Rise in number of on-road vehicles is a major driver of the automotive lubricant market. Rising dependency on private transport, economic stability, and increasing consumer affordability are boosting the usage of vehicles, which in turn is driving the demand for automotive lubricant. The average age of vehicles has increased to 11 years. Presence of ageing vehicle fleet improves the maintenance scope, thus driving the automotive lubricant market.
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OEM recommendation on usage of quality lubricants, such as synthetic/ semi-synthetic oil as they offer better lubrication than mineral oil, is expected to boost the demand for quality lubricants. Rise in consumer awareness and affordability is driving the usage of high quality lubricants, thus boosting the market of automotive lubricant. Government bodies are establishing minimum performance standards for lubricants in order to control rising emissions. Thus, prompting the utilization of low viscosity lubricants such as synthetic / semi-synthetic oil. Synthetic / Semi-synthetic oil has longer drain intervals as compared to mineral oil and hence, are being increasingly preferred by consumers. Moreover, synthetic/semi-synthetic oils account for a higher share of the market share, in terms of revenue, as these oils are more expensive than the mineral oils.
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Rising sales of electric vehicles is expected to decline the consumption of automotive lubricant. Battery electric vehicles eliminate the need for engine oil due to the absence of the IC engine. Furthermore, electric vehicles have fewer reciprocating parts and hence, rising adoption of electric vehicles is expected to hamper the automotive lubricant market.
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Based on product type, the global automotive lubricant market has been classified into mineral oil, synthetic/ semi-synthetic oil, & bio-based oil. The synthetic/ semi-synthetic oil segment is anticipate to expand at a high growth rate during the forecast period owing to the rise in demand for quality lubricant and increase in stringency in emission norms. The bio-based oil segment accounted for a relatively minor share of the global automotive lubricant market. Performance challenges and their high price have hampered the segment. However, rise in the number of researches adopting bio-based oil on a large-scale, in order to find crude alternatives, is expected to propel the segment during the forecast period.
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In terms of base oil, the global automotive lubricant market has been bifurcated into engine oil, manual transmission fluid, and automatic transmission fluid. The engine oil segment held a dominant share of the market share in 2017 due to its low drain interval time. Engine oil is generally replaced at 10,000 to 15,000 miles and hence, corresponds to high demand. Growing preference for automatic transmission among consumers is boosting penetration of automatic transmission, such as dual clutch transmission, continuously variable transmission, and torque converters. Thus, the automatic transmission fluid segment is projected to expand considerably during the forecast period.
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