Automotive Engine Oil Market explores New Growth Opportunities by 2026, 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 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, titled, “Automotive Engine Oil Market Size, Share & Industry Analysis, By
Grade (Mineral, Synthetic and Semi-synthetic), By Engine Type (Diesel, Petrol,
Alternative Fuel), By Application Area (Passenger Vehicle, Light Commercial
Vehicle (LCV), Heavy Commercial Vehicle (HCV), Two Wheeler, and Other), and
Regional Forecast, 2019-2026.” 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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Highlights of This Report:
·
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.
·
Evaluation and reporting of the latest
industry developments.
·
Significant changes in market
dynamics.
·
Insights of the automotive engine oil
markettrends and opportunities.
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.
Browse Summary of This Research:
https://www.fortunebusinessinsights.com/automotive-engine-oil-market-102715
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.
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 2018in terms of automotive engine oil marketrevenue. 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.
Competitive Landscape-
Key Players Engage in Mergers &Acquisitionsto 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:
·
September
2019: RelaDyne joined hands with Circle Lubricants to broaden its
geographic presence in the Northeast. It would also help the company in
delivering its automotive and lubricant products throughout New Jersey, New
York, and its surrounding areas.
·
September
2019: Saudi Aramco completed the acquisition of 50% interest of Shell
Saudi Arabia Limited in the SASREF joint venture. It would help the former in
upsurging the capacity and complexity of its refineries.
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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:
•
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
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