Automotive Lubricants Market size is poised to reach USD 85 Billion by the end of 2033, growing at a CAGR of 2% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of automotive lubricants was USD 73 Billion. The primary factor that is attributed to the market growth is the rapid expansion of the automotive industry across the world, along with the surging demand to protect the automotive components. For instance, a recent report suggested that the global automotive industry is expected to reach approximately USD 9 trillion by 2030. The increased demand for lightweight and high-performance vehicles in every region of the world is also anticipated to drive the market in the upcoming years.
Automotive lubricants are playing a huge role in upgrading the performance and ensuring proper conduction of the vehicles on the road. Thus, with the increasing spending capacity, and rising per capita income, many consumers are adopting high-quality automotive lubricants to protect against wear and tear of various automotive components while increasing their durability. Also, the high demand for individualized transportation, along with increased sales and production of vehicles around the world, is considered growth factor of the market during the assessment period. Furthermore, there has also been an increase in demand for engine oils, brake fluids, and transmission fluids among both consumer and commercial automobiles, which is projected to create a positive outlook for the global automotive lubricants market. In addition to the other factors, the recent focus on shifting towards green derivatives to lessen air pollution is expected to bring growth opportunities for bio-based automotive lubricants market in the upcoming years. The stringent government rules regarding carbon emission along with the presence of regulatory associations including EPA, and REACH, are projected to help in market growth.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
2% |
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Base Year Market Size (2022) |
USD 73 Billion |
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Forecast Year Market Size (2033) |
USD 85 Billion |
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Regional Scope |
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Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)
The global automotive lubricants market is segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. Out of these, the passenger cars segment is anticipated to garner the highest market share by 2033, owing to its increased sales and production worldwide, along with the rising level of disposable income. As per the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, 49 million new passenger cars were sold and 57 million passenger cars were produced across the globe. Moreover, nowadays, consumers are opting for more efficient and easy transportation, making passenger cars a viable option. Further, the utilization rate of automotive lubricants in passenger cars is forecasted to witness major developments owing to rising per capita disposable income along with its increased preference for a better driving experience.
Oil (Synthetic, Semi-synthetic, Conventional)
The global automotive lubricants market is also segmented and analyzed for demand and supply by oil into synthetic, semi-synthetic, and conventional. Out of these three segments, the conventional segment is attributed to holding the largest segment share by the end of the forecast period. As conventional oil is derived from crude oil, its greater accessibility makes it a favorable option for consumers. Furthermore, its various advantages, such as temperature resistance and stability against harsh physical conditions, make it an excellent option in the production of automotive engine oil for enhanced lubrication and better engine protection. On the other hand, the synthetic segment is also estimated to grow at a steady growth during the forecast period. Synthetic oil is the best alternative to mineral-based conventional oils. Also, synthetic oil carries numerous advantages, including temperature regulation, extended drain intervals, lessened friction, improved in fuel economy, and better engine performance, which makes it a product in high demand for automotive manufacturers.
Our in-depth analysis of the global automotive lubricants market includes the following segments:
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By Oil |
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By Product |
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By Vehicle Type |
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Asia Pacific Market Forecast
The Asia Pacific automotive lubricants market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The major factor for the market growth in the region is the increased production, sales, and demand for vehicles by the burgeoning population of the region. The International Organization of Motor Vehicle Manufacturers (OICA) statistics revealed that the total production of vehicles in the region was 46 million in 2021, a rise from 44 million in 2020. Similarly, the total sales in the region were 42 million in 2021, a rise from 40 million in 2020. Automotive lubricants provide better lubrication, better protection from corrosion, and effective cooling to an engine, and are highly beneficial for any commercial vehicle. Hence, the enhanced use of automotive lubricants owing to the large number of vehicles on the streets, as well as the presence of prominent stakeholders and renowned exporters and importers of vehicles in the region, are expected to provide lucrative opportunities for growth for the market throughout the forecast period. For instance, in 2021, China exported around 402,000 commercial vehicles and around 2 million passenger vehicles. Also, the growing Gross Domestic Product (GDP) level, along with the rising economies, and rising income levels of the population, are other factors for the increased adoption rate of automotive interior materials. Moreover, favorable government policies such as 100% FDI in the auto sector of India, and massive investments from international players in the automotive industry are projected to boost the market size.
Eurol B.V. has launched the new Actence RNT 5W-30. It is a fully synthetic engine oil for gasoline and diesel engines that has the official Renault RN17 approval and meets the ACEA C3 classification.
Shell International B.V. has acquired Solenergi Power Private Limited and with it, the Sprng Energy group of companies from Actis Solenergi Limited (Actis).
Author Credits: Smruti Ranjan, Rajrani Baghel
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