Impact of COVID-19 on Automotive Lubricants Market : Implications on Business

 Transparency Market Research has published a new report titled, “Automotive Lubricant Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global automotive lubricant market is anticipated to surpass US$ 120 Bn by 2026, expanding at a CAGR of more than 4% during the forecast period.

Increased number of on-road vehicles, globally, is driving the automotive lubricant market. Average age of vehicles has increased with more number of people preferring to retain their vehicle. Consequently, an increased number of ageing vehicles on the road need maintenance, thereby driving the demand for automotive lubricant.

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Demand for lower viscosity oils has increased due to their ability to improve engine performance and fuel economy. OEMs are recommending lower viscosity lubricants and shifting the OEM and aftermarket demand toward better quality synthetic /semi-synthetic oils. Consumers are becoming more aware about maintenance of their vehicle’s health. Synthetic/Semi-synthetic oils are expensive but have longer drain interval time and hence, adoption of these oils is a win-win situation for both manufacturers and consumers. Therefore, the market is moving toward higher value lubricants. API or API-equivalent standards are followed globally in order to curb rising emission and maintain minimum performance of lubricants. Rising performance requirements are prompting OEMs to seek better quality lubricants, which in turn is boosting the automotive lubricant market.

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Vehicle users in North America and Europe prefer automatic transmission, which contributes to the high demand for automatic transmission fluid (ATF) in these regions. Asia Pacific is witnessing a technology shift from manual to automatic transmission, owing to the rising demand for continuously variable transmission and dual clutch transmission. This is expected to drive the demand for ATF in the region.

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In terms of sales channel, the aftermarket segment is expected to dominate the global automotive lubricant market. Automotive lubricants require periodic replacement and hence, the demand for lubricants in the aftermarket is high. OEMs have different lubricant specifications in different countries. However, OEMs are converging to maintain same portfolio across the global market in order to simplify marketing and distribution.

Key players operating in the global automotive lubricant market include Royal Dutch Shell plc, ExxonMobil Corporation, BP p.l.c., Chevron Corporation, Total S.A.., Sinopec Corporation, Fuchs Lubricants Co., LUKOIL, Phillips 66 Company, Valvoline LLC, Repsol S.A., JXTG Nippon Oil & Energy Corporation, Bharat Petroleum Corporation Limited, Indian Oil Corporation Limited, Petrobras, and Morris Lubricants. The market is largely fragmented due to the presence of several public-sector companies

The global automotive lubricant market has been segmented as follows:

Global Automotive Lubricant Market, by Product Type

  • Mineral Oil
  • Synthetic/Semi-Synthetic Oil
  • Bio-Based Oil

Global Automotive Lubricant Market, by Base Oil

  • Engine Oil
  • Manual Transmission Fluid (MTF)
  • Automatic Transmission Fluid (ATF)

Global Automotive Lubricant Market, by Vehicle Type

  • Light Vehicle
  • Heavy Vehicle

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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