NEW YORK, US, Feb. 01, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Automotive Motor Oil Market Research Report: Information by Type, Region, Sales Channel, and Vehicle Type – Forecast till 2030”, the global automotive Motor oil market is anticipated to show considerable development during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 3.80%.
Automotive Motor Oil Market Overview:
The global automotive Motor oil market has demonstrated tremendous development in recent years. The main parameter supporting the market’s growth is the escalating automobile production and demand for synthetic & conventional products. The increasing population and consumer spending capacity is also considered prime parameter boosting the market performance. Furthermore, the automotive motor oils market is predicted to observe significant development throughout the assessment period because of the high technological innovations deployed in the overall automotive industry. The growing requirement for high-performance engine oils is given to the operational blueprints and tactical vehicle mechanisms being deployed by international automobile manufacturers, which is predicted to enhance the market performance over the coming years.
The catalog for the leading participants across the global automotive Motor oil market includes players such as:
- Petromin Corporation (Saudi Arabia)
- Chevron Corporation (US)
- Exxon Mobil Corporation (US)
- BP PLC (UK)
- Royal Dutch Shell PLC(Netherlands)
- Total (France)
- Infineum International Limited (UK)
- China Petroleum & Chemical Corporation (China)
- Valvoline Inc. (US)
- Petro‐Canada Lubricants Inc. (Canada)
- Gulf Oil Lubricants India Limited (India)
- GP Petroleums Ltd (India)
- The Lubrizol Corporation (US)
- China National Petroleum Corporation (China)
- Caltex Australia (Australia)
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Automotive Motor Oil Market USP Covered
The global automotive Motor oil market has demonstrated tremendous development in recent years. The main parameter supporting the market’s growth is the escalating automobile production and demand for synthetic & conventional products. The increasing population and consumer spending capacity is also considered prime parameter boosting the market performance. Furthermore, the automotive motor oil market is predicted to observe significant development throughout the assessment period because of the high technological innovations deployed in the overall automotive industry. The growing requirement for high-performance engine oils is given to the operational blueprints and tactical vehicle mechanisms being deployed by international automobile manufacturers, which is predicted to enhance the market performance over the coming years.
On the other hand, the expensive cost of installation may limit the market’s growth. In addition, the complex structure of these motors is another prime hindering aspect to the global market’s growth.
|Market Size by 2030||2030: Significant value|
|CAGR during 2022-2030||3.80% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||presence of major automotive companies|
|Key Market Drivers||standards for CO2 and CO emissions
stringent government norms regarding emission control
increased investment in the development of automotive motor
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The global health hazard in the shape of COVID-19 has had a massive impact on most industry sectors. Considering the rapid spread of the infectious disease, several governments across the globe announced partial or complete lockdowns for quite a long time. Consequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for vehicles and travel restrictions imposed, the automotive motor oils market faced several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates and all the global industrial operations returning to normal, the market is anticipated to experience substantial development over the forecasted timeframe.
Among all the types, the synthetic blend segment secured the top spot across the global automotive motor oil market in 2018. The synthetic blend is semi-synthetic oil made from conventional and synthetic oil. The oil is made to originate the benefits of both synthetic and conventional oil while lowering their drawbacks. The synthetic blend offers much better performance and protection.
Among all the sales channels, the Quick Lube segment secured the top spot across the global automotive motor oil market in 2018. The quick lube service center offers trusted, easy, and quick services to customers to maintain their vehicles. The quick lube service center mainly concentrates on optimizing service quality, linking the manufacturers, team member training dealers, and repair shops with each other.
Among all the vehicle types, the Passenger Car (PCMO) segment secured the top spot across the global automotive motor oil market in 2018. The rapidly growing sale of passenger cars is considered the main parameter supporting the segment’s growth. Furthermore, the emerging-middle and upper-middle-income groups are also likely to support the development of the segment over the coming years. In addition, the factors such as overall vehicle maintenance & operating cost, growth in the economy of developing regions, vehicular pollution, the expected global increase in spending capacity all over the world, and the focus on lowering fuel consumption are also anticipated to have a positive influence on the performance of the segment over the coming years.
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The global automotive Motor oil market is analyzed across five major regions: North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa.
The MRFR analysis reports suggest that the Asia-Pacific region is predicted to ensure the top spot across the global automotive Motor oil market over the assessment period. The region has China as a leading growth contributor. The primary aspect supporting the development of the regional market is the escalating demand for commercial vehicles and passenger cars given to the fast industrialization across the region. The automotive sector, even the oil sector, is likely to observe rapid development under the government’s latest economic development plans demanding attention to the latest emission standards. In recent times, the market has witnessed a huge rise in the utilization of commercial vehicles and passenger cars in China, leading to the government’s concerns about controlling vehicle emissions. According to the research reports by MRFR, the regional market is likely to show considerable development over the coming years, with a healthy CAGR of approximately 7.3%. The regional governments have launched several new policies for the benefits of the automobile and automotive motor oil manufacturers, including rules associated with import restraints, subsidies, and export requirements. Furthermore, the increased production of passenger and commercial vehicles and hybrid vehicles will likely boost the regional market’s performance over the coming years.
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The American regional market for automotive motor oils is anticipated to secure the second spot over the coming years. the growth of the market is ascribed to the aspects such as an increase in demand for automobiles, a greater number of premium & luxury passenger cars, and a growing number of automotive repair shops & service stations.
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