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Comprehensive Report on Global Automotive Lubricants Market

Market Research by Knowledge Sourcing Intelligence

· market trends,market survey,market research,chemical industry

The automotive lubricants market is projected to grow at a decent CAGR during the forecast period. The commercial vehicle segment of the automotive lubricants is projected to hold a significant share in the market on account of growing commercial activities around the globe. Geographically, Asia Pacific region is projected to hold a noteworthy share in the market and is projected to show good growth opportunities in the coming years on account of rising passenger and commercial vehicle sales and budding implementation of regulations regarding environmental concerns.

automotive lubricants market forecast

Global Automotive Lubricants Market by Geography:

Geographically, the automotive lubricants market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The China automotive lubricants market was valued at US$XX.XX billion in 2018 and is expected to grow at a CAGR of XX% over the projected period to reach US$XX.XX billion in 2024. The growth of the China automotive lubricants market is being driven by the rapid growth of the automotive industry in this country. For more than a decade, China has retained its position of the world’s largest automotive producer on account of availability of cheap and skilled labor, and other resources required for automotive production. The total automotive production increased from 8.882 million units in 2007 to 29.015 million units in 2017. Despite a dip in automotive production in 2018, when the output slid down to 27.809 million units, the country will continue to account for major demand for automotive lubricants, thus boosting the growth of the market. The market study provides a detailed analysis of the global automotive lubricants market on the basis of the various segment like- by application, by geography, etc.

Global Automotive Lubricants Market by Application:

The commercial vehicles automotive lubricants market is projected to grow at a CAGR of XX%, rising from US$XX.XXX billion in 2018 to reach US$XX.XXX billion in 2024. Lubrication plays a pivotal role in the performance of any vehicle as it improves the efficiency of automotive parts such as the engine, gear, and other parts. The demand for lubrication oils in the commercial vehicle segment is majorly driven by the growing pressure to reduce emissions from heavy-duty vehicles. Presence of strict regulations, with respect to emissions from commercial vehicles, is one of the major factors that are driving the market growth. Manufacturers are continuously working towards optimizing their lubricant offerings in order to adhere to the growing regulations related to automotive lubricants. In January 2019, Shell Lubrication has announced a partnership with Mahindra & Mahindra Ltd, to offer high-performance lubricant products such as engine oils, transmission, and axle oils for commercial vehicles.

automotive lubricants market by application

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Also, rising commercial activities across the globe are boosting the demand for commercial vehicles, significantly augmenting the automotive lubricants market.