Automotive Engine Oil Market Size, Share, Growth and forecast to 2018-2024
Description
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.
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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.
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 has 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 –
·
Global market report covers in depth historical
and forecast analysis.
·
Global market 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.
·
Global market report helps to identify opportunities in market
place.
·
Global market report covers extensive analysis
of emerging trends and competitive landscape.
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Automotive Engine Oil Market Segmentation
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 Base Oil Type
·
Synthetic
·
Mineral
By Region
·
North America
·
U.S.
·
Canada
·
Europe
·
U.K.
·
France
·
Germany
·
Italy
·
Asia Pacific
·
China
·
Japan
·
India
·
Southeast Asia
·
Latin America
·
Brazil
·
Mexico
·
Middle East and Africa
·
GCC
·
Africa
·
Rest of Middle East
and Africa
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