The global Automotive Engine Oil Market earned 38.12 (USD Billion) in 2021 and is expected to earn 48.19 (USD Billion) by 2028, a CAGR of roughly 3.5%.
Automotive Engine Oil Market
The global Automotive Engine Oil Market accrued earnings worth approximately 38.12 (USD Billion) in 2021 and is predicted to gain revenue of about 48.19 (USD Billion) by 2028, is set to record a CAGR of nearly 3.5% over the period from 2022 to 2028. The report offers assessment and analysis of the Automotive Engine Oil Market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2021 along with a forecast from 2022 to 2028 based on revenue (USD Billion).
Automotive engine oils are derived from crude oil during complex refinery process. Moreover, refining, synthesis, distillation, and cracking are few processes that manufacture many kinds of base oils and utilized for manufacturing engine oils. These compounds are designed for light, medium, and heavy commercial vehicles as well as passenger vehicles, marine engines, tractors, outboard motors, and commercial cars. Apart from this, automotive engine oil helps in lubrication of mechanical parts of vehicle engine and separates moving automotive component, thereby reducing wear & tear of engine and ensuring elongated life of engines & vehicle motors.
Expansion of automotive engine oil industry over forecast timespan is due to surge in vehicle production & demand for synthetic & traditional products. Additionally, product is utilized in transmission chamber and vehicle engine for reducing friction between engine components, thereby helping market explore new horizons of growth. The key function of engine oil is to avoid engine part corrosion as a result of oxidation and this will pave a way for massive product penetration across various sectors. Surging necessity of high mileage engine oil in developed nations for sports & luxury vehicles will spur business growth. In addition to this, technological breakthroughs and rise in research activities related to manufacture of product will embellish expansion of automotive engine oil industry over forecast timespan. However, low price engine oil alternative & preference for electric vehicles can impede industry sphere.
Furthermore, engine oil is used as an additive in automotive and acts as anti-oxidant dispersant, detergent, and anti-foam agent in vehicle sector. This will drive market trends. Surge in customer awareness pertaining to fuel efficacy and necessity for high vehicle performance & longevity will translate into massive market demand.
Asia Pacific Automotive Engine Oil Market To Retain Dominant Position Over 2022-2028
Regional market expansion over analysis period can be attributed to rise in demand for product in thriving automotive sector in countries such as Indonesia, Malaysia, Vietnam, and India. Apart from this, low production costs and wages have spiked sales of product in sub-continent, thereby driving regional market size. Flourishing transport & logistics activities in Asia Pacific has resulted in surge in heavy vehicles on roads. This, in turn, has bolstered use of automotive engine oils in the region. Production of green products as a result of awareness pertaining to hazards of fuel emissions for environment will proliferate growth of automotive engine oil market in region.
Key players impacting market growth and included in report are ENI GmbH, Petroleum Nasional Berhad (PETRONAS), ExxonMobil Corp., Motul, Castrol, Sinopec Petroleum & Chemical Corp., Royal Dutch Shell PLC, Fuchs Petrolub SE, and Valvoline, Inc.
By Engine Type
By Vehicle Type
By Engine Oil
Expansion of automotive engine oil industry over forecast timespan is due to surge in vehicle production & demand for synthetic & traditional products.
According to Zion market research report, the global Automotive Engine Oil Market accrued earnings worth approximately 38.12 (USD Billion) in 2021 and is predicted to gain revenue of about 48.19 (USD Billion) by 2028, is set to record a CAGR of nearly 3.5% over the period from 2022 to 2028.
Asia Pacific will contribute lucratively towards the global market earnings over the projected timeline. The regional market surge is subject to rise in demand for product in thriving automotive sectors in countries such as Indonesia, Malaysia, Vietnam, and India.
The key market participants include ENI GmbH, Petroleum Nasional Berhad (PETRONAS), ExxonMobil Corp., Motul, Castrol, Sinopec Petroleum & Chemical Corp., Royal Dutch Shell PLC, Fuchs Petrolub SE, and Valvoline, Inc.
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