Automotive Lubricants Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Automotive Lubricants Market is segmented By Oil Type (Synthetic, Semi-synthetic, Conventional), By Product (Engine Oil, Gear Oil, Transmission Fluids....
Automotive Lubricants Market Size
Market Size in USD
CAGR3.2%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 3.2% |
| Market Concentration | Medium |
| Major Players | ExxonMobil, Shell, Castrol, Repsol, LUKOIL |
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Automotive Lubricants Market Analysis
The Global Automotive Lubricants Market is estimated to be valued at USD 70.4 Bn in 2024 and is expected to reach USD 84.4 Bn by 2031, growing at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031. The market is driven by growth in automotive production and increasing demand for high-performance lubricants across both developed and developing countries.
The automotive lubricants market is expected to witness positive trends over the forecast period. Lightweight vehicles demand is growing due to stringent emission norms pushing lubricant manufacturers to develop fuel efficient and eco-friendly products. Synthetic and semi-synthetic lubricants are gaining higher traction compared to mineral-based lubricants. Developments in electric vehicles also open new opportunities for specialized lubricant formulations optimized for electric powertrains with minimal environmental footprint.