A report published this month by Market Research Engine has estimated a compound annual growth rate of 8% within the worldwide lubricants industry by 2021, totalling in excess of 475m gallons worldwide.
The study puts the reasons for this growth down to such factors as more vehicles being sold as disposable income rises in some parts of the world, and an increased global demand for vehicles like trucks and people carriers.
Figures from Statista show that international car sales have increased from 53.74m in 2013 to an estimated 77.73m in 2017, largely driven by a rise in sales in the Asian and North American market. In China, for example, almost four times as many cars were bought in 2015 as in 2008. By 2020, it is expected that global car sales will top 100m.
However, Market Research Engine’s study also notes that a boom in the price of raw materials may stifle growth in the automotive lubricant market.
Automotive lubricants like Mobil Delvac SGO 75W90 help to minimise friction within vehicles, and can also be used to keep moving vehicle parts cool. To function at their best, they need to be resistant to factors like oxidisation and extreme hot and cold temperatures. The automotive lubricants market includes the likes of gear oil, engine oil and transmission fluid.
The full 150-page report breaks the figures down by oil type and geographical region, and includes information on major oil companies like Royal Dutch Shell, Fuchs Lubricants and ExxonMobil. It can be purchased here.