Engine oil is an oil-based lubricant used to minimize the friction between the movable parts in an automotive engine and the transmission chamber. The automotive engine oil also helps in maintaining the temperature inside the engine chamber by reducing friction and also prevents the engine parts from corrosion. An engine with proper lubrication performs with maximum efficiency with better durability, thus engine oil is preferable option in maintaining smooth operation of engines.
COVID-19 scenario analysis:
- The outbreak of the COVID-19 pandemic has severely affected the growth of the global automotive engine oil market.
- As a result of the global economic slowdown caused by the pandemic, the demand for automobiles has decreased drastically around the world. Consequently, the demand for automotive engine oil has also been severely affected.
- The nationwide lock down and the stringent regulations on national and international transport have caused a massive decrease in the number of vehicles on the road. As a result, the demand for engine oil has also decreased exponentially and thereby affecting the market growth.
- Outbreak of novel coronavirus resulted in many economic losses and shutdown of many industries due to low workforce in production site and the transportation system is completely hampered because of the pandemic. This resulted in the low demand for engine oil in transportation and industrial sector.
- The demand for engine oil in the commercial transportation sector is expected to decrease because of the awareness of consumer regarding environment lead their sights over the electric automobiles in which engine oil is not in demand.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
With the rapid increase in globalization, there is a rise in disposable income among the consumers. This has resulted in a rapid growth in the number of private vehicles around the world and this has acted as a major driver for the growth of the automotive engine oil market. The growing environmental concerns about the depleting natural resources has increased the demand for highly efficient engine oil for better fuel efficiency and performance of the vehicles. The major manufacturers are focusing on developing better and more efficient synthetic engine oil big better coefficient of viscosity. This is expected to boost the growth of the global automotive engine oil market in near future. However, the growing popularity of electric vehicles in major countries limit the market growth.
In terms of market share, the market in the Asia-Pacific region holds a significant fraction of the global automotive engine oil market. This is because of the high population density and high number of vehicles used in the region leading to a huge demand of engine oil in the emerging economies such as India and China. The market in North America and Europe is also expected grow at a rapid pace due to the presence of several automobile manufacturers in the developed countries along with the growing demand for high performance engine oil in the market.
Key benefits of the report:
- This study presents the analytical depiction of the global automotive engine oil industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global automotive engine oil market share.
- The current market is quantitatively analyzed to highlight the global automotive engine oil market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global automotive engine oil market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Automotive Engine Oil Market research report:
- What are the leading market players active in the automotive engine oil market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Engine Oil Market Report Highlights
By Engine Type
By Vehicle Type
Key Market Players
DANA LUBRICANTS FACTORY LLC, Sinopec Lubricant Company., Leo Lubricants Pvt. Ltd., LUKOIL oil company, Pentagon Lubricants Private Limited, Royal Dutch Shell plc, Ashland Inc., Castrol Limited, ROSNEFT, HINDUJA GROUP