Albany, NY -- (SBWIRE) -- 03/28/2018 -- Due to the presence of a large number of players, the global market for automotive lubricants is highly fragmented and competitive in nature, finds a new study by Transparency Market Research (TMR). In 2015, the top three market participants, namely, Royal Dutch Shell Plc, ExxonMobil Corp., and BP Plc, could hold a share of 31.6% only in the overall market.
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The wide array of products, these players offer, has allowed them to have an edge over their competitors. However, the increasing entry of regional players is likely to intensify the competition for the leading participants in this market over the next few years, states the report.
As per TMR's estimations, the global automotive lubricants market, which stood at US$55.44 bn in 2015, is expected to rise at a CAGR of 4.10% between 2016 and 2024 and to reach a value of US$78.92 bn by the end of the forecast period. Passenger cars (PC) have emerged as the key consumer of automotive lubricants due to the soaring number of existing units. This scenario is anticipated to remain same over the forecast period, with sales crossing 32.3 mn tons by 2024, notes the research study.
Increasing Demand for Passenger Cars to Ensure Dominance of Asia Pacific
The report also studies the global market for automotive lubricants on the basis of its regional reach. According to the study, the Middle East and Africa, Latin America, Europe, North America, and Asia Pacific are the main regional markets for automotive lubricants. Among these, Asia Pacific has emerged as the leading contributor to the global market. Expanding at a CAGR of 5.40%, it is expected to remain so throughout the forecast period. The increasing demand for passenger cars, thanks to the augmenting disposable income of consumers, is the key driving force behind the growth of the market for automotive lubricants in this region.
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Other regional markets, specifically the Middle East and Africa and Latin America are also projected to exhibit a strong demand for automotive lubricants in the near future on account of the rising demand for automobiles, fueled by strengthening economic condition, states the report.
Rising Demand for Vehicles to Greatly Influence Global Automotive Lubricants Market
"The demand for automotive lubrication is highly influenced by the increasing number of motor vehicles on road," says an analyst at TMR. Since automotive lubricants improve the operation of vehicles and protect their engine by reducing friction, their demand is directly proportional to the usage of automobiles.
With the increasing population, more vehicles are required to meet the transportation need of people across the world. Apart from this, the surge in consumers' purchasing power is also reflecting on the sales of motor vehicles, which eventually, is leading to a substantial rise in the demand for automotive lubricants, globally, reports the study.
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