The global automotive lubricants market is expected to reach USD 87.1 billion by 2025, according to this new report. High engine oil demand in passenger cars, diesel trucks, and light-duty trucks is expected to drive global automotive lubricants industry growth over the forecast period.
Rise in middle class, urbanization, and growing disposable income in developing countries have led to greater passenger car sales. On a parallel level, economic growth in these regions has promoted trade, leading to the growth of transportation sector. These factors combined have led to increased lubricants consumption.
Engine oil segment is the largest contributor to automotive lubricants market which was around USD 34 billion in 2016. Engine oil is widely used in passenger cars, diesel trucks, and light-duty trucks. They help to maintain the viscosity, ensure dependability and reduce engine wear. Increasing drain intervals and formulation of high performance oils to impact their consumption, thereby growth.
Grease is projected to register the highest price growth whereas coolants will witness slowest price growth during the forecast period. Availability of advanced coolants and standard production process are helping the prices to be maintained through the forecast period.