Global Automotive Lubricants Aftermarket Market

Gaarti28 Sep, 2020Finance

Global Automotive Lubricants Aftermarket Market was valued at US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX% during a forecast period. The growth of end-user industries in key countries such as China, India, South Africa, Brazil and Iran is driving the growth of the lubricants market. Major driving factors of the Automotive Lubricants Aftermarket Market are the growing automotive sector and industrial production have resulted in enhanced demand for lubricants. Lubricants are used for their ability to increase the operating lifespan of mechanical parts. The transportation industry is increasingly utilizing synthetic and bio-based lubricants to replace conventional lubricants. Emerging environmental regulations make the players in this industry more proactive as they have to produce lubricants that reduce friction while containing emissions. Fluctuating cost of raw materials and high competition will act as restraint to the market.