Automotive engine oil is used in the engine and transmission chamber of the vehicle to minimize the friction between the components of the transmission and engine assembly. Moreover, engine oils are approved by OEMs for use in their vehicles. The secondary function of the engine oil is to maintain the temperature of the engine chamber and prevent the corrosion of engine parts due to oxidation. Automotive engine oils are derived from petroleum, which is further processed to enhance the quality of the engine oil.
Automotive engine oil market has expanded at a significant pace in recent years; however, the growth rate of the automotive engine oil market is expected to decline during the forecast period owing to rising preference of society for electric vehicles that do not contain engines. Stringent emission norms are a major factor restraining the production of vehicles that contain engines, as they emit large amounts of harmful gases. Industries and vehicles are major sources of the air pollution and hence, governments have mandated the quantity of exhaust contents that can be emitted from the vehicles in order to restrict the emission from vehicles. Moreover, countries in Europe and North America, and countries such as China and Japan are major markets for automotive engine oil, which are likely to contract significantly in the near future.
The global automotive engine oil market can be segmented based on engine oil type, engine type, grade of engine oil, vehicle type, and region. Based on engine oil type, semi-synthetic oil is expected to hold a prominent share of the automotive engine oil market, as it is suitable for most vehicles and has a decent performance as compared to the other segments. Moreover, it is a highly cost-effective engine oil among all the engine oil types.
In terms of engine type, the gasoline engine segment is likely to dominate the market owing to the presence of large number of gasoline engine vehicles. The gasoline engine segment is anticipated to expand at a significant growth rate owing to lower emission from gasoline engines as compared to diesel engines.
In terms of grade of engine oil, the 5W-20 segment is likely to account for a notable share of the market, as OEMs prescribe the utilization of 5W-20 engine oil in order to gain more fuel economy from vehicles. Previously, engine oils with higher viscosity were employed; however, the automotive engine oil market is shifting toward low viscosity engine oils in order to enhance the fuel economy of vehicles.
Based on vehicle type, the passenger vehicle segment held a major share of the market owing to the presence of a large number of passenger vehicles on-road. Furthermore, higher production of passenger vehicles is likely to maintain the dominant position of the passenger vehicle segment during the forecast period.
In terms of region, Asia Pacific is anticipated to hold a prominent share of the global automotive engine oil market, followed by Europe. High production and sales of vehicles in Asia Pacific have driven the automotive engine oil market in the region at a significant pace. Europe is another major region, which is expected to hold a significant share of the global automotive engine oil market. It is also a leading market for synthetic engine oils owing to the presence of large number performance vehicles, which are usually prescribed synthetic engine oils for better performance.
Key players operating in the global automotive engine oil market include Royal Dutch Shell plc, Pentagon Lubricants Private Limited, Leo Lubricants Pvt. Ltd., DANA LUBRICANTS FACTORY LLC, Castrol Limited, HINDUJA GROUP, and GP Petroleums Ltd.
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