Pune, India, Oct. 18, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, 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 fuel economy. Many OEMs have also begun recommending these types of oils to enhance performance. Fortune Business Insights™ 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.
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Fortune Business Insights™ lists out the names of all the organizations present in the automotive engine oil market. They are as follows:
- RelaDyne
- Pentagon Lubricants Private Limited
- HINDUJA GROUP
- Chevron Corporation
- Total S.A.
- ExxonMobil Corporation
- Valvoline, Inc.
- Fuchs Petrolub SE
- Castrol
- Royal Dutch Shell plc
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast CAGR | 2.88% |
| 2026 Value Projection | USD 45.66 Billion |
| Base Year | 2018 |
| Automotive Engine Oil Market Size in 2018 | USD 36.49 Billion |
| Historical Data | 2015-2017 |
| No. of Pages | 200 |
| Segments Covered | By Grade, By Application and Regional |
| Automotive Engine Oil Market Growth Drivers | Diesel Segment to Grow Significantly Backed by Cost-effective Nature |
| Upsurging Demand for Synthetic Automotive Engine Oil to Boost Growth |
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.
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Highlights of This Report:
- Evaluation and reporting of the latest industry developments.
- Significant changes in market dynamics.
- Insights of the automotive engine oil market trends and opportunities.
- 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.
Regional Analysis-
Rising Number of Vehicles to Favor Growth in Asia Pacific
The market is geographically classified into Europe, the Middle East and Africa, North America, Asia Pacific, and South America. Amongst these, Asia Pacific generated USD 12.41 billion in 2018 in terms of automotive engine oil market revenue. It is considered to be one of the fastest-growing and largest regions in the market because of the rising number 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. North America, on the other hand, would exhibit considerable growth backed by the increasing government support to promote the usage of energy-efficient oil. In Europe, the governments of various countries are implementing stringent rules to use environment-friendly oils.
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.
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 of mergers and acquisitions with other reputed enterprises to enhance their product offerings and other associated services. Below are a couple of the key industry developments:
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/automotive-engine-oil-market-102715
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Automotive Engine Oil Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Grade
- Mineral
- Synthetic
- Semi-Synthetic
- Market Analysis, Insights and Forecast – By Engine Type
- Diesel
- Petrol
- Alternative Fuel
- Market Analysis, Insights and Forecast – By Application
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheelers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
- North America Automotive Engine Oil Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Grade
- Mineral
- Synthetic
- Semi-Synthetic
- Market Analysis, Insights and Forecast – By Engine Type
- Diesel
- Petrol
- Alternative Fuel
- Market Analysis, Insights and Forecast – By Application
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheelers
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
TOC Continued…!
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Frequently Asked Questions (FAQs):
1. Is the Impact of COVID-19 on automotive engine oil industry growing?
Answer: The global automotive engine oil market Size was valued at 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.
2. Who are the key players in the Impact of COVID-19 on Automotive Engine Oil Market?
Answer: HINDUJA GROUP, Chevron Corporation, Total S.A., ExxonMobil Corporation, Valvoline, Inc., Fuchs Petrolub SE, Castrol, Royal Dutch Shell plc
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