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.
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.
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.
Our-in depth analysis of the global automotive engine oil market includes the following segments:
By Distribution Channels
By Base Oil Type
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.
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