Automotive Lubricants Market Size USD 75.63 billion by 2026
New York, NY 19 Sep 2019 :The global automotive lubricants market is anticipated to reach USD 75.63 billion by 2026 according to a new study published by Polaris Market Research. Increasing demand for high quality lubes from automobile manufacturers has created a surge in demand for these products. The economic, regulatory and political forces have reshaped the dynamics of the lubricants demand and supply throughout the globe. Opportunities for the industry participants to expand the business have continued to emerge significantly. The automotive lube segment has emerged as a major growth market, in addition to a source of competitively priced mechanism in the overall lubricant industry. Currently strong growth in the automotive manufacturing industry is creating several new market opportunities for these product manufacturers.
In the automobile industry, the consumers have been migrating for enhanced quality vehicles and the increase in demand for the four stroke motorbikes. Manufacturers of these products with significant tie ups with the OEMs that use lubricants of higher grade quality, offering multi-grade lubricants with powerful brand recognition and wide range of distribution networks are expected to gain higher market share in the competitive industry space over the forecast period. Increased car and motorcycle stock, increase in agricultural machinery driven lubes consumption have been the primary factors to drive the automotive lubricants market.
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The multinationals players with superior technology, brand image and finances have retained the power to introduce themselves on their own in the industry. However, with the increasing number of companies it has been not a easy task for everyone to attain a carve a niche in the industry space. The sector has witnessed significant numbers of acquisitions and mergers. The most recent is the acquisition of Castrol by British Petroleum. Several recent deregulations in the automobile lubricant industry have promised numerous new opportunities especially for the private lubricant manufacturers operating in many foreign countries.
The Asia Pacific Automotive Lubricants Market is expected to generate the highest demand for these products by 2026 with an increasing demand especially from the small four-wheeler segment. Increasing industrialization rate in the emerging economies such as India, Vietnam, Philippines, Malaysia, and Indonesia along with high demand from China, South Korea, Japan and Australia have added additional numbers to the yearly automobile manufacturing volume in the region. This is expected to be the major factor expected to drive demand for the products over till 2026 and beyond.
The few of the leading automotive lubricants market participants currently operating in a worldwide scale include Valvoline, Arabol Lubricants, Total Oil, BP, Indian Oil Corporation, Phillips 66 Lubricants, Bel-Ray Company LLC., Amsoil (Wisconsin), Bharat Petroleum, Morris Lubricants, Ultrachem Inc , Penrite Oil, Valvoline , Rock Valley Oil and Chemical Co., Peak Lubricants Pty Ltd , Lubrizol, Liqui Moly, Eni S.P.A. and Emulsichem Lubricants Pvt. Ltd.
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