Lubricants Industry : High-Quality Lubes to Create Lucrative Opportunities for Market Growth

Automotive lubricants accounts ~ 55% of the global lubricants market and the demand for high-quality lube is expected to create significant opportunities over the long-term forecast period.
 
DUBLIN 2, Ireland - Sept. 17, 2020 - PRLog -- The latest report by Fact.MR opines that automotive lubricants have witnessed plenty of developments in the past few years and have offered convenient enhancements. Over the forecast period, the market is set to witness a positive growth, and to gain remunerative momentum in emerging countries, thus giving an impetus to the automotive lubricants market. Moreover, a study conducted by the International Energy Agency (IEA) reveals that, by the end of 2050, oil demand from road freight may increase by 5 million barrels per day. With the rising number of vehicles, and the development of the transportation sector, the global market for automotive lubricants continues to grow. Properties such as high-level thermal stability, low freezing point, and high boiling point are helping to improve the overall performance of the engine. These are factors that are likely to push the automotive lubricants market during the forecast period.

In the automotive lubricants market several expansion projects are in line by the prominent players such as Royal Dutch Shell PLC, ExxonMobil, Chevron, Total S.A., FUCHS, and others.

For instance, in October 2018, Total S.A. invested ~ USD 50 million for its production plant in the Kaluga region, Russia. The plant is designed to scale up the manufacturing capacity from 40,000 tons to 70,000 tons per annum.  This strategic move will allow Total to capture the local automotive lubricants market. Similarly, on 3rd September 2019, FUCHS Petrolub SE joint ventured a project with OPET Petrolcülük located in Izmir, Turkey. With an investment of EUR 24 million, the plant can produce 60,000 tons per annum.

Read Report- https://www.factmr.com/report/434/automotive-lubricant-ma...

Bio-based Automotive Lubricants, A Key Market Trend

The study opines that due to adverse effects, the governments in many countries are taking stringent regulatory action to control the harmful impact on the environment caused by transportation-related activities. Governing bodies and international organizations are implementing new rules and regulations to reduce the carbon emission levels released from vehicles. Above mentioned circumstances are set to reduce the use of gasoline and diesel engine cars in the forecast period. For instance, in December 2015, the Paris climate conference put in optimistic efforts to maintain climate change by introducing several innovating technologies to limit greenhouse gas emissions. All these factors create new opportunities for bio-based and high-performance automotive lubricants.

PR Source- https://www.factmr.com/media-release/1094/global-automoti...

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