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Developing Countries to Lead the Charge for Automotive Lubricants
Economic growth in developing countries will lead to increases in car ownership, an increase in commercial vehicle usage, and heightened construction activity, all of which will spur an increase in lubricant demand.
LONDON, March 7, 2018 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5342750
Key Findings in the Global Automotive Lubricants Study:
Asia/Pacific to expand its Dominance over the Global Market
Demand for automotive lubricants in the Asia/Pacific region, which was responsible for 42% of global sales in 2016, is expected to grow at a CAGR of 3.2% through 2021.
This growth will be led by China and India, the region's two largest markets and two of the three largest markets in the world. Rising middle classes in both countries will lead to higher vehicle ownership rates, which will boost demand for engine oils in both countries.
Increased construction activity and mechanization levels in the region's agriculture will boost demand in off-highway equipment applications.
Declining Sales in the Developed World
Overall sales for automotive lubricants is forecast to decline in developed countries, including the United States, Japan, and Western Europe. Although the vehicle parks are expected to grow, increasing drain intervals will lead to fewer oil changes per year, resulting in a drop in demand.
Synthetics to Gain Market Share
Demand for synthetic automotive lubricants is expected to grow 6.7% per year through 2021, much faster than overall automotive lubricants. Growth is expected in every region, with the fastest coming in Asia/Pacific. Despite costing more than their conventional counterparts, synthetics offer increased fuel economy, which is attractive to consumers and governments as they try to limit vehicle emissions.
This industry study presents historical demand data (2006, 2011, and 2016) and forecasts for 2021 by product class (engine oils, transmission fluids, hydraulic fluids, gear oils, greases), market (light vehicle, medium and heavy trucks and buses, off-highway equipment), and formulation (conventional, synthetic, bio-based/re-refined). The study also evaluates company market share and provides analysis on leading suppliers including Shell, Exxon Mobil, BP, Chevron and Sinopec.
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