PUBLISHER: Grand View Research | PRODUCT CODE: 1092520
PUBLISHER: Grand View Research | PRODUCT CODE: 1092520
The global automotive engine oil market is estimated to reach USD 47.70 billion by 2030 according to a new report by Grand View Research, Inc. Growth can be attributed to the emerging need for high-performance engine oils due to tactical vehicle mechanisms and operational blueprints being implemented by multinational automobile manufacturers. Additives are used to improve the properties and performance of the oil. Additives are characterized by their functions such as viscosity improvers, friction reducers, anti-oxidants, rust & corrosion inhibitors, anti-foaming agents, pour point depressants, foreign particle depressants, and extreme pressure additives, anti-wear additives, and acid neutralizers. Additives are selected according to the engine design and performance level. Engine manufacturers define the suitable API gravity of oil to be used for better performance and less wear & tear.
Manufacturing of the product requires low technical complexity but high initial infrastructure investment. High growth in automobile users globally has resulted in a significant demand over the past few years and this trend is expected to continue during the forecast period. These factors have resulted in the establishment of numerous manufacturers in the recent past. The Asia Pacific is expected to register significant growth in the coming years owing to the increasing automotive production in the countries like China, India, and Japan and the rising disposable income of the consumers in the region. According to the International Trade Administration, China is one of the largest vehicle markets in terms of manufacturing and sales. This is likely to drive the demand for the product in the coming years. Legislative initiatives taken by the political parties across North America and parts of Western Europe affect the overall transportation industry, energy, and power sector, and more, which directly hinders the smooth operations of the automotive industry in these regions.