Automotive Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region

The automotive lubricants market is experiencing growth due to the increasing consumer demand for lightweight and high-performance cars, as well as rising disposable income. The demand for personalized transportation options has led to increased car sales globally, with original equipment manufacturers (OEMs) expanding production capacity to meet regional and global demands. This trend, coupled with manufacturers' commitment to enhancing vehicle performance, is driving product innovation and cross-collaboration among industry leaders, thereby strengthening the automotive lubricants market.

Enhanced Vehicle Performance Drives Automotive Lubricant Demand

Automotive lubricants are gaining acceptance for their ability to enhance vehicle protection, ensuring effective performance in harsh weather conditions. By reducing friction between components, these lubricants protect vehicle systems and parts from damage. The demand for low-viscosity and high-performing lubricating oils is increasing as the automotive industry adopts more complex systems. Growing concerns for driver safety and the pursuit of advancing vehicle performance are driving the demand for automotive lubricants.

Rise in High-Viscosity Engine Oil Demand Spurs Product Innovation

Engine oil is expected to attract higher demand in the automotive lubricants market. Premium high-viscosity engine oils are used by automakers to lubricate internal combustion engines, driving the demand for engine oil. There is also an increasing need for heavy-duty motor vehicle engine oils that can withstand harsh conditions and meet emission standards. The demand for motor oils with shear resistance and specific viscosity indexes is driving industry growth. Strong research and development efforts to improve oil quality will further drive the expansion of the automotive lubricants market through product innovation, manufacturing capacity, and competitive standards.

Asia Pacific Emerges as Key Regional Player

Asia Pacific is set to dominate the global automotive lubricants market, driven by factors such as growing vehicle ownership, the evolving e-mobility industry, and favorable business environments. China, Japan, South Korea, and India are expected to command a substantial market share due to government initiatives to replace outdated vehicles. Europe will also emerge as a strong contender, fueled by increasing demand for high-quality lubricants and emphasis on fuel efficiency.

Major Market Players

Key players in the automotive lubricants market include Exxon Mobil Corporation, Klüber Lubrication München SE & Co. KG, China National Petroleum Corporation, FUCHS PETROLUB SE, Shell International B.V., Phillips 66 Company, SK lubricants Co., Ltd., BP P.L.C. (CASTROL), Amsoil Inc., Chevron Corporation, and Motul, among others.