Automotive Lubricants Market to Attractive Growth by Strategic Industry Evolutionary Analysis 2031
Automotive Lubricants Aftermarket : Snapshot
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.
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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.
Synthetic and Semi-synthetic Oil Paving the Way for Future
Automotive Lubricants
Currently,
mineral engine oil dominates the global automotive lubricants aftermarket due
to its reasonable price. However, the market share of semi-synthetic and
synthetic engine oils is likely to increase in near future, due to increased
product knowledge and higher awareness among consumers. As modern lightweight
vehicle engines are put under enormous stress, automakers worldwide are
shifting toward lubricant grades with less viscosity to support achieving
higher mandated fuel economy standards and emission requirements. This has led
to increasing consumption of synthetic and semi-synthetic lubricants in newer
cars, and it presents a significant market opportunity for all the aftermarket
service providers. Synthetic engine oils are made with a variety of performance
additives and synthetic base oils. Unlike mineral base oils, synthetic
base oils are engineered with molecules of uniform shape and size and are
optimized to consistently perform better than mineral base oils. Synthetic oils
offer many advantages for newer and advanced engines. They don’t break down as
easily as mineral oils, which means they protect the engine longer from
excessive metal-to-metal contact that causes wear. Synthetic engine oils also
function better in extreme hot and cold temperature conditions. They are paving
the way for next-generation engine technology. The inclination toward use of
lower viscosity oils to achieve newer grades such as 0W-20, 0W-30, and still to
come 0W-16 requires the use of synthetics. Automakers are demanding even lower
viscosity grade lubricants, for example 0W-8, which is possible only with
synthetic formulations.
Japanese
cars have used 0W-20 grade lubricants for several years, and their U.S. and
European counterparts are now following in their footsteps. When the new ILSAC
GF-6 specification becomes active in near future, synthetics are expected to
play a more prominent role.
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Market Bound by Emerging Economies in
the Aftermath of Global Recession
Consumers
in developed and developing regions have different mobility needs. Continued
urbanization is likely to lead them toward car ownership. The global lubricants
industry has seen a dramatic rebound since the global economic recession of
2008–2009. One of the key drivers of this rebound is higher demand for
lubricants from developing economies. This can be ascribed to the surge in new
vehicle sales and rise in number of onroad vehicles in Asia
Pacific, Latin America, and Middle East & Africa.
Economies of rapidly expanding countries of the market such as China, India,
and Brazil are expected to achieve significant growth rates in the near future.
This is anticipated to drive the global automotive lubricants aftermarket.
Consolidated market with the top few players accounting for more
than 60% of the market share
The global
automotive lubricants aftermarket is a highly organized market with top players
accounting for majority of market share. Key players operating in the
Automotive Lubricants Aftermarket are Royal Dutch Shell plc, ExxonMobil
Corporation, BP p.l.c., Chevron Corporation, Total S.A., Sinopec Corporation,
Fuchs Lubricants Co., LUKOIL Oil Company, Valvoline, Phillips 66, Bharat
Petroleum Corporation Limited, JX Nippon Oil & Energy Corporation, Repsol
S.A., Petrobras, Petronas, and Indian Oil Corporation Limited.
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