Automotive Engine Oil is a type of lubricant that is used in an internal combustion engine in order to effectively mitigate the wear and tear and reduce the friction produced by the moving parts, and to expel sludge. There are three types of engine oil.
According to the report, the Automotive Engine Oil Market is projected to increase at a CAGR of 5.39% over the forecast period 2019-2025.
The rising disposable income among the individuals in the low income and middle come economies
Rapid urbanization and industrialization have led to a surge in disposable income and thus, have led to a rise in the propensity of spending among the individuals. This factor, coupled with the desire to own a vehicle is allowing a majority of the users to purchase a vehicle. Therefore, this factor is causing the demand for engine oil bot by the automotive industry to propel and drive the market growth over the forecast period.
Petrol is an increasingly common and popular type so used fuel due to its properties
By engine type, the petrol engine is expected to hold a considerable market share over the forecast period. This is attributable to the fact that individuals prefer petrol cars more as they are lighter, leading to less burning if the engine oil, thus, there are lesser emissions produced. In addition, they are easier to drive than the diesel cars and have low maintenance.
Synthetic oil is gaining popularity and is estimated to show notable market growth
The engine in a vehicle requires the right blend or the correct type of engine oil in order to function properly and lubricate all the engine components properly so as to prevent damage, Therefore, as the synthetic engine oil has added substances to make their performance better, they are estimated to hoe notable market growth.
The Asia Pacific region holds a considerable share in the market and grows at a noteworthy pace, e over the forecast period
The well-established and flourishing automotive industry of the Asia Pacific region, in the countries such as India and China, which air attributable to the good manufacturing practices, cheap labour, and a rising number investments and initiatives by the government that are contributing to the development of the manufacturing sector. Hus, these factors are contributing to the market share the region holds and is pushing it to grow at a noteworthy pace over the forecast period
The major players covered as part of the report are Motul, Total, Petroliam Nasional Berhad (PETRONAS, Exxon Mobil Corporation, Valvoline, Repsol, Chevron Corporation, Calumet Branded Products, and ACDelco among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-automotive-engine-oil-market
This report has segmented the Automotive Engine Oil marketon the basis following terms.
By Engine Type
By Vehicle Type
By Sales Channel