"We Envision Growth Strategies Most Suited
to Your Business"
The global automotive engine oil market size is projected to reach USD 45.66 billion by 2026. It is likely to gain impetus from the increasing number of new entrants in this business as it is highly profitable and is opening doors to multiple growth opportunities. This information is given by Fortune Business Insights™ in a recent report, titled, “Automotive Engine Oil Market Size, Share & Industry Analysis, By Grade (Mineral, Synthetic and Semi-synthetic), By Engine Type (Diesel, Petrol, Alternative Fuel), By Application Area (Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Two Wheeler, and Other), and Regional Forecast, 2019-2026.” The report further states that the market stood at USD 36.49 billion in 2018. However, it is set to exhibit a CAGR of 2.88% during the forecast period between 2019 to 2026.
ExxonMobil Unveils Mobil 1 Extended Performance High Mileage
In March 2020, ExxonMobil, a multinational oil and gas corporation based in Texas, unveiled Mobil 1 Extended Performance High Mileage, its latest high-performance synthetic motor oil. This new oil is mainly developed for high mileage vehicles providing more than 75,000 miles on their engines. It also guarantees longer lasting engine protection between changes for approximately 15,000 miles. It is available in 5W-30, 5W-20, and 0W-20 viscosity grades and is a unique full synthetic motor oil. It is especially formulated to aid in stopping leakages, preventing deposit formation and sludge, and resisting oil breakdown in higher mileage engines. It also offers extra protection.
To get a detailed report summary and research scope of this market, click here:
Evolution of Engine & Bolt-on Hardware Technologies to Drive Growth
Engines function suitably when it well lubricated. Therefore, engine oil is used in them so that the vehicles can run at lower temperature by utilizing less fuel. Lower viscosity motor oil is experiencing high demand as it is capable of enhancing the fuel economy. Various OEMs across the globe are recommending using these oils for converting their factories and service fill requirement to low viscosity grade products, as well as to boost performance. Apart from that, bolt-on and engine hardware technologies, namely, turbochargers and gasoline are evolving to improve fuel economy and reduce emission. It is likely to accelerate the automotive engine oil market growth in the near future. However, the frequent changes in prices may hamper the market growth.
Key Players Focus on R&D Activities to Unveil Innovative Products
The market is consolidated as around 10% of the existing enterprises account of almost 50% of the worldwide market revenue. They are also taking into consideration the market trends for te automotive engine oil, to invest in research and development activities. It is helping them in introducing cutting-edge products in the market. They are also using strategies, such as innovative and safe technology development for engine oil application, as well as robust operational efficiency to aid growth.
Fortune Business Insights™ lists out all the companies present in this market. They are as follows:
A Significant Industry Development-
Further Report Findings-
This market can be segmented in the following way:
Value (USD Million) and Volume (Kilo Tons)
By Engine Type
By Application Area