The global automotive engine oil market is set to gain momentum from the increasing demand for lower viscosity motoroil as they are capable of enhancing the fuel economy. Many OEMs have alsobegun recommending these types of oils to enhance performance. Fortune Business Insights™ provided this information in a recent report,titled, “Automotive Engine Oil Market Size, Share & Industry Analysis, ByGrade (Mineral, Synthetic and Semi-synthetic), By Engine Type (Diesel, Petrol,Alternative Fuel), By Application Area (Passenger Vehicle, Light CommercialVehicle (LCV), Heavy Commercial Vehicle (HCV), Two Wheeler, and Other), andRegional Forecast, 2019-2026.” The report further states that theautomotive engine oil market size was USD 36.49 billion in2018 and is projected to reach USD 45.66 billion by 2026,exhibiting a CAGR of 2.88% during the forecast period.
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Highlights of This Report:
- Market strategies and shares of key companies.
- A complete backdrop analysis consisting of an assessment of the parents market.
- Emerging regional market and niche segments.
- Evaluation and reporting of the latest industry developments.
- Significant changes in market dynamics.
- Insights of the automotive engine oil market trends and opportunities.
Browse Complete ReportSummary@ https://www.fortunebusinessinsights.com/automotive-engine-oil-market-102715
Drivers & Restraints-
Upsurging Demand for SyntheticAutomotive Engine Oil to Boost Growth
The market is anticipated to beaffected positively owing to the increasing demand for synthetic automotiveengine oil. It is mainly considered to be a replacement for mineral basedengine oil. This type of oil is experiencing high demand from the developedregions, such as Europe and North America. It consists of chemically similarproperties that of mineral based oil. Synthetic engine oil is capable ofextending oil change intervals, decreases oil consumption, and enhances fueleconomy. It is also less likely to oxidize, is not volatile, and is resistantto temperature change. However, increasing sustainability issues for thecompanies to exist in the highly competitive market may hamper the automotiveengine oil market growth during the forthcoming period.
Segment-
Diesel Segment to Grow SignificantlyBacked by Cost-effective Nature
In terms of engine type, the market issegregated into alternative fuels, petrol, and diesel. Out of these, the dieselsegment procured 43.38% automotive engine oil market share in 2018. This growthis attributable to the cost-effective nature of diesel engines, as compared tothe petrol ones. Also, these are approximately 40% more efficient than thepetrol engines because they possess more energy. The combustion process reducedthe emission of carbon dioxide and is efficient.
Regional Analysis-
Rising Number of Vehicles to FavorGrowth in Asia Pacific
The market is geographically classifiedinto Europe, the Middle East and Africa, North America, Asia Pacific, and SouthAmerica. Amongst these, Asia Pacific generated USD 12.41 billion in 2018 interms of automotive engine oil market revenue. It is considered to be one ofthe fastest-growing and largest regions in the market because of the risingnumber 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. NorthAmerica, on the other hand, would exhibit considerable growth backed by theincreasing government support to promote the usage of energy-efficient oil. InEurope, the governments of various countries are implementing stringent rulesto use environment-friendly oils.
Competitive Landscape-
Key Players Engage in Mergers &Acquisitions to Gain Competitive Edge
The market consists of several small,medium, and large scale companies that are presently adopting the strategy ofmergers and acquisitions with other reputed enterprises to enhance theirproduct offerings and other associated services. Below are a couple of the keyindustry developments:
- September 2019: RelaDyne joined hands with Circle Lubricants to broaden its geographic presence in the Northeast. It would also help the company in delivering its automotive and lubricant products throughout New Jersey, New York, and its surrounding areas.
- September 2019: Saudi Aramco completed the acquisition of 50% interest of Shell Saudi Arabia Limited in the SASREF joint venture. It would help the former in upsurging the capacity and complexity of its refineries.
Fortune Business Insights™ lists outthe names of all the organizations present in the automotive engine oil market.They are as follows:
- 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 players
