Automotive Lubricants Market Size
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 22.38 Billion liters |
| Market Volume (2029) | 26.98 Billion liters |
| CAGR (2024 - 2029) | 3.81 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Automotive Lubricants Market Analysis
The Automotive Lubricants Market size is estimated at 22.38 Billion liters in 2024, and is expected to reach 26.98 Billion liters by 2029, growing at a CAGR of 3.81% during the forecast period (2024-2029).
Due to the COVID-19 outbreak, nationwide lockdowns worldwide, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the conditions recovered in 2021, restoring the market's growth trajectory.
- Over the short term, the vast penetration of used vehicles and increasing vehicle manufacturing are the major factors driving the demand for the market studied.
- However, the increasing adoption of electric vehicles and counterfeiting of engine oils are expected to hinder the market's growth.
- Nevertheless, the growing prominence of bio-lubricants is expected to create new opportunities for the market studied.
- The Asia-Pacific region is expected to dominate the global market, with the majority of demand coming from China and India.
Automotive Lubricants Market Trends
Increasing Usage of Engine Oils
- Engine oils, primarily composed of 75-90% base oils and 10-25% additives, play a crucial role in lubricating internal combustion engines.
- These oils are essential for various applications, including wear reduction, corrosion protection, and ensuring the smooth operation of engine components.
- In response to the rising demand for engine oils, leading global manufacturers are diversifying their offerings, introducing new engine oils tailored to specific consumer needs.
- In April 2024, Saneg, a key player in the lubricant industry, bolstered its footprint in Uzbekistan by rolling out synthetic and semi-synthetic motor oils from its Italian plant. Specifically, the company unveiled its SEG Motol Diesel 10W-40 (API CI-4/SL) oils, tailored for heavy-duty diesel machinery like long-haul tractors, off-road vehicles, and construction equipment.
- In September 2023, ExxonMobil Marketing (Thailand) Limited (EMMTL) announced its commitment to serve Thai consumers and business sectors with innovative product solutions. For automotive, Mobil 1 and Mobil Super are engineered to raise engine protection performance. This makes a positive impact on the studied market.
- Growing demand for lightweight, high-performance cars in emerging markets, increasing automotive hubs, and rising disposable income are the major reasons for the high demand for automotive lubricants.
- In 2023, buoyed by a strong economy and shifting consumer preferences, the automotive sector witnessed notable growth. Data from the Organisation Internationale des Constructeurs d’Automobiles (OICA) indicates global vehicle production reached approximately 93.54 million units, up from 84.83 million units in 2022, marking a growth rate of about 10.26%.
- Germany, a key player in Europe's automotive landscape, is home to renowned brands like Volkswagen, Mercedes-Benz, Audi, BMW, and Porsche. With ongoing investments in R&D and a boost in automotive production, the country is poised to drive the growth of the automotive lubricants market.
- In Europe, the overall registration of new motor vehicles increased by 18.7% in 2023 compared to the previous year. In 2023, passenger car and commercial vehicle sales reached 14.99 million units and 2.9 million units, respectively, compared to 12.64 million units and 2.44 million units in 2022.
- Given these dynamics, the market is set for significant growth in the coming years.
Asia-Pacific is Expected to Dominate the Market
- Rapid industrialization in the Asia-Pacific region is poised to fuel market growth. The region's burgeoning automotive industry is set to drive an uptick in lubricant demand.
- Furthermore, as the automotive sector increasingly relies on lubricants for optimal performance, this trend is expected to bolster the market further. Asia-Pacific is projected to command a significant market share, predominantly driven by consumption in developing nations like China, Malaysia, India, Thailand, Indonesia, and Sri Lanka.
- China stands out as a global powerhouse, both in lubricant consumption and production. Major players shaping China's lubricant landscape include Shell Plc, Sinopec, ExxonMobil Corporation, and BP Plc. The sector's growth was bolstered by heightened investments and expansions throughout the forecast period.
