A lubricant is a chemical compound used to reduce friction between two surfaces when in mutual contact, which in turn ultimately helps in reducing the overall heat generated during the movement of concerned surfaces. Lubricants may also carry the functions of transporting foreign particles, heating or cooling the surfaces or transmitting forces. The ability of reducing the friction between two surfaces is known as lubricity. An efficient lubricant usually possess characteristics such as high boiling point, lower freezing point, thermal stability, high viscosity index, demulsibility, hydraulic stability, high resistance to oxidation and corrosion prevention. Automotive lubricants are primarily used to achieve a smooth functioning of vehicle and reduce friction. Some of the automotive lubricant products include gear oil, engine oil, greases, transmission fluid, bearing oil, coolants and brake fluid, among others. Engine oil is expected to grow at a significant rate over the forecast period owing to a rise in number of vehicles, globally. Moreover, stringent government regulations on emission from vehicles is a key factor projected to affect the use of bio-based or synthetic lubricants as an alternative to mineral oil based lubricants.
Engine oil, gear oil and transmission fluid are the key types of automotive lubricants generally used across the globe. Engine oil or motor oil is a mostly used product in the automotive lubricants and is analyzed to maintain its dominance over the forecast period. The increasing number of vehicles is one of the key factors driving the growth of global automotive lubricants market exceptionally. On the other hand, demand for transmission fluid and gear oil is anticipated to witness a slight decline in the foreseeable years owing to the increasing use of same type of fluid for both transmission box and gearbox. In addition, increasing demand for heavy-duty commercial vehicles and lightweight passenger cars has accelerated global automotive production over the forecast period. This is, in turn, expected to increase the demand for lubricants over the forecasted period. Also, rapid industrialization in India, China, Mexico, Brazil, etc. has developed applications of lubricants in maintenance of industrial machinery. Increasing spending on construction, especially in Latin America and Asia-Pacific, has been a key driving factor in the global automotive lubricants market. The aforementioned products are exclusively deployed in infrastructure sectors as bearings, hydraulic oil, wire rope and engine oil applications. Furthermore, rising demand for oilfield chemicals due to expanding exploration and drilling activities are anticipated to influence the global automotive lubricants market positively.
The global automotive lubricants market can be segmented on the basis of product type, base oil type, vehicle type, distribution channel and geography. By product type, the global automotive lubricants market can be segmented into engine oil, gear oil and transmission fluid. On the basis of base oil type, the global automotive lubricants market can be segmented into mineral oil, synthetic oil and bio-based fluid. By vehicle type, the global automotive lubricants market can be segmented into passenger cars, light weight commercial vehicles and heavy weight commercial vehicles. By distribution channel, the global automotive lubricants market can be segmented into OEM and aftermarket. By geography, the global automotive lubricants market can be divided into North America, Latin America, Europe, Middle East & Africa and Asia-Pacific.
Players involved in the supply of automotive lubricants are focusing on key market strategies such as mergers and acquisitions along with improvement in old products and innovations in new product development. They are also concentrating on bringing up new products to meet the demands in the ever-competitive market. Some of the major players in the global automotive lubricant market include ExxonMobil Corporation, Royal Dutch Shell plc, Chevron Corporation, BP plc, Sinopec, Petro China, Castrol and Bharat Petroleum among others.