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The global automotive lubricant market is projected to grow at a rate of 8.1 percent from 2014 to 2019 and reach 408.4 million gallons by 2019, according to a new report by MarketsandMarkets.
The North American automotive lubricant market, which includes the United States, Canada and Mexico, is projected to grow at a rate of 10.61 percent from 2014 to 2019. While this region is a matured market for the automotive industry, it is also a hub for many manufacturers such as General Motors, Chrysler and Ford Motors.
The European automotive lubricant market is projected to grow at a rate of 6.51 percent from 2014 to 2019. With the industry reaching its maturity stage in Western Europe, manufacturers are now shifting their focus toward Eastern European countries. Thus, many lubricant manufacturers are setting up blending plants and research and development centers in Eastern European countries such as the Netherlands and Russia.
In the Asia-Pacific region, the rising demand for light and heavy commercial vehicles continues to drive the automotive lubricant market, which is projected to grow at a rate of 7.66 percent from 2014 to 2019.
For more information or to view the full report, visit http://www.marketsandmarkets.com/Market-Reports/automotive-coolants-lubricants-market-254296375.html.