- China's automotive sector, driven by a burgeoning vehicle fleet and tech advancements, emerges as the top automotive lubricant consumer. 2023 saw both sales and production of automobiles in China hit a record 30 million units, marking a notable double-digit growth from the prior year, as highlighted by the China Association of Automobile Manufacturers (CAAM).
- Moreover, 2023 marked a significant rebound for China's commercial vehicles, with sales and production jumping 22.1% and 26.8%, respectively, reaching 4.03 million and 4.04 million units, according to CAAM data. This surge in automotive sales and production directly amplifies the demand for lubricants.
- In 2023, India's passenger vehicle sales surpassed the 4 million milestone for the first time, fueled by rising disposable incomes, a boom in new sport-utility vehicles, and attractive loan rates. The domestic market reported sales exceeding 4.1 million cars, sedans, and utility vehicles, marking an 8.2% increase from 2022's 3.79 million, as per the Society of Indian Automobile Manufacturers (SIAM). Notably, utility vehicles made up 57.4% of total sales.
- In 2023, Japan saw a notable uptick in new passenger car registrations, hitting approximately 3.99 million—a significant rise from the 3.45 million recorded in the previous year. Overall, the country registered about 4.78 million new motor vehicles, with passenger cars leading the charge.
- These factors, coupled with favorable government regulations, are driving the heightened demand for automotive lubricants across the region.
Automotive Lubricants Industry Overview
The automotive lubricants market is partially consolidated in nature. The major players (not in any particular order) include Shell PLC, China Petrochemical National Corporation, BP p.l.c., Exxon Mobil Corporation, and TotalEnergies, among others.
Automotive Lubricants Market Leaders
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BP p.l.c.
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Exxon Mobil Corporation
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Shell PLC
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China Petrochemical National Corporation
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TotalEnergies
*Disclaimer: Major Players sorted in no particular order
Automotive Lubricants Market News
- June 2024: TotalEnergies introduced its innovative Quartz EV3R lubricant for passenger cars and the Rubia EV3R lubricant tailored for trucks. Both lubricant ranges are crafted from premium regenerated base oils and have received endorsements from numerous vehicle manufacturers.
- September 2023: Liqui Moly GmbH launched Dual Clutch Gear Oil 8100. It can be used in almost all wet dual-clutch transmissions. The unique blend of highly stable viscosity index improvers, protective wear additives, and durable friction modifiers guarantees smooth shifting in any situation.
- October 2022: TotalEnergies and MG Motor have inked a deal to create a fresh line of lubricants in Chile. The flagship product, MG Oil, will be MG Motor's inaugural oil, tailored specifically for vehicles. Notably, this lubricant line will be produced wholly in Chile, a move poised to bolster TotalEnergies' foothold in the region.
Automotive Lubricants Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Vast Penetration Of Used Vehicles Increasing Lubricant Demand
4.1.2 Increase in Vehicle Manufacturing Bolstering Lubricant Consumption
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Increasing Adoption of Electric Vehicles
4.2.2 Counterfeiting of Engine Oils
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Product Type
5.1.1 Engine Oil
5.1.2 Transmission and Gear Oils
5.1.3 Hydraulic Fluids
5.1.4 Greases
5.2 Vehicle Type
5.2.1 Passenger Vehicles
5.2.2 Commercial Vehicles
5.2.3 Motorcycles
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Malaysia
5.3.1.6 Thailand
5.3.1.7 Indonesia
5.3.1.8 Vietnam
5.3.1.9 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Spain
5.3.3.6 NORDIC Countries
5.3.3.7 Turkey
5.3.3.8 Russia
5.3.3.9 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 Qatar
5.3.5.3 United Arab Emirates
5.3.5.4 Nigeria
5.3.5.5 Egypt
5.3.5.6 South Africa
5.3.5.7 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AMSOIL INC.
