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By application, the heavy commercial and light commercial vehicles segments are leading the market and are set to generate about 65% of the global automotive oil market share. Advancements in Terms of Automation to Boost Sales of Grease Oil for Cars in China
NEWARK, Del. , Aug. 10, 2022 /PRNewswire/ -- The global automotive oil market is anticipated to reach a valuation of US$ 68,279.6 Mn by the end of 2032. The market is directly impacted by expansion of the automotive industry. Automotive oil is the most commonly used lubricant in vehicles. They ensure that vehicles run smoothly and thus automotive oils and lubricants are essential components of the automobile industry.
The market will profit from rising demand for automotive oils due to increasing need for vehicles across the globe. Engine lubrication materials like automotive oils help in boosting a vehicle's performance. Its main functions are to reduce friction and remove gunk from engines. It also keeps the engine cool to ensure optimum functioning.
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The automotive oil market is evolving as a result of rising consumer demand for high-performing, high-quality oil that will improve fuel efficiency and engine performance. The market is also expected to be supported by increasing usage of passenger cars and commercial vehicles, as well as rapid expansion of the transportation sector in emerging economies.
"Urgent need to extend the life of engines, stringent vehicle pollution norms established by various government agencies, and production of low-viscosity engine oils to enhance fuel economy are anticipated to drive the global market," says a FMI analyst.
Key Takeaways: Automotive Oil Market
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Competitive Landscape: Automotive Oil Market
The market of automotive oil is estimated to be consolidated in nature and key players are expected to account for a considerable share of the market. Some of the top manufacturers include Dutch Shell, Valvoline, BP, ExxonMobil, Total, Fuchs Petrolub, Petronas, Chevron Corporation, Eni Gmbh, Castrol India, and Phillips 66 among others.
Key players are currently focusing on expanding their production capacities to increase their market presence all over the globe and to gain maximum revenue. Top players are also investing huge sums in innovating their existing product lines.
More Valuable Insights on the Automotive Oil Market
In its latest report, Future Market Insights offers an unbiased analysis of the global automotive oil market, and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on grade, engine type, application, and region.
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Automotive Oil Market Outlook by Category
About Chemicals and Materials Division at Future Market Insights
The chemicals and materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on 'green alternatives, recycling and renewable technology developments, supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – 'The Way Forward'.
3.1. Key Trends Impacting the Market
Explore FMI's Extensive Coverage on Chemicals and Materials Domain:
Oilfield Chemicals Market - global oilfield chemicals market are expected to rise at a CAGR of 4.2% over the forecast period 2022-2029
Industrial Oil Market - The sales of industrial oil is estimated to witness a growth rate of 3.6% between 2022 and 2032
Automotive Plastics Market Share : The global automotive plastics market is expected to register year-on-year (Y-o-Y) growth of 5.6% in 2021 to total 40,941.0 Kilo Tons.
Automotive Refinish Coatings Market Size : According to the study, the automotive refinish coatings market contributes between 3.5% and 4.5% of sales in the in global vehicle paints & coatings industry.
Lubricant Additives Market Growth : The global lubricant additives market totaled US$ 12.6 Bn in 2021. Sales are projected to increase at a 3.3% CAGR, pushing the market valuation to reach US$ 18.1 Bn by 2032.
Lubricants Market Trends : The global lubricants market is expected to reach a market valuation of US$ 160.2 Billion by the year 2022, accelerating with a CAGR of 4.5% by 2022-2032.
Engineering Plastics Market Analysis : High performance plastics is projected to be the fastest growing segment of Engineering Plastics over the forecast period, due to the rising demand for and growth of automotive and transportation.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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