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AUTOMOTIVE & TRANSPORTATION

Automotive Engine Oil Market : Global Demand Analysis & Opportunity Outlook 2024

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Extensive insights into the Growth of Automotive Engine Oil Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Automotive Engine Oil Market Overview

Automotive engine oil refers to the lubricant which is used to oil the internal parts of an internal combustion engine. Automotive engine oil is made up of organic compounds, hydrocarbons and polyinternal olefins.  These oils are enriched with certain additives such as engine stability additives and extreme pressure additives which boosts the performance of the engine. Automotive engine oil is used to prevent the engine seizure as engine oils reduce the wear on the moving parts such as piston and crankshaft and removes heat generated from engine.  The market share of automotive engine oils has continuously been rising due to the increased usage and demand for automobiles. Apart from preventing engine failure, the automotive engine oil performs various other functions such as reducing engine noise, reducing friction and dissipation of heat from the engine. The continuous use of automotive engine oil increases the life of an automotive engine.

Automotive engine oil has several properties such as high boiling point and low freezing point. This helps the automotive engine oil to stay in its liquid state while operating at different range of temperatures. Further, these oils do have a property of corrosive prevention which prevents the internal parts of engine from getting corroded. Further, automotive engine oils takes away suspended particles to the oil filter and helps to increase the efficiency of the engine. Moreover, the increasing trend of owning a vehicle provides a major opportunity of the growth for the automotive engine oil market.

Market Size and Forecast

The market of automotive engine oil is anticipated to grow at compound annual growth rate (CAGR) of 5.32 % over the forecast period 2017-2024. This can be attributed to various factors such as increasing number of automobiles on road, burgeoning middle class and rapid pace of urbanization.

Automotive Engine Oil

Regionally, Asia-Pacific accounted for the highest market percentage share of automotive engine oils in 2016. Further, it is anticipated to witness significant growth over the forecast period owing to the increasing demand and sales of automobiles. Moreover, increasing awareness level among consumers about the engine oil is propelling the automotive engine oil market growth. China accounts for the highest market share of the automotive engine oil in the Asia-Pacific region. CLICK TO DOWNLOAD FREE SAMPLE REPORT

North America is also envisioned to bolster the global automotive engine oil market owing to the rising disposable income. Further, availability of base oils is anticipated to grow the market size of Middle East and Africa in the next few years.

Market Segmentation

Our-in depth analysis of the global automotive engine oil market includes the following segments:

By Technology

  • Premium Conventional engine Oil
  • Full Synthetic engine Oil
  • Synthetic Blend engine Oil
  •  Higher Mileage engine Oil

By Additives

  • Dispersants
  • Friction modifiers
  • Anti- wear agents
  • Pour point depressants
  • Foam inhibitors
  • Anti-oxidants

By Distribution Channels

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

By Base Oil Type

  • Synthetic
  • Mineral

By Region

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

The growth of the global automotive engine oil market is primarily driven by the increased sales and demand for automobiles on the road. The rapid pace of urbanization has led to the growth of global automotive engine oil. Moreover, burgeoning middle class population and increasing consumer awareness about the engine oil benefits are anticipated to be the dynamic factor behind the rapid growth of global automotive engine oil market. Further, change of consumer preference from conventional to synthetic engine oil is another factor which is anticipated to drive the global market.

However, rising supply of counterfeit engine oil product is believed to dampen the growth of global automotive engine oil market. Moreover, government regulations regarding the emission are anticipated to restraint the growth of automotive engine oil market. Nowadays, consumer wants to go for environment friendly products and lack of environment friendly engine oils that may dampen the growth of engine oil market. 

Key Players

  • Total S.A
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Arabol Lubricants
  • LUKOIL Oil Company
  • Royal Dutch Shell plc
  • Exxon Mobil Corporation
  • Castrol Limited
  • Chevron Corporation
  • Amsoil Inc.
  • Statoil
  • Sinopec Lubricant Company

 


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