mineral oil lubricants, synthetic lubricants, semi-synthetic lubricants, and bio-based lubricants. The synthetic lubricants segment is likely to grow at the fastest CAGR of 7.9% from 2016 to 2022. The mineral oil lubricants segment would dominate the market in terms of revenue through 2022. The application segment is divided into engine oil, gear and brake oil, transmission fluids, greases, and others. The engine oil segment was the largest in 2017, holding more than two-thirds of the market share. The segment is expected to maintain its revenue lead and also grow at the fastest CAGR of 4.9% through 2022. The vehicle type segment is bifurcated into passenger cars, light commercial vehicles (LCV), heavy commercial vehicles (HCV), and others (motorbikes etc.). The passenger cars segment is expected to be lucrative through 2022. The report covers a study of the regions such as North America, Europe, Asia-Pacific, and LAMEA. The North American market is expected to register the highest CAGR of 4.9% through 2022.
Industry Key Players
The report also includes an analysis of the leading players operating in the global automotive lubricants market. They include Royal Dutch Shell Plc., Exxon Mobil Corporation, Total S.A., BP Plc., Chevron Corporation, PetroChina Company Limited, Valvoline, BASF SE, Indian Oil Corporation Ltd., and FUCHS Lubricants.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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