Global Automotive Engine Oil Market 2020-2024 | Advances in Engine Oil Technology to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 16, 2019--
The global automotive engine oil market is expected to grow at a CAGR of over 4% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive engine oil market 2020-2024. (Graphic: Business Wire)
Demand for full synthetic engine oil will have a positive impact on the global automotive engine oil market growth during the forecast period. Fully synthetic engine oil makes use of the superior quality of synthetic base stock with advanced additives and lubricants. This oil even helps the engine in combating sludge and carbon deposits build up. Furthermore, fully synthetic engine oil also offers superior protection against engine wear and tear and combats extreme pressure and temperature. Thus, the demand for this engine oil has increased considerably over the years owing to its performance advantages, which, in turn, will drive the market growth during the forecast period.
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As per Technavio, advances in engine oil technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2020-2024.
Global Automotive Engine Oil Market: Advances in Engine Oil Technology
The global automotive engine oil market is witnessing significant technological advancements, which has led to the development of advanced engine oil. This has further led to the development of superior engine oil for automotive applications. Prominent vendors in the market have also started focusing on improving the efficiency of engine oil by making use of advanced antioxidants, surfactants, high-pressure agents, and superior corrosion inhibitors. Also, the vendors have minimized the usage of particles including graphite and polytetrafluoroethylene resins, to improve the overall performance of the engine and give clearer emissions. Thus, these advances in the engine oil technology are expected to drive the automotive engine oil market during the forecast period.
“Growing number of vehicles-in-use, an increasing number of launches of automotive engine oil, and surging uptake of thinner engine oil will boost the automotive engine oil market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive Engine Oil Market: Segmentation Analysis
This market report segments the global automotive engine oil market by vehicle type (passenger vehicles and commercial vehicles)and geography (APAC, Europe, MEA, North America, and South America)
APAC led the automotive engine oil market share in 2019, followed by Europe, North America, MEA, and South America, respectively owing to the growing consumer awareness about the advantages of using synthetic oil in automobiles. The region is likely to witness the fastest growth in the market due to the rapidly growing automotive sector in the emerging economies of the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: GENERAL AUTOMOTIVE ENERGY AUTOMOTIVE OIL/GAS
SOURCE: Technavio Research
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PUB: 12/16/2019 12:00 PM/DISC: 12/16/2019 12:01 PM