Automotive Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The Automotive Lubricants Market is projected to expand from 21.56 billion liters in 2023 to an estimated 25.99 billion liters by 2028, demonstrating a Compound Annual Growth Rate (CAGR) of 3.81% during the forecast period (2023–2028).

The market faced significant setbacks in 2020 due to the COVID-19 pandemic, characterized by global lockdowns, disruptions in manufacturing, and supply chain interruptions. However, conditions improved in 2021, leading to a recovery in the market's upward trajectory.

In the near term, rising electric vehicle (EV) production globally and increased demand from the automotive components industry are poised to drive market growth. Conversely, the slow adoption of synthetic lubricants due to strict environmental regulations on waste oil disposal is anticipated to impede market progress. The development of bio-based lubricants presents a promising opportunity for the market.

The Asia-Pacific region is expected to emerge as a dominant force in the market during the forecast period.

Market Trends in Automotive Lubricants:

Growing Use of Engine Oils

Engine oils play a vital role in lubricating internal combustion engines across various automobile types. They serve multiple purposes, including reducing wear and tear, protecting against corrosion, and ensuring smooth engine operation.

These oils create a thin protective layer between moving engine parts, enhancing heat transfer, and minimizing friction during contact.

Germany holds a prominent position in the European automotive manufacturing sector, hosting major brands like Volkswagen, Mercedes-Benz, Audi, BMW, and Porsche. The country's consistent investments in research and development, coupled with increased automotive production, are expected to bolster the lubricants market.

While overall car sales in Germany declined, there has been a remarkable surge in electric vehicle registrations in recent years, aligned with the government's goal to shift entirely to electric cars by 2040.

Volkswagen's approval for a new electric car plant in Germany is indicative of this transition, with plans for construction starting in 2023 and production slated to commence in 2026.

Global automobile production has seen an uptick, rising from 80,205,102 in 2021 to 85,016,728 in 2022, which fuels the demand for engine oils.

Collectively, these factors are anticipated to drive the studied market's growth.

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