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.
Browse 150 Pages of Research
Report developed on Engine Oil Market @ https://www.researchcosmos.com/reports/engine-oil-market/85648578
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.
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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