The global automotive engine oil market is set to gain momentum from the increasing demand for lower viscosity motor oil as they are capable of enhancing the fuel economy. Many OEMs have also begun recommending these types of oils to enhance performance. Fortune Business Insights™ provided this information in a recent report,6.” The report further states that the automotive engine oil market size was USD 36.49 billion in 2018 and is projected to reach USD 45.66 billion by 2026, exhibiting a CAGR of 2.88% during the forecast period.
Drivers & Restraints-
Upsurging Demand for Synthetic Automotive Engine Oil to Boost Growth
The market is anticipated to be affected positively owing to the increasing demand for synthetic automotive engine oil. It is mainly considered to be a replacement for mineral based engine oil. This type of oil is experiencing high demand from the developed regions, such as Europe and North America. It consists of chemically similar properties that of mineral based oil. Synthetic engine oil is capable of extending oil change intervals, decreases oil consumption, and enhances fuel economy. It is also less likely to oxidize, is not volatile, and is resistant to temperature change. However, increasing sustainability issues for the companies to exist in the highly competitive market may hamper the automotive engine oil market growth during the forthcoming period.
Segment-
Diesel Segment to Grow Significantly Backed by Cost-effective Nature
In terms of engine type, the market is segregated into alternative fuels, petrol, and diesel. Out of these, the diesel segment procured 43.38% automotive engine oil market share in 2018. This growth is attributable to the cost-effective nature of diesel engines, as compared to the petrol ones. Also, these are approximately 40% more efficient than the petrol engines because they possess more energy. The combustion process reduced the emission of carbon dioxide and is efficient.
Fortune Business Insights™ lists out the 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
Please visit: https://www.fortunebusinessinsights.com/automotive-engine-oil-market-102715
