Auto lubricant market is expected to witness rapid growth in the near future due to rising demand for heavy and light passenger vehicles. With rise in disposable income and rapid improvement in living standards, the demand for auto lubricant is expected to increase over the forecast period. Lubricant is a type of substance that has the capability of reducing friction between mutually contacted surfaces that ultimately reduces the heat generated due to friction. Lubricity is the property to reduce friction. It also has the function of transporting foreign particles, transmitting forces, or heating & cooling the surfaces. It has several favorable properties due to which this have applications in automobiles. Major properties include corrosion prevention, hydraulic stability, high viscosity index, high resistance to oxidation, demulsibility and thermal stability.
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Rising demand for light and heavy
commercial vehicles is presumed to fuel the demand for the auto lubricant
market. Several stringent regulations are expected to complement the growth for
this market. With product development the lifespan of automobiles are estimated
to increase which is expected to have positive impact on the auto lubricant
sector over the eight-year period. Rising
living standards coupled with increase in disposable income is presumed to
further boost the market growth.
Several advantageous properties
of lubricant is presumed to drive the market demand in the near future. Rapid
production of automobiles in the near future is estimated to boost the demand
for auto lubricant. Auto lubricants have several applications such as passenger
car, heavy commercial car (HCV) and light commercial cars (LCV) huge demand in
this application sector is presume to have positive impact on the market
growth.
Volatile raw material price is
expected to restrict the market growth over the forecast period. Several
mergers and acquisitions coupled with huge production in developing countries
are expected to open new opportunity for the market participants in the near
future. The adaptation of lubricants that are bio-based is expected to drive
the market. The report defines size of the global auto lubricant industry and
provides detail analysis of the segments based on application, vehicle and
region.
The market is segmented based on
application as engine lubricant, transmission lubricant and brake lubricant.
Based on vehicle type the market is classified as passenger car, heavy
commercial car (HCV) and light commercial cars (LCV). Huge growth in automobile
sector is presumed to contribute for the growth of auto lubricant market.
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Major regional markets include
Europe, Asia Pacific, North America, Central & South America, and Middle
East and Africa. Developing region such as china is projected to dominate the
regional market of auto lubricant owing to rapid automobile production in the
near future. China has dominated the automobile market in the recent past owing
to rising living standards and increase in disposable income. China is expected
to show similar trend over the forecast period.
Developed region such as North
America and Europe has witnessed tremendous growth due to huge demand for light
and heavy vehicles in recent past. However, this region is estimated to have
slow growth due to presence of established market in this region. Emerging
economies such as India and China are expected to have huge growth over the
forecast period.
Industry participants are
investing heavily on research and development to innovate better quality
product in order to gain competitive advantage. The market players are expected
to take strong measures to obtain highest market share and provide vast product
portfolio. Prominent industry participants include Royal Dutch Shell PLC, Exxon
Mobil Corporation, Total S.A., JX Holdings, Inc., Sinopec Corporation, British
Petroleum PLC, Chevron Corporation, Lukoil OAO, Petronas and Idemitsu Kosan
Company Ltd.
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