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The automotive suspension system lubricants market size is estimated to grow at a CAGR of 4.54% between 2023 and 2028. The market size is forecast to increase by USD 27.94 million. The growth of the market depends on several factors such as the use of MR fluid suspension oils, the increased penetration of sealed-for-life automotive components, and the increased adoption of independent suspension systems.
The report offers extensive research analysis on the Automotive Suspension System Lubricants Market, with a categorization based on Product, including semi-solid lubricants and liquid and aerosol lubricants. It further segments the market by Application, encompassing passenger car and commercial vehicle. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the automotive suspension system lubricants market growth is the increased penetration of sealed-for-life automotive components. Car buyers increasingly seek vehicles that offer a smoother ride, especially while driving on unpaved roads and cornering. In addition, vehicle makers are compelled to provide features, such as advanced driver-assist systems, to enhance the utility of the vehicle. Furthermore, conventional suspension systems only offer limited absorption of road bumps.
Moreover, vehicle makers of performance and luxury vehicles are using magnetorheological (MR) fluid suspension systems. In addition, prominent vehicle manufacturers, namely General Motors, Audi, and others, have been using MR fluid suspension systems within their vehicles since 2004. Hence, such factors are positively impacting the market. Therefore it is expected to drive the market growth during the forecast period.
A key factor shaping the automotive suspension system lubricants market growth is the development of specialized suspension system lubricants for racing vehicles. Racing-oriented vehicles are largely developed on principles providing increased performance, enhanced resistance to wear, and better vehicle handling properties at high speeds. In addition, every system within these vehicles is customized to handle increased loads, speeds, and wear as compared with conventional vehicles.
Moreover, this warrants the usage of high-performance synthetic blend lubricants within the suspension systems of racing cars and high-performance vehicles in the UAE lubricants market. For instance, RFF Racing Fork Fluids and RSF Racing Shock Fluids represent a series of synthetic high-viscosity suspension system lubricants tailored for racing vehicles. These advancements highlight the trend towards adopting advanced suspension oils, potentially extending their application into mainstream vehicles. Therefore, such technological developments and the increasing adoption of high-performance lubricants are significant drivers of market growth during the forecast period, catering to the specialized needs of both racing enthusiasts and mainstream automotive consumers in the UAE lubricants market.
The rising penetration of air suspension systems is one of the key challenges hindering the automotive suspension system lubricants market growth. Air suspension systems can be referred to as advanced automotive suspension systems that offer maximum drive comfort to vehicle occupants. In addition, an air suspension system requires a very small amount of lubrication, as it uses the compressions of the air cushions or airbags to absorb the majority of the impact from road bumps.
Moreover, an air suspension system consists of air spring struts integrated with dampers and connected to a reservoir for continuously adjusting air pressure within the airbag. In addition, air suspension systems are largely used in buses, heavy-duty trucks, and luxury cars. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automotive Suspension System Lubricants Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BP Plc: The company offers automotive suspension system lubricants under the brand Castrol.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The semi-solid lubricants segment is estimated to witness significant growth during the forecast period. This segment comprises semi-solid lubricants including grease, waxes, and other substances that contain fats and oil. In addition, these lubricants are often used to lubricate suspension components, chassis components, and others. Furthermore, semi-solid lubricants such as grease are used to shield vehicles and components from rust and wear and tear.
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The semi-solid lubricants segment was the largest segment and was valued at USD 55.78 million in 2018. Moreover, the growing demand for high-performance automobiles is boosting the growth of the semi-solid lubricants segment. In addition, technological advancements in semi-solid lubricants, such as the production of specialized greases specifically for use in harsh conditions and the emergence of eco-friendly and biodegradable grease variants, fuel the growth of the semi-solid lubricants segment. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The majority of the growth of the automotive suspension system lubricants market comprises vehicle sales in developing countries including India, China, Indonesia, and Thailand. In addition, high sensitivity to cost within these countries is fuelling automotive original equipment manufacturers (OEMs) to localize the production of various automotive components to price their vehicles competitively.
Moreover, this is increasing the production of essential automotive components like automotive suspension system lubricants in APAC. Furthermore, the boom in the e-commerce industry within the country has driven the sales of light and heavy commercial vehicles for facilitating transport. Hence, such factors are driving the market growth in APAC during the forecast period.
The automotive suspension system lubricants market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Automotive Suspension System Lubricants Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.54% |
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Market Growth 2024-2028 |
USD 27.94 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.1 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 52% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BP Plc, Chevron Corp., China National Petroleum Corp., ENEOS Holdings Inc., Exxon Mobil Corp., Ferdinand Bilstein GmbH plus Co. KG, FUCHS PETROLUB SE, Gulf Oil International Ltd, Idemitsu Kosan Co. Ltd., Lucas Oil Products Inc., Millers Oils Ltd., MOTUL SA, PETRONAS Chemicals Group Berhad, Phillips 66, Sharp International, Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., TotalEnergies SE, Valvoline Inc., and WD 40 Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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