Need of Lubricants
- Lubricants play a vital role in numerous commercial and industrial sectors such as automotive, marine, manufacturing, and aviation.
- Automotive applications like engine oil ,Gear oil, Hydraulic oil and brake oil dominate the lubricants market.
- The market has also been geographically segmented into Asia-Pacific, North America, Europe, South America, Middle-East and Africa.
- Extended Intervals of Oil Change
- Increasing Automotive Sales in the Emerging Markets
- In terms of consumption in 2018, Asia-Pacific leads the market with a share of ~49%.
- The Asia-Pacific region is also the fastest growing region with a CAGR of ~ 3.6% during the forecast period.
- Asia-Pacific countries, especially in India and China, have led to improvement in the financial status of the consumers, which in turn has boosted the demand for and production and of automobiles.
- Increasing demand and usage of light commercial vehicles in China and India will also push the growth of the automotive lubricants market in the Asia-Pacific region.