GCC Automotive Lubrication Services Market Outlook
The GCC automotive lubrication services market size was US$ 68.63 Bn in 2022 and is expected to reach US$ 80.82 Bn by 2032, at a CAGR of 1.8% during the forecast period.
With the help of GCC automotive lubrication services, customers may increase the effectiveness and profitability of the lubricants they use in their vehicles. The GCC automotive lubrication services have been adopted throughout the projection period as a result of the growth in both the population and the number of automobiles.
Automotive lubricants are fluidic chemicals that are used to lessen surface friction and stop the deterioration of car parts. Engine oils, transmission fluids, grease oils, process oils, and general industrial oils are a few of the often-used car lubricants. Additionally, they come in synthetic, mineral, semi-synthetic, and bio-based oil varieties.
These are made with specific oils and additives sourced from petroleum sources to ward off oxidation and corrosion. These lubricants help to reduce the amount of heat produced between parts and enhance the effectiveness and operation of vital parts like engines, hinges, bearings, and hydraulic gears. Additionally, they are employed in the production of transmissions, body part stamping, and fuel and brake systems.
Report Attribute
Details
Automotive Lubrication Services Market Value (2022)
US$ 68.63 Billion
Automotive Lubrication Services Market Anticipated Value (2032)
US$ 80.82 Billion
Automotive Lubrication Services Market Growth Rate (2022 to 2032)
1.8% CAGR
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Automotive Lubricants Market Trends
One of the main elements fostering a favourable outlook for the market is the significant expansion the automobile industry has experienced globally. Moreover, market growth is being boosted by the increased use of high-performance lubricants.
Premium high-viscosity engine oils are used by automakers to lubricate internal combustion engines, which allows for smooth operation by forming a thin layer between moving parts. Along these lines, rising demand for heavy-duty motor vehicle engine oils to withstand harsh geographic conditions and emission standards in on- and off-highway heavy vehicles is also boosting the market.
Other growth-promoting elements include a variety of product developments, such as the creation of chemical-free, bio-based automotive lubricants. These lubricants offer better lubricity and help reduce the negative environmental consequences brought on by synthetic lubricants.
The market is predicted to rise as a result of additional factors, such as rising consumer spending power and significant research and development (R&D) efforts to enhance oil quality.
Automotive lubrication services includes lubrication of all moving parts of automobiles by applying greasy or oily substance, so as to lessen the friction. Automotive lubrication services consist of services such as oil changes, and preventive maintenance.
Some GCC companies in automotive lubrication services also provide services such as routine maintenance services, for instance, adjusting tire pressure, changing windshield wipers, replacing light bulbs, repairs, and topping off fluid levels. The automotive industry is in growth phase and also, GCC automotive aftermarket industry reached to US$ 7.5 billion in 2012.
Lubrication is very important for automobiles, without lubrication the automobile would consume more power and automobile parts may get damaged. Lubrication acts as a coolant, a noise-reducing cushion, and a sealant between engine piston rings and cylinder walls.
Automotive lubrication services can be segmented by type and by application. On the basis of type it can be segmented as Boundary lubrication, Hydrostatic lubrication services, Fluid film lubrication services, Hydrodynamic lubrication services, Elastohydrodynamic lubrication services.
On the basis of application it can be segmented as lubrication services for heavy vehicles and lubrication services for light vehicles.
Automotive Lubrication services sector has growing market in GCC region. Growth in population over the past year has led to the increase in the number of vehicles on the road which automatically enable the growth of automotive lubrication services.
Also it is found that people are generally using their cars for longer time and this creates a vast segment of out-of-warranty vehicles requiring repairs, replacement parts and lubrication services. Other factors enhancing the growth of lubrication services market in GCC region are challenging economy, aging vehicle population, and increasing transportation.
Total number of registered cars and pick-ups in the GCC are expected to record single-digit CAGR during the forecast period. Also the no. of busses and trucks was around 1 million 2014.
Some major players in automotive lubrication services in GCC region are Chevron Corporation, Jiffy Lube, ExxonMobil Fuels & Lubricants, Royal Dutch Shell, Petromin, and Alhamrani-Fuchs Petroleum.
These companies provide various innovative and technically superior services such as inspection and/or emissions testing, engine service (change and replace oil), drivetrain services in which old fluid is removed and replaced by new lubricating fluid, cooling system in which old antifreeze is removed from radiator and replaced it with new antifreeze, brake services, lubrication services for all moving parts of an automotive.
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