Automotive Lubricants Market To Reach $94.87 Billion By 2030

Automotive Lubricants Market Growth & Trends

The global automotive lubricants market is expected to reach USD 94.87 billion by 2030, registering a CAGR of 3.5% over the forecast period, as per the new report by Grand View Research, Inc. The industry growth is majorly driven by the increasing demand for automotive oils and greases owing to the growing trade of vehicles and their spare parts across the globe.

The growth of the lubricants is driven by growing consumer focus on enhancing the performance of the vehicle along with the launch of innovative & premium product offerings. Consumers want standard and specialized lubricants for their everyday vehicles to ensure smooth operation and save long-term maintenance expenses. Automotive lubricant makers are concentrating on developing lubricants that improve engine component performance while also reducing environmental deterioration by lowering carbon emissions.

Moreover, the increasing adoption of electric vehicles is anticipated to act as a restraining factor in the growth of the market. Several countries are focusing on the adoption of e-vehicles to reduce the pollution level. For instance, around 2 billion electric cars were on the road in China in 2021. Thus, this growing use of electric vehicles will hamper the growth of the product market over the period.

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Automotive Lubricants Market Report Highlights

• The global market is estimated to advance with a compounded annual growth rate (CAGR) of 3.5% from 2023 to 2030. This is attributed to the advancing use of automobiles worldwide

• Engine oil in the product segment dominated the market with a revenue share of 54.8% in 2022. This growth is attributed to the fact that it contributes to keeping the engine corrosion-free, cool, and clean

• Gear oil is another segment witnessing growth over the forecast period. This is due to the fact that gear oil is one of the significant products in the market on account of its high viscosity, which eventually helps protect gear components and ensure smooth gear operations

• Asia Pacific region dominated the global market with a revenue share of 57.2% in 2022. This growth is due to the increasing production of automobiles in China and India. According to OICA, China produced 3.18 million commercial vehicles and 23.84 million cars in 2022, a growth of 3% as compared to 2020

• North America is another region witnessing growth in 2022. According to the International Organization of Motor Vehicle Manufacturers (OICA), the U.S. produced 10.06 million vehicles in 2022, a growth of 10% as compared to 2021

• Additionally, according to Statics Canada, approximately 1.6 million new vehicles were registered in Canada in 2021 which was 6.5% higher as compared to vehicles registered in 2020. Thus, the advancing automotive industry is further anticipated to drive the demand for products over the period

Automotive Lubricants Market Segmentation

Grand View Research has segmented the global automotive lubricants market report based on product and region:

Automotive Lubricants Product Outlook (Revenue, USD Million; Volume, Kilotons; 2018 - 2030)

• Engine Oil

• Gear Oil

• Transmission Fluids

• Brake Fluids

• Coolants

• Greases

Automotive Lubricants Regional Outlook (Revenue, USD Million, Volume; Kilo tons; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • Switzerland

  • France

  • Italy

  • Spain

  • Netherlands

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Southeast Asia

  • Oceania

  • Kyrgyzstan

• Central & South America

  • Brazil

  • Argentina

  • Chile

  • Colombia

• Middle East & Africa

  • Iran

  • Oman

  • UAE

  • Qatar

  • Kuwait

  • Saudi Arabia

  • South Africa

  • Angola

  • Nigeria

List of Key Players in the Automotive Lubricants Market

• Exxon Mobil

• Castrol

• Shell

• Repsol

• LUKOIL

• Sasol

• Indian Oil Corporation Ltd

• HP Lubricants

• Philipps 66

• Fuchs

• Cepsa