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Commercial automotive lubricants are often used to reduce friction and allow a vehicle to operate smoothly. These lubricants perform significant roles such as regulating friction, engine wear, preventing the engine from rusting, cooling the pistons, and shielding the engine oil that is contained in the sump from combustion gases. The key role and most critical feature of commercial automotive lubricants is to reduce lubricant friction and provide wear safety, which increases machine running times and thus protects the raw material. There are various type of lubricants such as engine oil, manual transmission fluid, and automatic transmission fluid, and others. Engine oils are used within engine for use. Engine oils are primarily used in gearboxes for automobiles: manual, automatic etc. Hydraulic oil is used in hydraulic machinery to transfer the hydrostatic strength.
Strong development in the automotive sector, power and engineering sectors is likley to create opportunities for commercial automotive lubricants. Consumers are shifting towards improving the quality of automotive in the automotive sector and to cooperate with original equipment manufacturers using higher grade lubricants; this benefits multi-grade lubricants with strong market knowledge and broad distribution.Engine oil is expected to expand rapidly due to demand from small and medium-sized enterprises for goods carriers. The existence of aging vehicle fleet increases the reach of maintenance and thus drives the demand for commercial automotive lubricants. The commercial vehicle is expected to be driven by global industry developments such as the introduction of telematics systems, the need for unique transport solutions by end users and the growing growth of fleet sharing which in turn will boost the market.
Key Market Driver -
Growing demand automotive industry is likley to drive the market.
Key Market Restraint -
Growth of electric vehicles is restraining the growth of the commercial automotive lubricants.
Strict environmental regulations for carbon emissions have forced automotive manufacturers to turn to electric vehicles (EVs), which is likely to hinder the growth of commercial automotive lubricants. In electric vehicle there is absence of the IC engine thus battery electric vehicles remove the need for engine oil. The rising number of hybrid vehicles would almost reduce the demand for lubricants per vehicle. This factor, combined with increasing battery parity, would reduce the global demand for commercial automotive lubricants.
Based on product, the market for commercial automotive lubricants is further segmented into engine oil, gear oil, transmission fluids, brake fluids, coolants, grease, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global commercial automotive lubricants market is fairly fragmented, with a number of global & regional players operating. Some of the key players in the commercial automotive lubricants market includes, Exxon Mobil Corporation, Royal Dutch Shell plc, Total, BP p.l.c., Chevron Corporation, FUCHS, LUKOIL, AMSOIL INC., Valvoline Inc., Sinopec Lubricant Co., Ltd., and Others
The commercial automotive lubricantss market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to hold the major share of the global commercial automotive lubricants market. Growing commercial vehicle purchases in Asia Pacific is driving the demand for commercial automotive lubricants. In the Asia Pacific, the motorization rate has been incraesing in the last five years. This has attributed to increase in people's disposable income and the region's automotive growth. The steady rise in the number of vehicles in use in Asia Pacific is driving commercial automotive lubricant sales in Asia Pacific. Countries such a s China, India, Japan and Indonesia are driving the growth of the market. Asia Pacific automotive industry is anticipated to expand at rapid pace during the forecast period due to rapid economic progress. In addition, due to the availability of low-cost labor, ever-increasing demand and favorable government policies, major industry players are also moving their manufacturing facilities to Asia Pacific region.
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Latin America is also projected to exapnd at significant pace during the forecast period largely by the rapid industrialization in Mexico. Mexico has emerged as a major center for the manufacture of automobiles. Major U.S.-based automakers have moved their production bases to Mexico because of the country's relatively low manufacturing costs.
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