#Automotive #Lubricants #Market #Reach #Valuation #USD
Pune, India, Oct. 18, 2022 (GLOBE NEWSWIRE) — The global automotive lubricants market size was valued at USD 66.87 billion in 2021 and is expected to reach a valuation of USD 68.63 billion in 2022. The market is expected to reach USD 76.61 billion by 2029 with a CAGR of 1.6% during the forecast period. High adoption due to the popularity of bio-based lubricants is expected to propel market growth.
Technological advancements have benefits such as extended oil drain and service intervals, better fuel efficiency, and a more extended protection period. The need to protect automotive components and systems is propelling the growth of the market. Fortune Business Insights™ shares this information in its report titled “Automotive Lubricants Market, 2022-2029.”
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 1.6 % |
| 2029 Value Projection | USD 76.61 Billion |
| Base Year | 2021 |
| Automotive Lubricants Market Size in 2022 | USD 68.63 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 150 |
| Segments Covered | By Type, End-user and Regional Insights |
| Automotive Lubricants Industry Growth Drivers | Demand from the Automotive Industry to Thrust Market Development |
| Protection Against Wear and Tear of Vehicles to Surge Demand for Product |
Competitive Landscape
Market Players to Adopt Various Strategies to Propel Market Growth
Key industry players in the market have been opting for diverse product portfolios to increase their market position. Leading players of the market such as, Royal Dutch Shell, ExxonMobil, BP, and others, dominate the market.
They offer a variety of lubricants and cater to different markets such as industrial, metalworking fluids, and automotive. They also have varied product portfolios. Royal Dutch Shell has a high base for formulation capacity, a…
Read on GNW: Automotive Lubricants Market to Reach Valuation of USD
