Sarasota, FL -- (SBWIRE) -- 09/07/2018 -- According to the report, global automotive lubricants market was valued at approximately USD 59.35 billion in 2017 and is expected to generate revenue of around USD 78.63 billion by the end of 2024, growing at a CAGR of around 4.10% between 2018 and 2024.

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Lubricants play a major role in the industrial and commercial sectors which includes aviation, automotive, manufacturing, and marine. An automotive lubricant helps in cooling of the components and also in debris removal. Automotive lubricant offers one of the significant features called viscosity; it is the capability of the fluid to stand firm against the motion. Hence, utilization of the lubricants benefits in reducing the friction which, in turn, increases the fuel efficiency and durability of the automotive components. Moreover, automotive lubricants improve the overall functioning of the vehicle and safeguard it from friction, wear & tear, and high temperature. Since lubricants have viscosity it offers thermal stability, low freezing point, high resistance to oxidation, corrosion resistance, and high boiling point; thus, they are becoming a significant part of automotive engine brake, gear, and transmission fluid.

Expanding the automotive industry across the globe has resulted in rising demand for automotive lubricants market. Rising consumer preference towards the high quality synthetic automotive lubricants is a major factor driving the growth of the market. Moreover, the increase in the disposable incomes has to lead to the improved sales of vehicles across the globe which further positively propels the market growth during the forecast period. Additionally, increasingly stringent environmental rules and regulations lead to the adoption of high-quality lubricants by vehicle owners, which further positively impacts the automotive lubricants market during the forecast period. However, volatile prices of raw materials are expected to hamper the overall market growth.

On the basis of product, automotive lubricants market is fragmented into gear oil, engine oil, and transmission fluid. Based on the vehicle type, the market is divided into the light-weight commercial vehicle, passenger car, and heavy-weight commercial vehicle.

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Based on the region, Asia Pacific dominates the overall automotive lubricants market. The growth is accredited to the increasing disposable incomes in countries such as India and China which resulted in raising the demand for passenger vehicles and commercial vehicles. Europe and North America are anticipated to show a considerable growth during the forecast timeframe. Increasing demand for synthetic lubricants coupled with the rising customer preference for high-quality lubricants is the major factor driving the market growth in these regions. However, the Middle East & Africa automotive lubricants market is anticipated to witness a moderate growth.

Some of the most important market players in the global automotive lubricants market are BP Plc, Royal Dutch Shell, Idemitsu Kosan Co. Ltd., Valvoline, Chevron, ExxonMobil Corporation, Fuchs Lubricants, Chevron Corporation, BASF SE, Lukoil Oil Company, Sinopec, PetroChina Company Limited, and Indian Oil Corporation Ltd.