By the end of 2032, the global automotive oil market is expected to be worth US$ 68,279.6 billion. The growth of the automotive industry has an immediate effect on the market. The most popular lubricant in automobiles is automotive oil. Automotive oils and lubricants are crucial parts of the automotive industry as they ensure the smooth running of automobiles.
Due to the growing demand for vehicles worldwide, the industry will benefit from the expanding demand for automotive oil. Automotive oils and other engine lubricants help improve vehicle performance. Its main purposes are to reduce friction and clean engine sludge. It also keeps the engine cool to ensure optimal performance.
The automotive oil market is changing as a result of growing consumer demand for high-performance, high-quality oils that will improve engine performance and fuel economy. The market is also expected to benefit from increased passenger and commercial vehicle utilization as well as accelerating growth in the transportation industry in emerging economies.
Lubricants for automobiles are substances used to reduce friction and provide smooth operation of various vehicle components, such as engines, transmissions and differentials. They are designed to protect and improve the performance of these critical parts by reducing wear, dissipating heat, preventing corrosion and improving overall efficiency.
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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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