Demand for engine oil automotive lubricants will continue to thrive, with a documented CAGR of 3.1% during the 2015-2021 historical period of assessment, while demand for Automotive Lubricants for LCVs proliferated at a rate of 3.5% during the same period. The APAC will dominate the global market, registering a market value worth US$ 60 Billion by 2032.
Increased Focus on Bio-based Automotive Lubricants
The automotive industry has experienced a major shift towards the use of bio-based lubricants in recent years. Bio-based lubricants are derived from renewable sources such as vegetable oil, animal fat, and other organic materials. These lubricants are created to replace traditional petroleum-based lubricants, which are associated with the production of hazardous waste and toxic emissions, as well as the depletion of natural resources. The increased focus on bio-based lubricants is due to their environmental and health benefits.
For instance, they are biodegradable, meaning they can safely break down into harmless substances, and they also produce fewer toxic emissions. Bio-based lubricants also offer superior performance compared to petroleum-based lubricants, such as increased protection against wear and tear, a higher viscosity index, and improved fuel economy.
Additionally, bio-based lubricants can help reduce maintenance costs as they last longer and require less frequent changes. The automotive industry is increasingly recognizing the advantages that bio-based lubricants provide and is investing in research and development to ensure that the quality and performance of these products are up to the highest standards. As a result, the use of bio-based lubricants is rapidly increasing and is likely to continue to do so in the future.
Why are Automotive Lubricants Providers Venturing
The automotive industry has seen a surge in the popularity of lubricants providers venturing into the automotive industry. Automotive lubricants are essential for the proper functioning of any vehicle, and the demand for these products has been increasing rapidly. Providers of automotive lubricants are venturing into the automotive industry because they recognize the importance of providing high-quality lubricants to meet the needs of the automotive industry. Automotive lubricants play an essential role in helping to reduce friction and wear in a vehicle’s engine, resulting in an improved fuel economy and a longer engine life. Additionally, automotive lubricants can help to minimize engine noise and vibration, improve engine performance, and protect against rust and corrosion. By providing lubricants to the automotive industry, lubricants providers can help to ensure the long-term reliability and efficiency of vehicles.
Moreover, automotive lubricants can also reduce the amount of time spent on regular maintenance, such as oil changes, as well as help to reduce emissions levels. The rising importance of environmental sustainability and the need for eco-friendly automotive lubricants are two major factors driving the growth of lubricants providers in the automotive industry. By providing high-quality lubricants that are both efficient and environmentally friendly, lubricants providers can help to ensure the long-term sustainability of the automotive industry.
Lastly, lubricants providers are also helping to reduce the cost of operation for automotive companies by providing access to lubricants at competitive prices. By partnering with automotive companies, lubricants providers can help to reduce the cost of lubricants, resulting in a cost savings for automotive companies. In addition, lubricants providers can help to ensure that automotive companies are able to get the best performance out of their vehicles by providing timely and accurate lubricant services. By partnering with automotive companies, lubricants providers can help to ensure that vehicles receive the best lubrication and performance possible, resulting in a more efficient and reliable automotive industry.