Automotive Engine Oil Market Is Projected to Reach US$ 64.8 billion by growing at a CAGR of 1.9% by 2031

Automotive Engine Oil Market

Growth in demand for high mileage vehicles, increase in sales of automobiles in developing countries.

WILMINGTON, DE, UNITED STATES, October 19, 2023 /EINPresswire.com/ — The global Automotive Engine Oil Market is projected to flourish at a CAGR of 1.9% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 64.8 billion is anticipated for the market in 2031. As of 2023, the market for automotive engine oil is expected to close at US$ 55.5 billion. The market need for engine oils is directly fueled by the expanding automotive sector and the rise in the number of automobiles and trucks on the road, including passenger cars and commercial vehicles. Market sales are driven by the rising demand for lubricants that use less energy. The development of engine oils with better performance, longer drain intervals, and increased resistance to wear and corrosion is the result of continuing research and development as well as increasing technological advancements. These developments are anticipated to drive the demand for automotive engine oil during the forecast period.

𝗚𝗲𝘁 𝗮 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝘁𝗵𝗲 𝗔𝘂𝘁𝗼𝗺𝗼𝘁𝗶𝘃𝗲 𝗘𝗻𝗴𝗶𝗻𝗲 𝗢𝗶𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=50583

𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀

Notable Growth: The global automotive industry’s expansion and the rising rates of vehicle ownership are driving the market for automotive engine oil to an unparalleled level of growth. Engine oils are always needed because there are more cars on the road.

Aging Vehicle Fleet: when more and more people drive older vehicles on our roads every day, there is a greater need for engine oils that can handle their maintenance requirements. This is especially true when older engines get older and less dependable over time. For older engines, thorough lubrication and routine oil changes are essential to ensuring their longevity and operational efficiency.

Transition to Synthetic Oils: The market is clearly moving toward synthetic and semi-synthetic engine oils, which provide better protection for engines, better performance, and more fuel economy than their mineral counterparts. These improved formulas lower emissions as well.

Consumer Awareness of Engine Maintenance: As a result of increased consumer awareness of the need for routine engine maintenance with premium oils, demand for high-quality oil products that enhance engine performance while lowering maintenance costs has increased. This pattern can only get stronger!

𝗥𝗲𝗰𝗲𝗻𝘁 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁

Sustainability: In an effort to support international efforts to reduce carbon emissions, many engine oil firms have increased the emphasis on environmental sustainability in their products. They have produced biodegradable and environmentally friendly engine oils with lower environmental implications.

Maintaining Fuel Efficiency: With fuel prices still a concern for consumers and a growing demand for fuel-efficient engine oils, engine oil manufacturers have made progress toward boosting fuel efficiency through sophisticated formulations that reduce friction and improve engine performance.

OEM-Specific formulas: In order to maximize engine performance while adhering to warranty compliance, Original Equipment Manufacturers (OEMs) have worked with lubricant firms to develop engine oil formulas exclusively for their cars. This pattern helps to preserve warranty compliance while guaranteeing the best possible engine performance.

𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗼𝗿 𝗦𝗵𝗮𝗿𝗲 𝗬𝗼𝘂𝗿 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝗲𝗱 𝗜𝗳 𝗔𝗻𝘆 𝗕𝗲𝗳𝗼𝗿𝗲 𝘁𝗵𝗲 𝗣𝘂𝗿𝗰𝗵𝗮𝘀𝗶𝗻𝗴 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁- https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=50583

𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀: Royal Dutch Shell plc, Pentagon Lubricants Private Limited, Leo Lubricants Pvt. Ltd., DANA LUBRICANTS FACTORY LLC, Castrol Limited, HINDUJA GROUP, GP Petroleums Ltd., Saudi Arabian Oil Co., Total S.A, Gazprom, ROSNEFT, LUKOIL oil Company, Exxon Mobil Corporation, Chevron Corporation, Sinopec Lubricant Company, and JIANGSU LOPAL TECH. CO. LTD.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻

Engine Oil Type

Mineral Oil

Semi-synthetic Oil

Fully-synthetic Oil

Engine Type

Gasoline Engine

Diesel Engine

Alternative Engine

Grade of Engine Oil

5W-20

5W-30

5W-40

Others

Vehicle Type

Two Wheelers

Three Wheelers

Passenger Vehicles

Hatchback

Sedan

Utility Vehicle

Light Commercial Vehicles

Heavy Duty Trucks

Buses & Coaches

Sales Channel

OEM

Aftermarket

𝗪𝗵𝗶𝗰𝗵 𝗿𝗲𝗴𝗶𝗼𝗻𝘀 𝗮𝗿𝗲 𝗹𝗲𝗮𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗔𝘂𝘁𝗼𝗺𝗼𝘁𝗶𝘃𝗲 𝗘𝗻𝗴𝗶𝗻𝗲 𝗢𝗶𝗹 𝗠𝗮𝗿𝗸𝗲𝘁?

North America (the United States, Canada, and Mexico)

Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)

Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))

South America (Brazil etc.) The Middle East and Africa (North Africa and GCC Countries)

𝗛𝗮𝘃𝗲 𝗔𝗻𝘆 𝗤𝘂𝗲𝗿𝘆? 𝗔𝘀𝗸 𝘁𝗼 𝗔𝗻𝗮𝗹𝘆𝘀𝘁: https://www.transparencymarketresearch.com/sample/sample.php?flag=ASK&rep_id=50583

𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗸𝗲𝘆 𝗱𝗮𝘁𝗮 𝗰𝗼𝘃𝗲𝗿𝗲𝗱 𝗶𝗻 𝘁𝗵𝗶𝘀 𝗔𝘂𝘁𝗼𝗺𝗼𝘁𝗶𝘃𝗲 𝗘𝗻𝗴𝗶𝗻𝗲 𝗢𝗶𝗹 𝗺𝗮𝗿𝗸𝗲𝘁 𝗿𝗲𝗽𝗼𝗿𝘁?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the automotive engine oil market between 2022 and 2031

Precise estimation of the size of the automotive engine oil market and its contribution to the parent market

Accurate predictions about upcoming trends and changes in consumer behaviour

Growth of the automotive engine oil market across APAC, Europe, North America, South America, and Middle East and Africa

A thorough analysis of the market’s competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of automotive engine oil market vendors

𝗠𝗼𝗿𝗲 𝗧𝗿𝗲𝗻𝗱𝗶𝗻𝗴 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 𝗯𝘆 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 –

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Nikhil Sawlani
Transparency Market Research Inc.
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