The automotive and petroleum industries are facing stiff international competition, government regulations, and rapid technological changes. Increasingly stringent government regulations create the need for improved fuel economy and lower emissions from automotive fuel and lubricant systems. Engine oils that conserve more energy and more fuel-efficient vehicles will become increasingly important, prompted by the growing emphasis on saving resources and reducing engine friction. Automotive lubricants are crucial for the proper functioning of the vehicle. The primary function of automotive lubricants is to reduce friction and wear-and-tear. They are also used to transfer heat, transmit power, and prevent rust and corrosion. Automotive lubricants are manufactured from base oils. The desired properties are imparted to the lubricants by blending base oils with various additives such as viscosity index improvers, dispersants, and detergents. These additives improve the functioning and lifespan of the lubricants.
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Asia Pacific and North America account for a significant portion of the automotive lubricant market. The passenger car segment is the largest contributing segment of the automotive lubricant market, followed by the LCV and HCV segments.
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Automotive lubricant market technologies have witnessed significant advancements over the last few decades, which are transforming its demand and supply throughout the world. Asia Pacific is the leader in the production of vehicles, followed by Europe and North America.
The automotive lubricant market is segmented on the basis of vehicle type, application, and geography. The vehicle type segment is further segmented into passenger car, LCV, and HCV. The key driver for this segment is the global production of vehicles. The application segment comprises engine oil, transmission fluid, and brake fluid. A restraint for the engine oil segment is the downsizing of engines in passenger cars. On the basis of geography, the global automotive lubricant market is divided into Asia-Pacific, Europe, North America, and RoW. Asia-Pacific currently leads the overall global automotive lubricant market.
