Automotive Motor Oil Industry Insight
The surge in the sale of automobiles, especially in the lockdown period due to novel coronavirus pandemic around the world, has affected the global automotive motor oil market 2020 imperatively. The current data on the market position of the automotive motor oil market by Market Research Future reveals that a growth rate of 3.80% has been recorded for future expansion, which could be noted, post the pandemic. Many factors are being scored behind the growth of the market, which has been discussed below. The forecasted period of the market’s growth is calculated for the years 2017–2026.
Top players operating in the global automotive engine oil market are listed as Pentagon Lubricants Private Limited, Royal Dutch Shell plc, DANA LUBRICANTS FACTORY LLC, Leo Lubricants Pvt. Ltd., HINDUJA GROUP, Castrol Limited, and GP Petroleums Ltd.
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Notable Developments
MRFR from its in-depth study has gathered information that the automotive motor oil market has expanded at a noteworthy pace in recent years; however, the growth rate of the automotive motor oil market is projected to surge more during the forecast period. The factor attributed to the market’s expansion is the advantage of motor oil, which is to improve the entire functioning of engines in passenger cars and heavy-duty commercial vehicles. The passenger car motor oils are made of a combination of base oils obtained from petroleum-based hydrocarbons. Such oils prevent the incident of corrosion and rust as well as obstruct the formation of deposits in the engine. Due to these factors, the popularity of automotive motor oil has been stagnant, and due to the sale of automobiles amid lockdown has not affected the market’s growth in the present time.
In the case of point, Exxon Mobil, in the present time, aims to swell its share in the global automotive motor oil market and expand its revenue by investing in proprietary technologies. It is focused on product development and acquisitions for catering towards the shifting requirements of the automotive industry. Back in June 2018, the company acquired PT Federal Karyatama for strengthening its market position in Indonesia.
In the same line, Shell has also been reported to have working in collaboration with governments, customers, investors, business partners, and other stakeholders for strengthening its position in the global market. It has actively focused on producing low-carbon emission automotive motor oil to cater to the changing needs of the automotive industry. It aims to surge its production capacity by acquiring new production sites and expanding its production base by escalating its capital investments, which is yet expected to reach USD 30 billion by 2020.
Segmentation of Market
The worldwide market for automotive motor oil has been further been segmented on the segments of sales channel, type, and vehicle type.
Depending on the type segment, the market has included full synthetic, synthetic blend, conventional, and high mileage.
Depending on the sales channel segment, the market has included an independent workshop, quick lube, FWS/OEM dealership service station, maintenance/repair shop, and truck stop. The Quick Lube segment occupied the largest market share in 2018 as it offers quick, easy, and trusted services to customers to sustain their vehicles.
Depending on the vehicle type segment, the market has included passenger cars (PCMO), which is expected to lead the market. The surge in demand for passenger cars is primarily driven by the emerging-middle and upper-middle-income groups.
Regional Front
Greater China might witness an excellent development in the automotive motor oil market. Escalating demand for passenger cars and commercial vehicles, owing to the rapid industrialization in the country, assists in achieving the growth of the market in the region. The automotive sector, including the oil industry, is probable to nurture rapidly under the government’s latest economic development plans, which demand attention to the latest emission standards. In the precedent years, there has been a massive boost in the use of passenger cars and commercial vehicles in China, which lead to the government’s concerns to control vehicle emission. The Chinese government has set C5 level emission standards, which augment the opportunities for manufacturers to develop automotive motor oil and various emission technologies to comply with the standards. Such factors are estimated to compel the development of the market in Greater China during the assessment period. It is estimated that China registered a CAGR of 7.3% during the forecast period.
North America is the prevalent market for automotive engine oil, mainly attributed to the large volume of a motor vehicle in this region.
The market is witnessing a swelling growth in the Asia Pacific region. Some of the other regions in the Asia Pacific, such as India, Indonesia, Malaysia, Thailand, and the Philippines are growing into the largest markets for small car segment in the world.
Key Questions Addressed by the Report
- What was the historic market size (2018)?
- Which segmentation (Type/Sales Channel/Vehicle Type) is driving market?
- What will be the growth rate by 2026?
- How are the key players in this market?
- What are the strategies adopted by key players?
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Browse Complete Report “Global Automotive Motor Oil Market Research Report: Information by Type (Conventional, Synthetic Blend, Full Synthetic, High-Mileage), Sales Channel (Quick Lube, Independent Workshop, Maintenance/Repair Shop, FWS/OEM dealership, Service Station, Truck Stop), Vehicle Type (Passenger Car (PCMO), Heavy-Duty Commercial Vehicle (HDMO)) – Forecast till 2026” @ https://www.marketresearchfuture.com/reports/automotive-motor-oil-market-8675
TABLE OF CONTENT
1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS
1.1.1 GLOBAL AUTOMOTIVE MOTOR OIL MARKET, BY TYPE
1.1.2 GLOBAL AUTOMOTIVE MOTOR OIL MARKET, BY SALES CHANNEL
1.1.3 GLOBAL AUTOMOTIVE MOTOR OIL MARKET, BY Vehicle Type
1.1.4 GLOBAL AUTOMOTIVE MOTOR OIL MARKET, BY REGION
2 MARKET INTRODUCTION
2.1 DEFINITION
2.2 SCOPE OF THE STUDY
2.3 MARKET STRUCTURE
2.4 KEY BUYING CRITERIA
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS
3.2 PRIMARY RESEARCH
3.3 SECONDARY RESEARCH
3.4 MARKET SIZE ESTIMATION
3.5 TOP-DOWN And BOTTOM-Up APPROACH
3.6 FORECAST MODEL
3.7 LIST OF ASSUMPTIONS
4 MARKET INSIGHTS
5 Market Dynamics
Continued……….
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