The global automotive engine oil market size 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
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.
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 market trends and opportunities.
Drivers Restraints-
Upsurging Demand for Synthetic Automotive Engine Oil to Boost Growth
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.
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.
Information source:
https://www.fortunebusinessinsights.com/automotive-engine-oil-market-102715
