Automotive Lubricants Market : Present Scenario and the Growth Prospects with Forecast 2024
The world automotive lubricants market is expected to witness a telling increase in demand in the coming years on account of the rising trend of possessing an automobile among consumers. The sale of automotive lubricants could be optimistically impacted on the back of the surging awareness level about several benefits such as improved average age of automobiles and upgraded operations. This positive situation of the world automotive lubricants market is anticipated to prevail over the course of the forecast period. In 2015, the world automotive lubricants market was valued at US$55.4 bn. However, it is predicted to progress at a decent CAGR of 4.10% between 2016 and 2024 to reach US$78.9 bn by the end of the forecast period. Across the globe, vendors are projected to receive business from three premier types of automotive lubricant, viz. transmission fluid, engine oil, and gear oil. Nevertheless, engine oil a.k.a. motor oil could rake in a significant demand by emerging as one of the most valuable products in the international automotive lubricants market. This trend is foreseen to continue all through the forecast years. Obtain Report Details @ http://www.transparencymarketresearch.com/automotive-lubricants-market.html On the basis of base oil, the international automotive lubricants market could be classified into bio-based fluid, synthetic oil, and mineral oil. Each of these base oils is envisioned to offer some or the other type of business opportunity to industry players operating in the international automotive lubricants market. An automotive lubricant could differ according to the type of automobile it is used for. Therefore, automobiles such as heavy-weight commercial vehicle (HCV), light-weight commercial vehicle (LCV), and passenger car are prophesied to set the tone for growth in the international automotive lubricants market. Asia Pacific is prognosticated to sustain its lead in the worldwide automotive lubricants market while riding on key economies such as Japan and China that account for a larger consumption. The improving economies of Asia Pacific could allow for a substantial increase in the purchase