London, 13 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the global automotive lubricant market 2015-2019, which is projected to grow at a CAGR of 2.77% during the forecast period of 2014-2019.
The demand for automotive lubricants is growing mainly in emerging markets such as India, China, and Mexico owing to the increased vehicle stock and increased annual new vehicle sales.
The rise in the demand for and production of automobiles worldwide is expected to be a major driver of market growth.
“Owing to the unique properties of bio-lubricants, such as excellent friction coefficient and high viscosity index, these lubricants are increasingly being used in the automotive sector as they can enhance the performance of the engine and brakes,” says Faisal Ghaus, Vice President of Technavio.
“Advances in the market have resulted in the development of less toxic, higher viscosity, and enhanced friction coefficient lubricants made from bio-sources in recent years.”
Key Market Drivers
- Growing Demand for Re-refined Lubricants
- Increase in Average Age of Vehicles
- Stringent Government Legislation
Key Market Trends
- Accelerating Growth in Emerging Markets
- Growing Demand for Bio-lubricants
- Growing Focus on Fuel Economy
Key Market Vendors
- BP plc
- Chevron Corp.
- ExxonMobil Corp.
- Royal Dutch Shell plc
- Sinopec Corp.
- Total SA
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
