Global Automotive Engine Oil Market Trends, Size, Share, Growth and Demand Forecast to 2022 by P&S Market Research
The global automotive engine oil market witnessed a significant growth during the past few years. The rising disposable income, government legislations for automotive engine oil, growing automotive aftermarket and increase in demand within automotive market are driving the growth of the automotive engine oil market. The growing vehicle sales and its production in developing countries is an opportunity in the market. The major factors restraining the growth of the market include volatile price of raw materials and growth in electric vehicles market. On the basis of technology, the automotive engine oil market has been broadly classified as premium conventional engine oil, full synthetic engine oil, synthetic blend engine oil and higher mileage engine oil.
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Engine oils are oils that consist of mineral and have synthetic base oil including various additives. The quality of engine oil depends on the base oil and its properties, as well as on the additives. The main requirements for automotive engine oil are protection against wear and corrosion, keeping the engine clean and yield strength under compression. Automotive engine oil is available in different SAE grades to suit the climate, where it is used and the purpose of its usage. The function of automotive engine oil is to reduce friction between metal surfaces in contact with each other and prevent from any damage caused by wear and tear of the metal surface.
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The global automotive engine oil market is estimated to grow during the forecast period at a high growth rate. In 2015, North America was the largest market for automotive engine oil due to the presence of large number of motor vehicle in this region. It is followed by Europe and Asia-Pacific. The market is witnessing an escalating growth in Asia Pacific region. China, in recent years, has become the global hub for the automobile industry, due to increase in vehicle population because of growing industrialization and commercialization across China. The Chinese government has taken certain measures to curb emissions, such as increasing the number of electric and hybrid vehicles. These vehicles need more maintenance and synthetic engine oil and hence these hybrid and electric vehicles are further expected to boost the automotive engine oil market in the country. Other region in Asia Pacific, such as India, Malaysia and Philippines are also having a steady growth in the market.
Some of the major players operating in the global automotive engine oil market include Total S.A, LUKOIL oil company, Royal Dutch Shell plc., Exxon Mobil Corporation, BP plc., FUCHS Lubricants, Chevron Corporation, Sinopec Lubricant Company, JIANGSU LOPAL TECH. Co. Ltd., and PetroChina Company.
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