Albany, NY -- (SBWIRE) -- 04/24/2018 -- Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled "Automotive Lubricants Aftermarket Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2026" offers a detailed analysis of the market providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Automotive Lubricants Aftermarket Market have been elaborated upon in the research report.

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A lubricant is a substance that is used to reduce friction and control wear between surfaces that are in contact with a relative motion. Automotive lubricants sold in the aftermarket are required for maintenance and smooth operation of vehicles after their purchase. Typically, a lubricant consists of approximately 80% to 90% base oil, and the rest is additives. However, these percentages vary according to application. Characteristics of a good lubricant include high boiling point, high viscosity index, corrosion retardation, thermal stability, low freezing point, and resistance to oxidation. Lubricants are used for their ability to increase the operating lifespan of mechanical parts. They can also eliminate any residue deposited over mechanical parts. Additives are added to the base oil to impart various properties to the lubricant and improve its performance. Lubricant additives are inorganic and organic compounds that are dissolved or suspended as solids in lubricants or base oils. in terms of type, the automotive lubricants aftermarket can be classified into engine oil, gear oil, transmission fluid, and others (including brake oil, greases, coolants, etc.). Aftermarket customers require lubricant suppliers to help them reduce their total operating cost. For instance, extended oil drain intervals help fleet owners to reduce their operating and maintenance cost, primarily by keeping cars and trucks on road for a longer duration of time. The type and quality of the lubricants used has a significant bearing on engine performance, fuel economy, and vehicle life.  For instance, European cars and trucks have smaller, more fuel efficient and higher performance engines than vehicles in North America and Asia. Better fuel economy in cars can be achieved by reduced engine and gearbox friction, which is achieved by using lower viscosity and friction-modified lubricants.

World Vehicle Usage

Increase in automotive vehicle fleet has been the main driver of the automotive lubricant aftermarket. The vehicles in operation all over the world require lubricants at frequent time intervals for smoother engine operation and fuel economy. The total global vehicle fleet, including passenger cars and commercial vehicles, stood at 1.28 billion in 2015 and is projected to cross the 2 billion mark by 2035 and 2.5 billion by 2050. Increasing vehicle fleet around the globe is a key indicator of increasing demand for aftermarket automotive lubricants in the near future.

Increasing Sales of New Vehicles

The total number of new vehicle sales stood at 96,804,390 units (including passenger cars and commercial vehicles) in 2017. The rapid increase in sales of vehicle in developing countries and development of infrastructure have created a strong demand for aftermarket automotive lubricants. Increase in manufacturing of vehicles is one of the major factors contributing to the expansion of the global automotive lubricants aftermarket. Rise in demand for low viscosity fluids in the automotive sector is expected to boost the automotive lubricants aftermarket during the forecast period. The engine oil segment dominated the market in 2017 and is expected to expand at a significant rate during the forecast period due to increasing number of vehicles. Engine oil has to be changed frequently after every 5,000 miles to 15,000 miles of vehicle usage depending upon the engine and base oil used.  This is expected to boost demand for engine oil. A unique feature of the global automotive aftermarket lubricant industry is that there is no significant slowdown in the consumption of aftermarket lubricants during economic downturns or market slowdowns. For instance, when vehicle sales go up, there is more consumption of lubricants, whereas even if new vehicle sales go down, the running vehicle fleet requires lubricants at frequent time intervals for smoother operation. Oil changes in vehicles  become more frequent as they grow old. Therefore, even during unfavorable market conditions, customers have to purchase lubricants in order to maintain the current fleet of vehicles.

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Impact of Electric Vehicles on Lubricant Demand

In 2015, there were about 1.1 billion light passenger vehicles, of which 0.9% (9.9 million) vehicles were electric, while the rest were internal combustion engine (ICE) vehicles. Out of the total number of light electric vehicles (9.9 million), 0.1% were battery electric vehicles (BEV) and the rest were hybrid electric vehicles (HEV/PHEV). Despite the marginal penetration of electric vehicles, the move toward electrification of automotive vehicles is likely to gain further impetus as electric vehicles help reduce emissions to meet the CAFÉ norms and various emissions norms set across the world. Since battery electric vehicles do not have internal combustion engines, they do not require engine oil. They only consume small amounts of greases and other products. This is expected to hamper demand for light vehicle lubricants in the near future.

Key Takeaways

The major demand for automotive lubricants lies in aftermarket services as vehicles requires lubricants to be changed after specific time intervals
Currently, the global vehicle fleet is dominated by ICE vehicles, which are diesel and gasoline based. However, there has been inclination toward the electrification of vehicles, especially in Europe. This is expected to limit the expansion of the automotive lubricants aftermarket, since electric vehicles do not use engine oils, and more than half of the demand for current automotive lubricants in the aftermarket is dominated by engine oils.
In terms of application, the passenger vehicle segment dominated the automotive lubricants aftermarket in 2016. This is mainly attributed to the sheer size of the world passenger cars fleet size in comparison to commercial vehicle fleet size. The passenger vehicle fleet count for the year stood at 947,080 thousand units in 2015 against commercial vehicle fleet size of 335,190 thousand units for the same year. This is responsible for the high demand for aftermarket automotive lubricants used in passenger cars.
Increasing shift toward the adoption and consumption of synthetic based lubricants is paving the way for future opportunities in automotive lubricant aftermarket, as smaller engines and lighter vehicles require low viscosity grade lubricants, which is possible only with synthetic formulations.
Europe and North America are mature regions of the automotive lubricants aftermarket, with car ownership rates as high as 580 and 680 per thousand inhabitants. However, low penetration of automotive vehicles, particularly in regions such as Latin America, Asia, and Middle East & Africa, presents significant opportunities for the automotive lubricants aftermarket. For instance, the motorization rate in Asia, Africa, and Latin America stood at 105, 42, and 176 per thousand inhabitants, respectively, in 2015.
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