Engine Oil Market worth USD xx million by 2023
Engine Oil Market Size and Growth Rate:
According to the latest reports published by Research Cosmos, Engine Oil Market was registered to be worth 21,857.02 kilo metric ton in 2017 and expected to witness a CAGR of 2.22% during the forecast period 2018 to 2023.
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Engine Oil Market Overview:
Engine Oil, as known, is used in various industrial applications for the proper functioning of machineries and its parts. They are majorly used in the industrial sector for the proper functioning of machines and are also a part of the automobile sector responsible for the smooth functioning and longevity of engines and other components.
The new era of automotive digitalization has encouraged sales of connected and intelligent cars with integrated electronic systems that provide greater control and safety features for consumers. This requires engine oil of high quality for better performance and efficiency. Engine oil are available in liquid, semi-fluid, or solid state, and possess a number of characteristics, such as, high viscosity index, high level of thermal stability, low freezing point, and high boiling point, all of which help reduce friction between surfaces of machine parts and the rate of wear, without compromising operational efficiency. Products such as process oils, transmission fluids industrial engine oils, and metalworking fluids are increasingly being used in automotive and industrial sectors.
Engine Oil Market Growth Drivers and Restraints:
Automotive emerged as the dominant application segment in 2016 with an overall share of 56.0% market share by volume. Therefore, engine oilis expected to benefit from the rise in high-maintenance automobiles since consumers are willingly opting for such advanced passenger cars. These factors are projected to propel the product’s consumption in automotive applications.
The growing automotive production in many developing nations especially in countries, such as India, United Kingdom, Italy, France, and Indonesia has also boosted the market growth. Additionally, growing demand for usage of high-performance engine oil in industrial sector owing to their better and improved properties, such as reduced flammability, reduced gear wear, and increased service life, is also driving the growth of the market, making thisoil suitable for high temperature applications.
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Engine Oil Market Geographical Segmentation:
Asia Pacific accounted for over 43.0% of the global volume in 2016 owing to the rapidly rising demand for commercial as well consumer vehicles across various emerging economies, including China and India. Increasing sales of passenger cars in emerging economies of Latin America is also estimated to be a major factor driving consumer automotive engine oil demand over the forecast period.
Europe is relatively saturated owing to the maturity of end-user industries, however, the aerospace and marine industries across the region are expected to grow at a steady rate, which is estimated to drive demand for engine oil in coming years.
Key Players of the Engine Oil Market:
Some of the key players are ExxonMobil Corp.; Royal Dutch Shell PLC; ENI GmbH; Valvoline, Inc.; Castrol; Petroliam NasionalBerhad; Fuchs Petrolub SE; Sinopec Petroleum & Chemical Corp.; and Motul.
Engine Oil Market Segmentation:
By End User:
· Power Generation
· Automotive & Other Transportation
· Heavy Equipment
· Metallurgy & Metalworking
· Chemical Manufacturing
By Region:
· North America
· South America
· Europe
· Asia Pacific
· Middle East and Africa
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