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Global Automotive Engine Oil Market Size, Share, Development, Growth and Demand Forecast to 2023
Automotive Engine Oil 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.
Friction is the major source of heat in automotive engines, which results into wear and tear of the surface and cause damage to it. The automotive engine oil forms an oil film, which provides the metal surface smooth movement and it also minimizes the friction between them. The oil also helps in preventing the engine from rust and small particles like dust and other particles, which may be present in the fuel. The oil also seals the gap between the pistons and the cylinder walls, which result in more efficient fuel combustion.
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.
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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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