Increase in global population, rise in per capita income, and increased consumption of synthetic lubricants due to properties such as low emission is driving the automotive lubricants market to grow at 5.3% CAGR till 2030.
As per the recent report by the market research and consulting company - Reports and Data, the automotive lubricants market is anticpated to reach $ 97.59 billion in 2030.
Automotive lubricants are crucial for ensuring consumer and industrial vehicles' improved and increased performance in harsh environmental conditions. Tractor engine oils, for example, safeguards and ensure the tractor's performance in adverse field circumstances while also enabling greater hardware compatibility with unshakable toughness and quality. They help in the appropriate operation of a vehicle engine and system at temperatures ranging from -40°C to more than 250°C. Furthermore, these lubricants also withstand high engine pressures ranging from 105 to 109 Pascal and fuel impurities, including soot and metal particles.
Synthetic lubricants are becoming popular among key industry players. Synthetic lubricants are essentially mineral oils that have been extensively processed to improve their performance characteristics and meet the demands of automotive technologies. As environmental concerns and engine technologies increase, synthetic lubricants become more popular. Oil Drain Intervals (ODIs) are longer in synthetic lubricants, which the consumer prefers for hassle-free services. Other benefits of synthetic lubricants include improved fuel efficiency, better hardware compatibility and lower vehicle emissions.
Some of the major players in this segment include Castrol, Gulf Oil International, Panama Petrochem, GP Petroleums, Shell International, Chevron Corporation, Exxon Mobil Corporation, Fuchs Petrolub, Valvoline and Petróleo Brasileiro
The report noted that in January 2022, Chevron Corporation, based in San Ramon, California, US announced the launch of their Keep Clean Preferred Vendor Programme, which will provide their clients with the tools and services necessary to get most of them their lubricants. Additionally, vendors participating in this programme will help organisations with their maintenance and lubrication needs, covering everything from storage and handling to fluid analysis, allowing organisations to improve performance while reducing costly downtime.
Bio-based lubricants segment revenue is expected to register a high growth rate during the forecast period. Bio-based lubricant is a renewable and sustainable lubricant that is biodegradable, non-toxic and, most importantly, does not emit greenhouse gases into the atmosphere. In addition, bio-based lubricants provide superior lubricity without chemical additives like chlorine and sulfur. The additional lubricity reduces friction. With less friction, cutting forces are reduced, and less heat is produced during the metal cutting process, allowing tools to be fed more quickly. In addition, less friction reduces wear on cutting tools and grinding wheels, typically extending tool life.
Coolant's primary function is to transfer heat and prevent engine damage caused by freezing or boiling. Heat can only be effectively transferred when there is a liquid in the system, so keeping the coolant from freezing or evaporating is critical. Additionally, when coolant boils, vapours formed do not transfer heat well. Therefore, the engine metal can actually melt if coolant is not kept in contact with places that must remain cool. Furthermore, coolant also protects metals and non-metallic elastomers in the engine, such as rubber and plastic parts.
Europe To Grow Faster
The market in Europe is expected to grow at a steady rate during the forecast period due to increasing demand for high-quality and efficient lubricants from end-users. However, increasing demand for electric vehicles and implementing stringent environmental regulations in the automotive industry have stifled market growth in this region, the report noted.
Courtesy: Reports and Data. NB: Photo is representational; courtesy: Gulf Oil.