By the end of 2032, the worldwide automobile oil market is projected to be worth US$ 68,279.6 million. 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 automobile industry since they guarantee the proper operation of automobiles.
Due to the growing demand for vehicles around the world, the industry will benefit from expanding automotive oil demand. Automotive oils and other engine lubricants contribute to improved vehicle performance. Its primary purposes are to lessen friction and clean out engine sludge. Additionally, it maintains the engine cold to ensure optimal performance.
The market for automobile oil is changing as a result of growing consumer demand for high-performing, high-quality oils that will enhance engine performance and fuel economy. The market is also anticipated to benefit from rising passenger and commercial vehicle utilization as well as the quickening growth of the transportation industry in emerging economies.
Automotive lubricants are substances used to reduce friction and provide smooth operation of various components in vehicles, such as engines, transmissions, and differentials. They are designed to protect and enhance the performance of these critical parts by reducing wear, dissipating heat, preventing corrosion, and improving overall efficiency.
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“Urgent need to extend the life of engines, stringent vehicle pollution norms established by various government agencies, and production of low-viscosity engine oils to enhance fuel economy are anticipated to drive the global market,” says a FMI analyst.
Key Takeaways: Automotive Oil Market
- The global market for automotive oil is projected to exhibit a CAGR of 2.7% between 2022 and 2032.
- By grade, the mineral segment is expected to remain at the forefront and is estimated to account for about 45.7% of the global automotive oil market share by 2032.
- By application, the light commercial vehicle segment is set to exhibit about 35% of the automotive oil market share by 2032.
- Based on engine type, the diesel segment is estimated to grow at a CAGR of 2.2% over the forecast period.
- China is likely to dominate the East Asia automotive oil market and is set to account for more than 70% of share in the region.
Competitive Landscape: Automotive Oil Market
The market of automotive oil is estimated to be consolidated in nature and key players are expected to account for a considerable share of the market. Some of the top manufacturers include Dutch Shell, Valvoline, BP, ExxonMobil, Total, Fuchs Petrolub, Petronas, Chevron Corporation, Eni Gmbh, Castrol India, and Phillips 66 among others.
Key players are currently focusing on expanding their production capacities to increase their market presence all over the globe and to gain maximum revenue. Top players are also investing huge sums in innovating their existing product lines.
More Valuable Insights on the Automotive Oil Market
In its latest report, Future Market Insights offers an unbiased analysis of the global automotive oil market, and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and scope, 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
- Petrol
- Alternative Fuel
By Application:
- Passenger Vehicle
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Two Wheelers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
- India
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