Lubricant is a fluidic material that reduces friction between contact surfaces, hence preventing wear and tear. Depending on the end usage, it is prepared with certain additives and basic oils. Automotive lubricants are used to reduce friction between two surfaces of automotive components, and they represent cutting-edge technologies capable of providing long-lasting surfaces, increasing total efficiency while adhering to environmental requirements. These lubricants also help with temperature regulation by collecting heat produced by the vehicle's moving parts and sending it to the sump or cooler. Engine, gear, and hydraulic oils are the most commonly used.
According to SPER market research, ‘Canada Automotive Lubricants Market Size – By Product Type, By Vehicle Type, By End User Industry- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Canada Automotive Lubricants Market is predicted to reach USD 483.11 million by 2033 with a CAGR of 0.85%.
Drivers:
The Canadian automobile industry, one of the nation's biggest lubricant consumers, drives the demand for automotive lubricants such brake, transmission, and engine oils. Furthermore, Canada's expanding industrial operations—which include the mining, manufacturing, and energy industries—result in a growing requirement for lubricants for the maintenance of machinery and equipment. Additionally, as technology develops, lubricant compositions and manufacturing processes get better, producing high-performance lubricants that are more efficient and durable. In addition, the gear and equipment utilized in infrastructure projects—such as the construction of buildings, roads, and energy infrastructure—need lubricants.
Challenges:
Strict environmental regulations pertaining to emissions, waste disposal, and hazardous substances have limited the use of some lubricant compositions. The industry is now compelled to provide ecologically friendly substitutes as a result. The profitability of distributors and manufacturers is also impacted by changes in the price of additives, base oils, and other raw materials used in the manufacturing of lubricants. In certain instances, the emergence of substitute technologies such as self-cleaning machinery and electric vehicles also reduces the requirement for lubricants. Furthermore, economic downturns and fluctuations may have an effect on the demand for lubricants, particularly in industries as susceptible to these factors as manufacturing and the automobile sector.
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Impact of COVID-19 on Canada Automotive Lubricants Market
The COVID-19 pandemic that struck in 2020 and the first part of 2021 severely damaged the automotive and industrial sectors, severely disrupted production, and negatively affected Canadian consumers' purchasing power, all of which made it more difficult for the lubricants industry in the nation to grow. However, the industry is doing well now that these restrictions have been lifted.
Canada Automotive Lubricants Market Key Players:
Additionally, some of the market key players are Boss Lubricants, BP PLC (Castrol), Chevron Corporation, ExxonMobil Corporation, FUCHS, HollyFrontier (PetroCanada lubricants), and Phillips 66 Lubricants.
Canada Automotive Lubricants Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Product Type: Based on the Product Type, Canada Automotive Lubricants Market is segmented as; Engines Oils, Greases, Hydraulic Fluids, Transmission & Gear Oils.
By Vehicle Type: Based on the Vehicle Type, Canada Automotive Lubricants Market is segmented as; Commercial Vehicles, Motorcycles, Passenger Vehicles.
By End User Industry: Based on the End User Industry, Canada Automotive Lubricants Market is segmented as; Automotive, Manufacturing, Construction, Mining, Marine, Aerospace, Agriculture, Others.
By Region: This research also includes data for South India, North India, West and Central India, East India.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Canada Automotive Lubricants Market Revenue
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