NEW YORK, Aug. 16, 2021 /PRNewswire/ — The global automotive die casting lubricants market is expected to expand at a steady CAGR of over 4% during the forecast period of 2021-2031.
Growth in production of automobiles across Asia Pacific, Europe, and North America is projected to drive demand for automotive die casting lubricants. Countries in Asia Pacific such as China, India, and ASEAN, among others, are expected to focus on supporting domestic lubricant manufacturing to serve local markets.
Due to increasing environmental regulations on vehicle emissions by various regulatory bodies such as the Environment Protection Agency (EPA), demand for more fuel-efficient vehicles is increasing at a substantial rate. This is anticipated to elevate demand for lightweight automotive components that are produced using metals such as aluminium, magnesium, and other nonferrous metals using die casting.
However, comparatively high cost of lightweight materials that provide the same strength as conventional metals used in the manufacturing of automotive components is compelling manufacturers to reduce profit margins to provide competitive pricing and gain a competitive edge in the market.
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Key Takeaways from Market Study
Sales of automotive die casting lubricants is anticipated to grow due to increasing demand from the automotive industry.
China is one of the largest markets for automotive die casting lubricants owing to the vast urbanized population driving vehicle sales and the strong presence of automobile manufacturers.
Water-based lubricants are the most widely used due to their high vaporization capacity.
Aluminum is the most preferred die casting material as this metal provides an impressive strength-to-weight ratio.
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“Demand for automotive die casting lubricants is estimated to be significantly driven by growth in automobiles sales and rising demand for lightweight vehicles across the globe,” says a Persistence Market Research analyst.
According to the market research analysis, Henkel AG & Co. KGaA, Chem-Trend LP, Quaker Houghton Inc., Moresco Corp., The Hill, and Griffith Company, Geiger + Co. Schmierstoff-Chemie GmbH, Ultraseal India Pvt. Ltd, CHEMTOOL INCORPORATED, Condat SA, Hardcastle Petrofer Pvt. Ltd, Sunocs LLC, J&S Chemical Corporation, Lubgraf Synoils Pvt. Ltd., Aoki Science Institute Co., Ltd, Falcon Industrial Inc, Lafrance Manufacturing, Marbo Italia spa, Sunrise Chemtech Pvt. Ltd, and Acme Refining LLC., are key manufacturers of automotive die casting lubricants.
Key players are involved in research & development activities to provide tailored products to consumers according to their needs, so as to gain a competitive edge in the market.
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Owing to various factors such as growth in automobile sales and rising demand for lightweight vehicles, the global market for automotive die casting lubricants is expected to witness substantial growth. However, high cost of materials associated with lightweight metals used in the production of automotive components, such as aluminum, magnesium, zinc, and various others is hindering market growth to some extent.
More Valuable Insights
Persistence Market Research, a research and consulting firm, has published a market research report on the automotive die casting lubricants market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides an in-depth analysis of the market through different segments, namely, lubricant, type, die casting material, and region. The report also provides supply and demand trends along with an overview of the parent market.
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SOURCE Persistence Market Research Pvt. Ltd.