The Worldwide automotive lubricants market size was estimated at 22,858.5 kilo tons in 2016. Growing demand for lightweight and high performance vehicles in emerging economies such as China and India along with increasing disposable income across the globe is expected to be a key factor driving market growth.
Engine oil is anticipated to witness rapid growth rate owing to increasing passenger cars per 1,000 populations, increasing mobility on account of urbanization, growing per capita income, growing aspiration of possessing a vehicle and the demand for goods carrier from small and medium-sized enterprises.
Engine oils are widely used to inhibit corrosion, wear & tear and reduce friction in engines. With a majority of engine run on diesel, there is a growing demand for motor oils with shear resistance and specified viscosity index. This trend is expected to complement the industry growth over the forecast period.
Lubricants are manufactured through base oil and additives which are derived from petroleum sources such as crude oil, shale oil, and CBM. These are further refined to produce mineral oils such as paraffinic oils, naphthenic oils, and aromatic oils. These oils in combination with additives give lubricants that find applications in automotive.
With depleting crude oil reserves, the market has witnessed a crunch in raw material supply. Major oil companies have started to focus on developing new refining techniques, and sources to overcome this obstacle. This trend has led to an establishment of patented refining technologies that are limited to established companies and their alliances. Shell, ExxonMobil, and Kendall have developed PurePlus, Mobil 1 and Liquid Titanium technologies for producing lubricating oils, principally motor oils.
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The market is growing due to increasing demand for engine oils, brake fluids, and transmission fluids among both consumer and commercial automobiles. Increasing sales of motorcycles are also expected to further strengthen this growth over the forecast period. Shift in trend towards green derivatives is also expected to drive the market over the forecast period. Strong presence of regulatory associations, such as EPA and REACH, is also projected to help overall bio-based lubricants market.
Rising per capita income and increasing need for individualized transportation options has driven the sale of cars in several countries. OEMs are thus ramping up their production capabilities in order to meet growing regional and export demand. It has driven the demand for at the OEM level itself.
