Automotive Lubricants Market Regional Analysis:
Asia Pacific Market Insights
Asia Pacific region is projected to account for more than 41.6% market share by 2035, due to increased vehicle production, sales, and rising GDP levels. 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.
