DUBAI, United Arab Emirates, January 28, 2022 (GLOBE NEWSWIRE) – The two-wheeler lubricant market is expected to grow at a compound annual growth rate of more than 4.3% during the forecast period (2022-2028). Future Market Insights (FMI), in its new edition, provides actionable insights into the future prospects of Two-wheel lubricant market For the period between 2022 and 2029. According to the study, global sales of two-wheel lubricants amounted to about 2,300 kilotons, equivalent to revenue of 16.94 billion US dollars in 2022.
|Market size of two-wheel lubricants in 2013||11.92 billion US dollars|
|Two-wheeled lubricant market size in 2022||16.94 billion US dollars|
|Two-wheeled lubricants market size in 2028||US$21.84 billion|
|Two Wheel Lubricants Market Historical CAGR (2013-2021)||3.9%|
|Two-wheeled lubricant compound annual growth rate (2022-2028)||4.3%|
The advent of the two-wheeler as the primary means of transportation in developing countries was overburdening the rapid adoption of two-wheeled lubricants. However, the growing importance of electric vehicles, in light of increased consumer interest towards a carbon-neutral future via emission-free transportation, may pose a potential threat to market growth.
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Meeting ever-increasing VOC emissions limits while maintaining vehicle component durability has been a difficult balance to achieve for two-wheeler lubricant market players. The FMI study finds that manufacturers are investing heavily in developing additive technology that not only ensures the required fuel economy but also maintains high friction, instrument protection and durability.
Synthetic oil appears as a preferred choice
The study considers that the two-wheel lubricants market is likely to register a CAGR of 4.3% during the forecast period. While mineral oils continue to generate relatively high sales, manufacturers are focusing on increasing the production of synthetic and semi-synthetic oils to take advantage of the growing demand for premium synthetic two-wheel lubricants. Given the incorporation of advanced engine technologies into modern vehicles along with increased consumer awareness regarding the performance advantages of synthetic lubricants, manufacturers are placing special emphasis on non-mineral oils.
Furthermore, the shift towards premium products for increased warranty and extended oil drain interval is likely to necessitate increased adoption of synthetic content in two-wheel lubricants. Moreover, to deal with greener fuels and sustainable requirements, a number of market players are being targeted towards developing bio-effective lubricants.
According to the study, the use of two-wheeled lubricants in motorcycles, especially mini-scooters and standard varieties, was on a higher side compared to mopeds. With the advent of next-generation motorcycles that facilitate efficient clutch operation and require multifunctional lubricants, manufacturers are focusing on product innovations and new developments to deliver an optimal riding experience.
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The study finds that aftermarket sales of two-wheeler lubricants account for a relatively high share of OEM sales, and are expected to register 4.3% annual growth in 2022 over 2021. The need for regular and periodic servicing of two-wheelers. Smooth performance and durability, even in poor road infrastructure, will continue to drive sales of two-wheel lubricants in the market.
According to the study, developing countries in Asia Pacific, Latin America and Africa continue to offer greater opportunities due to increased mobility and higher disposable income in these regions, which are directly related to the successful penetration of two-wheeled bicycles. Although the two-wheeler lubricant markets in North America and Europe are unlikely to show significant volume growth, the FMI study found that penetration of synthetic or premium lubricants in these regions will be high in the future.
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According to the study, one of the major growth drivers for the two-wheeled lubricants market is the lack of public transportation in rural areas which has led to an increase in the use of two-wheeled vehicles. Although motorcycle sales have shown a sharp decline in developed nations over the years, the growing interest in recreational riding motorcycles has contributed to the increased need for two-wheeled lubricants in these nations.
The commercial origin highlights the competitive landscape of the Automotive Lubricants market by evaluating the business development strategies of key players. The market is showing a fair level of standardization, with key stakeholders focusing their strategic focus on product innovations and a more consistent geographical footprint.
|Historical data available for||2013-2021|
|market analysis||US$1 billion worth|
|Main areas covered||North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa|
|Main countries covered||United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, North, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, other countries .|
|Main Market Segments Covered||Product, application, two-wheeler type, sales channel and region|
|An overview of the main companies||• BP PLC
• PTT . lubricant
• Royal Dutch Shell PLC
• ExxonMobil Corporation
• Total SA
• Chevron Corporation
• Petron Company
• Morris oils
• Hindustan Petroleum Corporation Ltd.
• China National Petroleum Corporation
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in more than 150 countries. FMI is headquartered in Dubai, with delivery hubs in the UK, US and India. The latest market research and industry analysis reports from FMI help companies face challenges and make critical decisions with confidence and clarity amidst intense competition. Our customized and syndicated market research reports provide actionable insights that drive sustainable growth. The expert-led team of analysts at FMI constantly track emerging trends and events in a wide range of industries to ensure our clients are prepared for the evolving needs of their clients.
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