Automotive Engine Oil Market is valued at USD 6062.57 Million in 2017 and expected to reach USD 7120.80 Million by 2024
Automotive Engine Oil Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2018-2024 – Increasing demand for automobiles in developing countries is the driving factor of automotive engine oil market.
Automotive Engine Oil Market is valued at USD 6062.57 Million in 2017 and expected to reach USD 7120.80 Million by 2024 with the CAGR of 2.32% over the forecast period.
Automotive engine oil is an engine lubricant which is a mix of base oils enhanced with additives like anti wear additives, detergents, dispersants, corrosion and oxidation inhibitors. The moving parts of engine when comes in to contact with each other creates friction and waste useful power by converting kinetic energy in to heat. The friction also wears away the engine parts which leads to lower efficiency and degradation of engine. This increases fuel consumption, decreases power output and in worst cases seizing of engine. To tackle the problem engine oil is used which reduces friction and wear on moving parts. It also cleans the engine from sludge, neutralizes acid created from oil and lubricant and cools the engine. It is also called protector of engine.
The automotive engine oil market is divided in to four types on the basis of technology, which are premium conventional engine oil (used in two, three wheelers and small cars), fully synthetic engine oil (used for high-tech cars), synthetic blend engine oil (used for SUVs and heavy-duty vehicles) and highest mileage engine oil (used to reduce viscosity loss). On the basis of additive use the market is segmented in to dispersants, friction modifiers, anti-wear agents, pour point depressants, foam inhibitors and antioxidants. On the basis of base oil type the market is classified in to synthetic type, part synthetic and mineral type.
The regions covered in this Automotive Engine Oil Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Automotive Engine Oil market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
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Key Players for Global Automotive Engine Oil Market Reports–
Global Automotive Engine Oil market report covers prominent players like Valvoline, Wurth Triathlon, Castrol, Mobil, Total Lubricants, Shell, Sinopec, BP Plc, Exxonmobil, Royal Dutch shell plc, Shell, Fuchs, Lukoil, Agip Synthetic PC, ProCare Lubricants, Amsoil, Petronas, Pennzoil, Motul, Havoline and others.
Increasing Demand of Automobiles in Developing Countries is the Driving Factor of Automotive Engine oil Market.
Synthetic engine oil is tailor made and chemically synthesized to meet the modern demand of highly efficient engine, lower traction coefficient, reduced power consumption, increased service life, reduced flammability, and reduced wear and tear. Due to above advantages its demand is growing among automobile industries as well as consumers who want to have tailor made luxury cars, which in turn drives the automotive engine oil market. Other factors driving the market are increasing mobility on account of urbanization, megacities, increasing disposal income, growing aspiration of possessing a vehicle, and growing demand for logistic. The demand for engine oil is increasing due to rise in demand of automobiles in developing countries like India, china, brazil. The constant development of technology in automotive industry have also demands steady progress in innovating efficient engine oil. However, growing demand for electric vehicles, increasing supply of counterfeit engine oil, government regulations on minimum emissions, and lack of environmentally friendly engine oil are the restrains of this market. Now engine oil companies are developing low-viscosity lubricants to make efficient engine for modern automobiles, which is a key opportunity for this market.
North America has largest share in Automotive Engine Oil Market
North America is dominating the market with market share of around 38% on account of existing and growing number of automobiles in the region. Asia pacific is estimated to have highestgrowth rate in automotive engine oil market in forecasting period of 2017-24 due to increasing infrastructural development, increase in passenger cars and increase in automobile industry, especially in china. India, Malaysia, Thailand and Philippines are also expected to have increasein share of this market due to increasing disposal income and demand of individual vehicle. Increasing level of awareness of engine oil among consumers in developing countries helps the market to grow in these regions. Availability of basic oils in middle-east and Africa is estimated to help in growth of automotive engine oil market.
Key Benefits for Global Automotive Engine Oil Market Reports –
- Globalmarket report covers in depth historical and forecast analysis.
- Globalmarket research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Globalmarket report helps to identify opportunities in market place.
- Globalmarket report covers extensive analysis of emerging trends and competitive landscape.
Automotive Engine Oil Market Segmentation
- Premium Conventional engine Oil
- Full Synthetic engineOil
- Synthetic Blend engineOil
- Higher Mileage engineOil
- Friction modifiers
- Anti- wearagents
- Pour point depressants
- Foam inhibitors
By Base Oil Type
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- MiddleEast and Africa
- Rest of MiddleEast and Africa