PUNE, India, Oct. 18, 2022 (GLOBE NEWSWIRE) — The global Size of the automotive lubricants market was valued at $66.87 billion in 2021 and is expected to reach a valuation of $68.63 billion in 2022. The market is expected to reach USD 76.61 billion by 2029 at a CAGR of 1.6% over the forecast period. The high adoption due to the popularity of bio-based lubricants is expected to drive the market growth.
Technological advances have brought benefits such as longer drain and service intervals, better fuel efficiency and longer protection periods. The need to protect automotive components and systems is driving the growth of the market. Insights into the Fortune business™ shares this information in his report entitled “automotive lubricants Market, 2022-2029.“
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Scope and segmentation of the report:
| report coverage | details |
| forecast period | 2022-2029 |
| Forecast CAGR | 1.6% |
| Value prognosis 2029 | $76.61 billion |
| base year | 2021 |
| Automotive lubricants market size in 2022 | $68.63 billion |
| Historical data | 2018-2020 |
| number of pages | 150 |
| Covered Segments | By type, end user and regional insights |
| Growth drivers of the automotive lubricants industry | Demand from the automotive industry for push market development |
| Protection against wear and tear of vehicles to increase the demand for products |
competitive landscape
Market players adopt various strategies to drive market growth
Major industry players in the market have opted for diverse product portfolios to expand their market positions. Leading market players such as Royal Dutch Shell, ExxonMobil, BP and others dominate the market.
They offer a variety of lubricants and serve various markets such as industrial, metalworking fluids and automotive. They also have diverse product portfolios. Royal Dutch Shell has high formulation capacity, a manufacturing and distribution network and a strong global footprint.
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