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Description
Automotive Engine Oil Market size was valued at USD 35.90 billion in 2020 and is projected to expand at an estimated CAGR of 3.9% from 2021 to 2027. Some of the key factors propelling the market growth include rising demand for synthetic and conventional products, rising vehicle sales and production in emerging economies, increasing demand for heavy duty vehicles and government legislations for automotive engine oil. However, fluctuating prices of raw materials is the major factor restricting the market growth. In addition, increasing consumer awareness for high-performance variants and fuel-efficiency are likely to provide huge growth opportunity for the market. Automotive vehicle sales have shown a constant rise over the past few years as a result of growing population and consumer spending capacity. Automakers are constantly developing more efficient engines and drive-trains to reduce fuel consumption, and a wide range of sophisticated emissions-control technology is putting cleaner automobiles on the road everywhere. With more and more new vehicles with modern exhaust emissions performance on the road, clear improvements in air quality can be seen. Hence, global automotive engine oil market witnessed a significant growth during the past few years due to the growth of automotive industry. Engine oils are oils that consist of mineral and have synthetic base oil including various additives. The quality of engine oil depends on the base oil and its properties, as well as on the additives. Automotive engine oil is available in different SAE grades to suit the climate, where it is used and the purpose of its usage. The function of automotive engine oil is to reduce friction between metal surfaces in contact with each other and prevent from any damage caused by wear and tear of the metal surface.
