Automotive Lubricants Market
economic conditions is one of the primary reasons behind the dominance of the region. China and Japan are among the leading consumers of automotive lubricants, owing to the robust growth of the automotive sector in the countries. Owing to these factors, the region is anticipated to exhibit a CAGR of 5.40 % during the forecast period.
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Growing Sales of Motor Vehicles Fuel Growth Prospects With the rising sales of motor vehicles, the demand for automotive lubricants is expected to follow a notable growth trajectory.“ Since automotive lubricants enhance the operation and lifespan of vehicles, by protecting their engine against friction, their demand is directly influenced by the number of automobiles on the road,” says a TMR analyst.
In addition, the growing global population is translating into the higher requirements of vehicles to meet the transportation needs of people across the globe. Besides this, the increasing purchasing power of consumers is reflecting positively on the sales of motor vehicles, which in turn, is providing a significant boost to the global demand for automotive lubricants.
Increasing Usage of Biofuels Inhibits Market Growth Despite an array of drivers, the high costs of fully- or semi-synthetic lubricants are adversely affecting the growth of the global automotive lubricants market. Moreover, the rising enforcement of stringent regulations and norms on emissions caused due to fuel and lubricants, particularly in developed regions, is likely to deter the pace of development of the overall market. This, coupled with the growing trend of using biofuels in motor vehicles, is impacting the growth of the market negatively. However, the flourishing growth of the automotive sector in emerging economies is opening new growth avenues for market players.
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TABLE OF CONTENT
1. Preface 1.1. Report Scope and Market Segmentation 1.2. Research Highlights
Transparency Market Research
3