6.4.2 Bharat Petroleum Corporation Limited
6.4.3 BP p.l.c.
6.4.4 Chevron Corporation
6.4.5 China National Petroleum Corporation (CNPC)
6.4.6 China Petroleum & Chemical Corporation
6.4.7 ENEOS
6.4.8 Exxon Mobil Corporation
6.4.9 FUCHS
6.4.10 Gazprom Neft PJSC
6.4.11 Gulf Oil International Ltd
6.4.12 Hindustan Petroleum Corporation Limited
6.4.13 Indian Oil Corporation Ltd
6.4.14 Lukoil
6.4.15 Motul
6.4.16 Petrobras
6.4.17 PETRONAS Lubricants International
6.4.18 Phillips 66 Company
6.4.19 PT Pertamina Lubricants
6.4.20 Repsol
6.4.21 Shell PLC
6.4.22 SK Lubricants Co. Ltd
6.4.23 TotalEnergies
6.4.24 Valvoline Inc.
6.4.25 Veedol International Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Prominence for Bio Lubricants
7.2 Other Opportunities
Automotive Lubricants Industry Segmentation
Automotive lubricants reduce friction between contacting surfaces, thereby minimizing energy loss. These lubricants are vital for ensuring vehicles operate smoothly and have a prolonged lifespan. Engine oil, the most prevalent lubricant, not only reduces friction among engine components but also prevents corrosion, combats rust, and aids in cleaning the engine.
The automotive lubricants market is segmented by product type, vehicle type, and geography. By product type, the market is segmented into engine oil, transmission and gear oils, hydraulic fluids, and greases. By vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and motorcycles. By geography, the market is segmented into Asia Pacific, North America, Europe, South America, Middle East, and Africa. The report also covers the automotive lubricant market size and forecasts for the automotive lubricant market in 27 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (liters).
| Product Type | |
| Engine Oil | |
| Transmission and Gear Oils | |
| Hydraulic Fluids | |
| Greases |
| Vehicle Type | |
| Passenger Vehicles | |
| Commercial Vehicles | |
| Motorcycles |
| Geography | |||||||||||
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Automotive Lubricants Market Research Faqs
How big is the Automotive Lubricants Market?
The Automotive Lubricants Market size is expected to reach 22.38 billion liters in 2024 and grow at a CAGR of 3.81% to reach 26.98 billion liters by 2029.
What is the current Automotive Lubricants Market size?
In 2024, the Automotive Lubricants Market size is expected to reach 22.38 billion liters.
Who are the key players in Automotive Lubricants Market?
BP p.l.c., Exxon Mobil Corporation, Shell PLC, China Petrochemical National Corporation and TotalEnergies are the major companies operating in the Automotive Lubricants Market.
Which is the fastest growing region in Automotive Lubricants Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Lubricants Market?
In 2024, the Asia Pacific accounts for the largest market share in Automotive Lubricants Market.
What years does this Automotive Lubricants Market cover, and what was the market size in 2023?
In 2023, the Automotive Lubricants Market size was estimated at 21.53 billion liters. The report covers the Automotive Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Lubricants Industry Report
The global automotive lubricants market report provides a comprehensive market analysis, highlighting key market trends, market growth, and market leaders. The report covers various product types, including engine oil, transmission oils, hydraulic fluids, and greases. It also segments the market by vehicle types such as passenger vehicles, commercial vehicles, and motorcycles, and by geography, including regions like Asia-Pacific, North America, Europe, South America, and the Middle-East and Africa.
The market analysis includes a detailed industry overview, industry trends, and market segmentation. The report discusses the market value and market size, offering insights into the market forecast and market predictions. It also includes a market review and market outlook, providing a thorough understanding of the industry's growth rate and market data.
Industry reports and industry research are essential for understanding the market's dynamics. The report includes industry statistics and industry information, offering a comprehensive industry analysis. Market leaders are identified, and the market growth is analyzed based on historical data and future projections.
The report is available as a free report PDF download, providing a report example for those interested in the industry's market trends and market share. Research companies can benefit from the report's detailed market forecast and market segmentation, which offer valuable insights into the industry's future.
Overall, the automotive lubricants market report is a valuable resource for understanding the industry's current state and future outlook. It provides a detailed analysis of market data, industry sales, and market growth, making it an essential tool for industry professionals and researchers.
Automotive Lubricants Market Report Snapshots
