Automotive Lubricants Industry In South Korea Is Registering a Market Value Worth US$ 60 Billion by 2032
The global automotive lubricants market is likely to be valued at US$ 79.23 Billion in FY 2022, up from US$ 76.82 Billion in 2021.
During the past year, the industry registered a Y-o-Y increase worth 3%. From 2022 to 2032, automotive lubricants sales are poised to flourish at a CAGR of 3.1% to reach a value of US$ 108 Billion by the end of 2032.
Demand for engine oil automotive lubricants will continue to thrive, with a documented CAGR of 3.1% during the 2015-2021 historical period of assessment, while demand for Automotive Lubricants for LCVs proliferated at a rate of 3.5% during the same period.
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Bio-based Automotive Lubricants, A Key Market Trend
The study opines that due to adverse effects, the governments in many countries are taking stringent regulatory action to control the harmful impact on the environment caused by transportation-related activities. Governing bodies and international organizations are implementing new rules and regulations to reduce the carbon emission levels released from vehicles. Above mentioned circumstances are set to reduce the use of gasoline and diesel engine cars in the forecast period. For instance, in December 2015, the Paris climate conference put in optimistic efforts to maintain climate change by introducing several innovating technologies to limit greenhouse gas emissions. All these factors create new opportunities for bio-based and high-performance automotive lubricants.
Environmental restrictions are limiting the use of automotive lubricants.
Various regulatory agencies and international organisations have produced some regulations and guidelines to reduce carbon emission and air pollution brought on by automobiles.
All automotive lubricant producers worldwide are required to abide by the stringent guidelines adopted by environmental organisations in various geographical areas.
For instance, governments in nations like the Netherlands and Norway have determined that starting in 2025, no new cars with internal combustion engines would be permitted. Additionally, in accordance with the Paris Climate Agreement, CO2 emissions must not be higher than CO2 absorption levels.
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Competitive Landscape
Prominent Automotive Lubricants providers are reliant on partnerships, collaborations, acquisitions, and new software launch to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.
- In May 2022, Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij – subsidiaries of Shell Plc., have signed an agreement to sell Shell Neft LLC, which owns Shell’s retail and lubricants businesses in Russia, to PJSC LUKOIL.
- In May 2019, ExxonMobil agreed to purchase Indonesian lubricant blender PT Federal Karyatama, the companies announced this week, as part of a plan to expand in the Asia-Pacific region. The $435 Billion acquisition includes the Federal Oil brand of lubricants and a new blending plant in Cilegon, Indonesia.
Key Companies Profiled:
- Royal Dutch Shell PLC
- ExxonMobil
- Chevron
- Total S.A.
- FUCHS
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Key Segments Covered in the Industry Survey
- By Lubricants :
- Engine Oil
- Gear Oil
- Brake Oil
- Grease
- Other Automotive Fluid Lubricants
- By Base Oil :
- Fully Synthetic Automotive Lubricant Oils
- Semi-Synthetic
- Mineral Oil
- By Vehicle :
- LCVs
- HCVs
- Midsize Vehicles
- Compact Vehicles
- Premium Class Vehicles
- Luxury Vehicles
- Other Vehicle Types
Key Questions Covered in the Automotive Lubricants Market Report
- What is the projected value of the Automotive Lubricants factors Industry in 2022?
- At what rate will the global Automotive Lubricants factors market size grow until 2032?
- Which are the factors hampering the growth of Automotive Lubricants factors?
- Which region is expected to lead in the global Automotive Lubricants factors market By 2032?
- Which are the factors driving the Automotive Lubricants factors Industry during the forecast period?
- What is the expected market value of the Automotive Lubricants factors market during the forecast period?
Regional Analysis For Automotive Lubricants Market:
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
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This Press Release has been written with the intention of providing accurate market information which will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please feel free to reach us on mediarelations@xherald.com.
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