Automotive Engine Oil Market Insights, Trends | Forecast 2023
The global automotive engine oil market size was valued at USD 35.90 billion in 2022 and is poised to grow at a significant CAGR of 3.9% during the forecast period 2023-29. It also includes market size and projection estimations for each of the five major regions from 2023 to 2029. The research report includes historical data, trending features, and market growth estimates for the future. Furthermore, the study includes a global and regional estimation and further split by nations and categories within each region. The research also includes factors and barriers to the automotive engine oil market growth, as well as their impact on the market's future growth. The report gives a comprehensive overview of both primary and secondary data.
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The global automotive engine oil market segmentation:
1) By Technology: Premium Conventional Engine Oil, Full Synthetic Engine Oil, Synthetic Blend Engine Oil and Higher Mileage Engine Oil
2) By Additives: Dispersants, Friction Modifiers, Anti- Wear Agents, Pour Point Depressants, Foam Inhibitors and Anti-Oxidants
3) By Distribution Channels: Aftermarket and Original Equipment Manufacturer (OEM)
4) By Base Oil Type: Mineral and Synthetic
5) By Vehicle Type: Heavy Duty Vehicles, Light Commercial Vehicles, Motorcycles, Off-Highway Vehicle, On-Highway Vehicle and Passenger Cars
The primary factors of the automotive engine oil market drivers The rise in vehicle sales and higher dominance of mineral-based engine oils. The market has witnessed significant growth in recent years and is expected to continue its upward trend in the coming years. The growing investment in Research and Development activities is a key driver of the market's growth. The automotive engine oil market report helps to provide the best results for business enhancement and business growth. It further helps to obtain the reactions of consumers to a novel product or service. It becomes possible for business players to take action for changing perceptions. It uncovers and identifies potential issues of the customers. It becomes easy to obtain the reactions of the customers to a novel product or service. It also enlightens further advancement, so it suits its intended market.
The automotive engine oil market research report gives a comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America was the largest region in the automotive engine oil market report, accounting for the highest share in 2021. It was followed by Asia Pacific, and then the other regions.
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The important profiles and strategies adopted by automotive engine oil market key players are BP plc. (U.K), Chevron Corporation (U.S), Exxon Mobil Corporation (U.S), FUCHS Lubricants (U.S), JIANGSU LOPAL TECH. Co. Ltd. (Chinacovered here to help them in strengthening their place in the market.
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