Italy Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• In the short term, the rising use of high-performance lubricants in the vehicle sector is the key driver driving the market's growth.
• However, price changes in raw materials are expected to impede market progress.
• The demand for electric automobiles and wind turbines is expected to drive future market growth.

Italy Lubricants Market Trends

Increase in Demand for Engine Oils

• Engine oil is a type of lubricant used to keep the moving elements of an internal combustion engine from rubbing against one another and wearing out prematurely. Its purpose is to lengthen the machine's life while reducing the amount of wear it undergoes. In addition to protecting the engine from corrosion, engine oil helps maintain a clean engine.
• Many different types of engines require engine oils, including automobile engines, motorcycle engines, truck engines, marine engines, industrial engines, agricultural engines, aircraft engines, generator engines, and lawnmower engines, among others.
• Regular oil changes are necessary for hybrid vehicles, just like other cars. For hybrid vehicles, the type of motor oil required is a synthetic one engineered to improve fuel economy and have a longer lifespan than conventional motor oils. This type of oil is typically a 5W-30, formulated to preserve the engine, lessen the number of emissions produced by the vehicle, and increase the vehicle's overall performance.
• Over the past few years, there was a rise in the number of hybrid vehicles driven in Italy. Over 110,000 hybrid cars had been registered in Italy as of 2021, which is a 150% increase from the year before. The Toyota Yaris Hybrid, the Toyota Auris Hybrid, the Fiat 500e, and the BMW i3 are among the hybrid vehicles that are the most often purchased in Italy.
• In addition, the Italian government took measures to encourage citizens to buy hybrid and electric vehicles by offering tax discounts, grants, and other forms of financial support.
• It is projected that the reasons above will have a considerable impact on Italy's demand for lubricating engine oil.

Automotive Industry to Dominate the Market

• Lubricants in automobiles are used to reduce friction and wear between two moving parts, enhance fuel economy, and reduce noise and vibration. They aid with the smooth operation of engines and prevent wear and tear.
• Engine oil, transmission fluid, and gear oil are the three types of automotive lubricants. Engine oil lubricates the engine's moving elements, such as the pistons and crankshaft. Transmission fluid lubricates transmission components like gears and bearings. The gears in the differential and transfer case are lubricated with gear oil.
• A few different lubricants on the market were developed with electric vehicles in mind. These lubricants were explicitly designed to be compatible with electric cars' motors, controllers, and other components.
• Lubricants for electric vehicles typically contain a variety of additives that, to varying degrees, work to protect against wear, corrosion, and oxidation. The number of electric cars on the roads in Italy increased by 118% during the previous year (2021), reaching 120,000 units.
• The factors above are anticipated to impact Italy's lubricant industry substantially.

Italy Lubricants Market Competitor Analysis

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support