The global automotive oil market it is expected to reach a valuation of 68,279.6 million dollars by the end of 2032. The market is directly affected by the expansion of the automotive industry. Automotive oil is the most commonly used lubricant in vehicles. They ensure that the vehicles run smoothly and thus automotive oils and lubricants are essential components of the automotive industry.
The market will benefit from the increased demand for automotive oils due to the growing need for vehicles across the globe. Engine lubrication materials such as automotive oils help increase the performance of a vehicle. Their main functions are to reduce friction and remove dirt from engines. It also keeps the engine cool to ensure optimal operation.
The automotive oil market is evolving as a result of growing consumer demand for high-performance, high-quality oil that will improve fuel efficiency and engine performance. The market is also expected to be supported by the growing use of passenger cars and commercial vehicles as well as rapid expansion of the transportation sector in emerging economies.
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“The urgent need to extend engine life, stringent vehicle pollution norms set by various government agencies, and the production of low-viscosity motor oils to improve fuel economy are expected to drive the global market “says an IMF analyst.
Key points: Automotive oil market
- The global automotive oil market is projected to exhibit a CAGR of 2.7% between 2022 and 2032.
- By grade, the minerals segment is expected to remain at the forefront and is estimated to account for approx. 45.7% of global automotive oil market share in 2032.
- By application, the light commercial vehicle segment is set to exhibit 35% of the automotive oil market share in 2032.
- Based on engine type, the diesel segment is estimated to grow at a CAGR of 2.2% during the forecast period.
- China is likely to dominate the East Asian automotive oil market and is expected to account for more 70% participation in the region.
Competitive Landscape: Automotive Oil Market
The automotive oil market is estimated to be consolidated in nature and the key players are expected to account for a considerable share of the market. Some of the major manufacturers include Dutch Shell, Valvoline, BP, ExxonMobil, Total, Fuchs Petrolub, Petronas, Chevron Corporation, Eni Gmbh, Castrol India and Phillips 66, among others.
Currently, key players are focusing on expanding their production capabilities to increase their market presence across the globe and earn maximum revenue. Top players are also investing heavily in innovating their existing product lines.
Most valuable information about the automotive oil market
In its latest report, Future Market Insights provides an unbiased analysis of the global automotive oil market and forecast statistics for the period 2022-2032. To understand the potential, growth, and scope of the global market, the market is segmented based on grade, engine type, application, and region.
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Automotive Oil Market Outlook by Category
By grade:
- mineral
- synthetic
- Semi-synthetic
By engine type:
- diesel
- gasoline
- Alternative fuel
By application:
- Passenger vehicle
- Heavy Commercial Vehicle
- Light commercial vehicle
- two wheels
By region:
- North America
- Latin America
- europe
- east asia
- South Asia and the Pacific
- Middle East and Africa
- India
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