The global automotive lubricants market size was USD 70.25 billion in 2018 and is projected to reach USD 79.91 billion by 2026, exhibiting a CAGR of 1.58% during the forecast period.
There is a significant number of manufacturers operating in the global automotive lubricant market. These players are focusing on increasing their investment in R&D activities to improve product quality to meet rising consumer requirements. Market stakeholders are increasing their production to gain a competitive edge in the global market. However, the increasing use of biofuels is affecting the growth of the global automotive lubricant market. The rising popularity of electric vehicles and rapidly increasing sales of electric vehicles are also affecting the growth of the global automotive lubricant market.
Similar to other industries, the global automotive lubricant market has been negatively affected by the rapid spread of coronavirus across the globe. In order to reduce friction and ensure the smooth functioning of automotive vehicles, lubricants are u in vehicles. Automotive lubricants can be also used the for transfer of the at, the transmission of power, and protection against corrosion and rust. Halting of businesses, strict lockdowns bans on travel and transportation, and disrupted supply chains have hampered the growth of the global automotive lubricant market. By taking a strategic approach by market players, businesses are recovering from the losses and market contributors are focusing on innovative solutions to stay afloat in the market.
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