Automotive Engine Oil Market Business Analysis, Scope, Size, Overview and Forecast 2023
automotive engine oil market © Rahul Gautam
The global automotive engine oil market witnessed a significant growth during the past few years. The rising disposable income, government legislations for automotive engine oil, growing automotive aftermarket and increase in demand within automotive market are driving the growth of the automotive engine oil market. The growing vehicle sales and its production in developing countries is an opportunity in the market.
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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. The main requirements for automotive engine oil are protection against wear and corrosion, keeping the engine clean and yield strength under compression.
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The global automotive engine oil market is estimated to grow during the forecast period at a high growth rate. In 2015, North America was the largest market for automotive engine oil due to the presence of large number of motor vehicle in this region. It is followed by Europe and Asia-Pacific. The market is witnessing an escalating growth in Asia Pacific region. China, in recent years, has become the global hub for the automobile industry, due to increase in vehicle population because of growing industrialization and commercialization across China.
Some of the major players operating in the global automotive engine oil market include Total S.A, LUKOIL oil company, Royal Dutch Shell plc., Exxon Mobil Corporation, BP plc., FUCHS Lubricants, Chevron Corporation, Sinopec Lubricant Company, JIANGSU LOPAL TECH. Co. Ltd., and PetroChina Company.
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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. The main requirements for automotive engine oil are protection against wear and corrosion, keeping the engine clean and yield strength under compression.
Explore Full Report Description At@ https://www.psmarketresearch.com/market-analysis/automotive-engine-oil-market
The global automotive engine oil market is estimated to grow during the forecast period at a high growth rate. In 2015, North America was the largest market for automotive engine oil due to the presence of large number of motor vehicle in this region. It is followed by Europe and Asia-Pacific. The market is witnessing an escalating growth in Asia Pacific region. China, in recent years, has become the global hub for the automobile industry, due to increase in vehicle population because of growing industrialization and commercialization across China.
Some of the major players operating in the global automotive engine oil market include Total S.A, LUKOIL oil company, Royal Dutch Shell plc., Exxon Mobil Corporation, BP plc., FUCHS Lubricants, Chevron Corporation, Sinopec Lubricant Company, JIANGSU LOPAL TECH. Co. Ltd., and PetroChina Company.