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Automotive Suspension System Lubricants Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, Japan, India, Germany - Size and Forecast 2024-2028

Automotive Suspension System Lubricants Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, Japan, India, Germany - Size and Forecast 2024-2028

Published: Dec 2023 171 Pages SKU: IRTNTR46664

Market Overview at a Glance

$27.94 Mn
Market Opportunity
4.54%
CAGR
4.1
YoY growth 2023-2024(%)

Automotive Suspension System Lubricants Market 2024-2028 

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.

What will be the Size of the Automotive Suspension System Lubricants Market During the Forecast Period?

Automotive Suspension System Lubricants Market Size

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Automotive Suspension System Lubricants Market: Key Drivers, Trends and Challenges

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.

Key Automotive Suspension System Lubricants Market Driver

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.

Key Automotive Suspension System Lubricants Market Trends

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.

Key Automotive Suspension System Lubricants Market Challenge

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.

Automotive Suspension System Lubricants Market Customer Landscape

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.

Automotive Suspension System Lubricants Market Share by Geography

Global Automotive Suspension System Lubricants Market Customer Landscape

Who are the Major Automotive Suspension System Lubricants Market Companies?

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:

  • 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.
  • WD 40 Co.

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.

What is the Largest-Growing Segments in the Automotive Suspension System Lubricants Market?

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.

Automotive Suspension System Lubricants Market Size

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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.

Which are the Key Regions for the Automotive Suspension System Lubricants Market?

Automotive Suspension System Lubricants Market Share by Geography

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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.

Segment Overview

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. 

  •  Product Outlook 
    • Semi-solid lubricants
    • Liquid and aerosol lubricants
  • Application Outlook 
    • Passenger car
    • Commercial vehicle
  • Geography Outlook
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile
      • Argentina
      • Brazil
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Automotive Suspension System Lubricants Market Scope

Report Coverage

Details

Page number

171

Base year

2023

Historic period

 2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 4.54%

Market Growth 2024-2028

USD 27.94 million

Market structure

Fragmented

YoY growth 2023-2024(%)

4.1

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 52%

Key countries

US, China, Japan, India, and Germany

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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.

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.

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.

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What are the Key Data Covered in this Automotive Suspension System Lubricants Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the market between 2024 and 2028
  • Precise estimation of the market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market across APAC, North America, Europe, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. 

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Table of Contents not available.

Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Automotive Suspension System Lubricants market growth will increase by $ 27.94 mn during 2024-2028.

The Automotive Suspension System Lubricants market is expected to grow at a CAGR of 4.54% during 2024-2028.

Automotive Suspension System Lubricants market is segmented by Product( Semi-solid lubricants, Liquid and aerosol lubricants, aerosol lubricants) Application( Passenger car, Commercial vehicle, Europe, MEA, South America)

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., WD 40 Co. are a few of the key vendors in the Automotive Suspension System Lubricants market.

APAC will register the highest growth rate of 52% among the other regions. Therefore, the Automotive Suspension System Lubricants market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.

US, China, Japan, India, Germany

  • Use of MR fluid suspension oilsCar buyers prefer vehicles that offer a smoother ride is the driving factor this market.
  • especially while driving on unpaved roads and cornering. Vehicle makers are compelled to provide features is the driving factor this market.
  • such as advanced driver-assist systems is the driving factor this market.
  • to improve the utility of the vehicle. Conventional suspension systems only offer limited absorption of road bumps. Vehicle makers of performance and luxury vehicles are using magnetorheological (MR) fluid suspension systems. Prominent vehicle manufacturers is the driving factor this market.
  • namely General Motors is the driving factor this market.
  • Audi is the driving factor this market.
  • and others is the driving factor this market.
  • have been using MR fluid suspension systems within their vehicles since 2004. MR fluid has magnetically soft particles sized between 1 and 20 microns is the driving factor this market.
  • suspended in a synthetic hydrocarbon fluid. The fluid changes viscosity when exposed to magnetic energy is the driving factor this market.
  • causing it to thicken and become an almost gel-like substance for effective dampening road shocks. The increased cost of MR fluid suspension systems has limited their application to high-performance and luxury vehicles. General Motors has developed the third generation of the MR fluid suspension system is the driving factor this market.
  • Magnetic Ride Control is the driving factor this market.
  • which can be used within mainstream vehicles. The system automatically adjusts damping performance according to road conditions. The use of an MR fluid suspension system can greatly improve the ride quality and vehicle handling. This will subsequently lead to better sales on account of better drive quality. The increasing use of MR fluid-based suspension systems within mainstream vehicles is expected to drive the market in terms of technology and fluid type.  is the driving factor this market.

The Automotive Suspension System Lubricants market vendors should focus on grabbing business opportunities from the Semi-solid lubricants segment as it accounted for the largest market share in the base year.