The report studies the automotive lubricants market worldwide, especially in North America, Europe, Southeast Asia, India and Other Regions with production, size, growth, revenue, consumption, import and export in these regions. In order to study the various trends and patterns prevailing in the concerned market, Fact.MR has included a new report on automotive lubricants market to its wide online database including upcoming trends and market growth factors through 2029. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants.
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High-Quality Lubes to Create Lucrative Opportunities for Market Growth
Automotive lubricants dominate the global lube consumption, which in 2018 reported sales of over 40 million tons. Automotive lubricants accounts ~ 55% of the global lubricants market and the demand for high-quality lube is expected to create significant opportunities over the long-term forecast period. Royal Dutch Shell PLC, ExxonMobil, BP plc, Chevron Corporation, FUCHS, are some of the prominent players in the automotive lubricants market holding a significant share of the global market. In recent years, leading players have shown strategic moves such as acquisitions, mergers, and expansion projects to enhance their market position in the global automotive lubricants market.
For instance, in last few years, lubricants manufacturer FUCHS Petrolub SE, has spent nearly 12 million dollars at their site headquartered in Stoke-on-Trent, United Kingdom. The investment was made for new automated and energy-efficient machinery at FUCHS’ Hanley base. Furthermore, in April 2019, ExxonMobil, a multibillion-dollar crude oil refining company announced that it will manufacture high-quality lube base stocks, high-performance lubricants, and cleaner fuels in Singapore. This project will add 7 million barrels per annum of Group II base stocks capacity, which is mostly used to manufacture high-performance automotive lubricants. As per Fact.MR analysis, this investment is expected to increase the ExxonMobil’s outreach in Europe as well as in the Asia Pacific region.
The above mentioned, inline expansions and investments have shown that companies could offer a reliable supply to tap the increasing demands for automotive lubricants.
Technological Advancements to Improve Efficiency and Productivity
In terms of consumption, over 60 percent of the energy is consumed in the vehicle through the engine components. So improvements in automotive lubricants is the ideal place to optimize the performance of engines. High-performance automotive lubricants constitute excellent solvency and better hydrophilic properties. Application of these automotive lubricants leads to durable operation of the engine through lighter viscosity grades of high-performance lubricants. Additionally, less viscous and premium synthetics lubricants also increase the fuel economy of engines to a greater extent.
In recent years, nano-lubricants have been an advanced development in the market of automotive lubricants, created by adding nanoparticles to lube oils. Adding carbon-based nanoparticles in automotive lubricants improve the anti-wear properties and help to reduce the frictional resistance in the engine. Nano-lubricants not only reduce the frictional resistance but also enhance the load-carrying capacity of the engine. But the tendency to “settle out” from the liquid lubricant, nano lubricants need extensive research for their stable and effective production.
Furthermore, performance additives are added to automotive lubricants to enhance their performance and ensure a prolonged engine life. In modern automotive lubricants, combination of additives are used to serve better lubrication in engine. New modified engines, a higher range of operating conditions, new government legislations ensure the requirement for additives to enhance the efficiency of automotive lubricants. The concentration of performance additives in automotive lubricants ranges from ~ 0.005 to more than 10%. Additives added to automotive lubricants not only improve the fuel efficiency of the engine but also reduce CO2 emissions from vehicles by minimizing frictional resistance. To maintain the efficiency and to reduce the emissions, some new automotive lubricants have low contents of sulfated ash, phosphorus, and sulfur.
To meet the ever-changing consumer demand for high-performance automotive lubricants and strict environmental legislation to reduce CO2 emissions, market players need to implement advanced technologies. Prominent manufacturers can leverage R&D activities to bring more efficiency and new advancements, which will add more value to the existing product portfolio in the forecast period.
Strict Environmental Regulations Impacting Adoption of Automotive Lubricants
To control carbon emission and air pollution caused due to automobiles, various governing bodies and international organizations have developed some standards and guidelines. All automotive lubricant manufacturers in the world have to comply with the strict regulations enacted by environmental organizations in different geographical regions.
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For instance, governments of countries such as the Netherlands and Norway have decided that from 2025, no new cars will be approved with internal combustion engines. Furthermore, as per Paris Climate Agreement, CO2 emissions shall not exceed CO2 absorption levels. As a consequence, Europe’s government is set to introduce ~ 40 hybrid cars, followed by e-cars and internal combustion engines. To adhere to environmental regulations, manufacturers have to make some significant changes in their manufacturing processes, which may lead to the increased production cost of automotive lubricants.
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