Global lubricants market trends

The lubricants market is affected by the following key drivers and trends, according to the Valvoline, a global motor and vehicle care company.

First, global market demand for transportation lubricants is shifting toward higher-performance finished lubricants, driven largely by advances in vehicle and engine design, as well as more stringent OEM and regulatory requirements for improve efficiency, optimize fuel consumption and reduce carbon footprint and toxic emissions.

Despite a recent decline in demand, which Valvoline believes was primarily the result of Covid-19 restrictions reducing miles driven, recent multi-year trends indicate that the North American transportation lubricants market has experienced relatively flat or slightly decreasing annual average volumes due in part to an increase in oil change intervals, the result of a shift to higher-performing lubricants, offset by an increase in the number of cars on the road and miles driven.

Also, continued growth in the number of vehicles on the road has led to the expansion of sales of passenger car lubricants in developing regions.

Lubricants market

The demand for preventative automotive maintenance in both the automotive aftermarket and finished lubricant markets benefits from continuous improvements in mileage and the increasing number and age of vehicles in operation, as well as increasing the complexity of the vehicles.

According to Valvoline, global lubricant demand is estimated to be about 12 billion gallons, which has leveled off during fiscal 2021 from temporary decline during the pandemic.

The demand for motor oil for passenger cars and motorcycle oil is also forecast to account for approximately 20% of the global demand for lubricants.

Heavy-duty oil and other transportation lubricants account for another 40%, while the remaining 40% of global lubricant demand is made up of non-transportation lubricants such as hydraulic oil, gear oil, process oil and greases.

The United States has historically accounted for most of the demand for lubricants, but has recently been overtaken by China, with India in third place.

The international lubricants market is more than three and a half times the size of the North American market, creating a significant growth opportunity.


Redacción Opportimes

Mostrar más

Deja una respuesta

Tu dirección de correo electrónico no será publicada.

Este sitio usa Akismet para reducir el spam. Aprende cómo se procesan los datos de tus comentarios.

Botón volver arriba