New York, Feb. 22, 2023 (GLOBE NEWSWIRE) — The global Automotive engine oil market it is estimated to increase by a value 2.2% CAGR and arrive at revenue of US$55.1 billion by the end of 2032. The global automotive engine oil market is estimated at USD 43.37 billion as of 2022.
The main function of motor oil is to lubricate each component of an engine to reduce friction and prevent excessive loss of power. A well-lubricated engine will run better and burn fuel more efficiently. As engine oil works to reduce friction, the surfaces and other parts of the engine that are vulnerable to that friction are protected. Without engine oil, engine components are at risk of damage, which increases engine emissions. In addition, the engine is protected from unwanted chemical reactions such as corrosion.
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The growth of the automotive industry, increased demand for fuel-efficient vehicles, increased sales of luxury cars, and various automotive requirements such as extending engine life, providing low viscosity motor oil to improve fuel economy and meet changing vehicle pollution. The criteria set by various government entities are factors that act as significant drivers for the growth of the global automotive engine oil market.
Key points of the market study
- By grade, synthetic oil is expected to hold a market share of 34.7% in 2032.
- By engine type, diesel engines are expected to hold the largest market share of 58.4% in 2032.
- By vehicle type, light commercial vehicles will account for a prominent market share of 39.7% by 2032.
- By 2032, North America is expected to hold the largest share of the global market with a share of 27.2%.
“Increasing production and sales of automobiles, increasing sales of luxury passenger vehicles and commercial vehicles, and high disposable income are expected to have a beneficial effect on the growth of the market.” says an analyst at Persistence Market Research.
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Market landscape
With technological advancements, industry players are trying to increase their market share. Top players want to partner with other manufacturers to grow their businesses and market share worldwide. To improve their overall operational efficiency, several key competitors are working on product development.
Some of the key manufacturers of Automotive Engine Oil covered in the report are
- Saudi Arabian Oil Company.
- Total S.A
- Exxon Mobil Corporation
- BP plc
- Chevron Corporation
- Sinopec lubricants company
- Eni SPA
- valves
- Castrol
conclusion
The automotive engine oil market is anticipated to develop over time due to the growing demand from end-use application areas such as passenger vehicles, light and heavy commercial vehicles, and other types of automobiles Over the next few years, the market is expected to expand with a rise in the automotive sector in developing economies. Manufacturers are focusing on expanding their product portfolios through merger and acquisition activities with other market players.
Do you want to know more?
Persistence Market Research, a research and consulting firm, has published a revised market research report on the automotive engine oil market that contains a global industry analysis from 2017-2021 and an assessment of opportunities for 2022-2032.
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The report provides an in-depth analysis of the market across different segments, namely grade, engine, vehicle, and region.
- By Degree: (Mineral engine oil, synthetic engine oil, semi-synthetic engine oil)
- By engine: (Gasoline engines, diesel engines)
- By vehicle: ( Passenger vehicles, heavy commercial vehicles, light commercial vehicles, two wheelers)
- By region: ( North America, Latin America, Europe, East Asia, South Asia and Pacific, Middle East and Africa)
For additional information on how the automotive motor oil market will shape up over the decade, write to media@persistencemarketresearch.com
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About – Automotive and Transport
PMR’s Automotive & Transportation Division provides exclusive coverage and actionable information on the automotive and transportation industry including the automotive, aviation, shipping, and marine and rail sectors. Market findings and competitive intelligence from OEMs, the aftermarket, services and the technology landscape have helped numerous industry stakeholders from automakers, component manufacturers, channel partners and service providers. services to make informed decisions and keep them up to date with market behavior.
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