Automotive Lubricant Market To Surpass Valuation Of US$ 84.82 Bn By 2031 According to the report, the global automotive lubricant market is projected to cross US$ 84.82 Bn by 2031, expanding at a CAGR of 1.45% during the forecast period. Rise in demand for vehicles across the globe is likely to increase the demand for automotive lubricant. Vehicle manufacturers are more concerned about safety and comfort. On the other hand, manufacturers are using durable material for automobile components in order to make vehicles more fuel-efficient. This is anticipated to boost the automotive lubricant market. The increase in consumer trend toward luxurious and high performance vehicles is driving the automotive lubricants market. Lubricant plays a crucial role in any vehicle by reducing friction between parts/components and increasing their performance & lifespan. The demand for low viscous and highquality lubricants is increasing globally. Request Brochure- https://www.transparencymarketresearch.com/sample/sample.php? flag=B&rep_id=9052 Expansion of Automotive Lubricant Market Increase in demand for durable and reliable vehicles leads to requirements of timely maintenance and servicing of vehicles, which is likely to boost the automotive lubricant market. Moreover, stringent government norms regarding emission control and fuel-efficiency are driving the market across the world. In November 2021, Plastic Omnium signed a strategic partnership with AVL, the world’s largest automotive company for development, simulation, and testing in automotive and energy sectors, for the development of medium and high power hydrogen systems. The company is expected to develop a range of high performance cost-effective hydrogen systems for any vehicle. In March 2020, Shell International B.V. announced the expansion of its production capacity by two times at its Bekasi, Indonesia plant, which is anticipated to be completed by 2022. Based on product type, the engine oil segment dominated the automotive lubricant market, in terms of volume and revenue, in 2020. Rise in sale of passenger vehicles, owing to increase in buying power of consumers across the globe, is likely to propel the automotive lubricant market. Followed by the passenger vehicle segment, two wheelers and light duty vehicle segments also held notable share of the market. They are projected to expand during the forecast period. Enquiry Before Buying- https://www.transparencymarketresearch.com/sample/sample.php? flag=EB&rep_id=9052 Based on fluid type, the global automotive lubricant market has been classified into three segments. The conventional lubricant segment dominated the global automotive lubricant market, in terms of volume and revenue, in 2020. Conventional lubricant is cheaper and used in all types of vehicles. Hence, the segment held a dominant share of the global market in terms of volume and revenue. The surge in sale of vehicles across the globe is also estimated to fuel the demand for automotive lubricant. Regional Analysis of Automotive Lubricant Market In terms of region, the global automotive lubricant market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is a prominent market for
automotive lubricants due to high number of on-road vehicles in countries, such as China, India, Japan, and South Korea, in the region. Consumption varies according to country and geographical area. For instance, the consumption of semi-synthetic and synthetic lubricants is higher in South Korea than India, and majorly it is consumed by commercial and passenger vehicles. Europe and North America are the second- and third-largest consumers of automotive lubricants, respectively. Get COVID-19 Analysis- https://www.transparencymarketresearch.com/sample/sample.php? flag=covid19&rep_id=9052 Automotive Lubricant Market Players Prominent players operating in the global automotive lubricant market include Shell International B.V., Chevron Corporation, China National Petroleum Corporation, Exxon Mobil Corporation, Phillips 66 Company, Valvoline Corporation, B.P. PLC, Kluber Lubrication Munchen SE & Co. KG, FUCHS Petrolub SE, and Petroleo Brasileiro S.A. More Trending Reports by Transparency Market Research: Automotive Suspension Spring Market : The automotive suspension spring market is anticipated to expand at a CAGR of 5.39% for the forecast period from 2020 to 2030. A vast rise in the number of passenger and commercial vehicles on roads is fuelling the expansion of the automotive suspension spring market. This is supported by consistent R&D in the automotive industry that has led to the development of suspension springs with improved strength and increased comfort in ride. All-Wheel Drive (AWD) Vehicle Market : The automobile industry has grown at breakneck speed in the recent decades, due to technological improvements and introduction of various novel technologies. Environmental regulations, as well as rapidly evolving customer tastes, have influenced ongoing changes in the global automobile industry. In order to capture a significant portion of the present market environment, car makers are increasingly focused on rolling out superior all-wheel-drive systems. The global all-wheel drive (AWD) vehicle market is predicted to witness an optimistic outlook due to developments in the all-wheel drive (AWD) vehicle industry during the last decade. About Us Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. Contact Transparency Market Research,
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