Global Automotive Engine Oil Market Poised for Robust Growth
The global automotive engine oil market is set to experience substantial growth, driven by the increasing preference for lower viscosity motor oils that enhance fuel efficiency. Many Original Equipment Manufacturers (OEMs) are now recommending these oils to optimize vehicle performance. This trend is highlighted in a recent report by Fortune Business Insights™ titled “Automotive Engine Oil Market Size, Share & Industry Analysis, By Grade (Mineral, Synthetic, and Semi-synthetic), By Engine Type (Diesel, Petrol, Alternative Fuel), By Application Area (Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Two-Wheeler, and Other), and Regional Forecast, 2019-2026.” According to the report, the automotive engine oil market was valued at USD 36.49 billion in 2018 and is projected to reach USD 45.66 billion by 2026, with a compound annual growth rate (CAGR) of 2.88% during the forecast period.
Key Players in the Automotive Engine Oil Market:
Fortune Business Insights™ identifies several key players in the market, including:
ExxonMobil Corporation
Valvoline, Inc.
Fuchs Petrolub SE
Castrol
Royal Dutch Shell plc
RelaDyne
Pentagon Lubricants Private Limited
HINDUJA GROUP
Chevron Corporation
Total S.A.
Other notable participants
Report Highlights:
Market strategies and market shares of leading companies.
Thorough background analysis, including evaluation of the parent market.
Insights into emerging regional markets and specialized segments.
Updates on recent industry developments.
Major shifts in market dynamics.
Trends and opportunities in the automotive engine oil market.
Drivers & Restraints:
Growing Demand for Synthetic Automotive Engine Oil Fuels Market Expansion
The market for automotive engine oil is anticipated to grow due to the rising demand for synthetic automotive engine oils, which are increasingly seen as a replacement for mineral-based oils, particularly in developed regions such as Europe and North America. Synthetic oils offer numerous advantages, including extended oil change intervals, reduced oil consumption, and improved fuel efficiency. They also exhibit better resistance to oxidation, lower volatility, and greater stability across temperature fluctuations. However, challenges related to sustainability in a highly competitive market may pose some obstacles to growth in the near future.
Segment Analysis:
Diesel Segment Expected to Experience Significant Growth Due to Cost Efficiency
The market is categorized by engine type into alternative fuels, petrol, and diesel. In 2018, the diesel segment accounted for 43.38% of the market share for automotive engine oil, primarily due to the cost-effectiveness of diesel engines compared to petrol engines. Diesel engines are approximately 40% more efficient, thanks to their higher energy output and lower carbon dioxide emissions during combustion.
Please visit:https://www.fortunebusinessinsights.com/automotive-engine-oil-market-102715
Regional Analysis-
Rising Number of Vehicles to Favor Growth in Asia Pacific
The automotive engine oil market size is geographically classified into Europe, the Middle East and Africa, North America, Asia Pacific, and South America. Amongst these, Asia Pacific generated USD 12.41 billion in 2018 in terms of the market revenue. It is considered to be one of the fastest-growing and largest regions in the market because of the rising number of vehicles present in countries, such as Thailand, India, and China. China and India are projected to have the maximum number of vehicles on road. India is also considered to be the largest market for two wheelers. North America, on the other hand, would exhibit considerable growth backed by the increasing government support to promote the usage of energy-efficient oil. In Europe, the governments of various countries are implementing stringent rules to use environment-friendly oils.