Press release
Dominican Republic Motor Oil Market share forecast to witness considerable growth from 2019 to 2024
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Increasing product demand in consumer and commercial automotive to provide frictionless functioning of vehicles may drive Dominican Republic motor oil market demand. These products are applied in steering systems as they provide low breakaway torque and friction values, thereby resulting in increased product demand.
Segments We cover:
Dominican Republic motor oil Market Statistics, By Product
Commercial automotive
Heavy duty engine oil
Hydraulic & transmission fluid
Grease
Consumer automotive
Passenger vehicle & motor oil
Automatic transmission fluid
Grease
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They act as lubricants which are used to control the wear and friction of surfaces in contact with relative motion. They lubricate moving engine parts by covering these with a slick film. Furthermore, rapid industrialization, increasing population & urbanization, and high growth in the automobile sector, are the factors driving the Dominican Republic motor oil industry growth.
Hydraulic & transmission fluid motor oil market demand from commercial automotive may witness gains of about 2% by 2024. These are incompressible fluids used as power transmitting media in the hydraulic systems. These fluids have properties including, high lubricity, stability in low-temperature environment, fire and flash resistance, thus stimulating industry demand.
Automatic transmission fluid market size from consumer automotive should exceed USD 7 million by the end of 2024. These are used to lubricate and cool, confirming vehicle’s smooth performance in extreme driving conditions such as steep terrain and heavy loads. These fluids aids protection against rust and corrosion, thus propelling motor oil market demand in Dominican Republic.
Grease market demand from consumer automotive should witness gains at over 1.5% over the projected timeframe. They are used in the automobiles which are soft or high viscosity liquids acting as lubricating agents providing good water resistance, high adhesion and mechanical stability. These are ideal for protecting certain mechanism against water and other incompressible materials, which in turn foster the motor oil market size in Dominican Republic.
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Manufacturing motor oil is a capital-intensive process owing to environmental concerns, extraction of crude and processing it under high temperature and pressure. Synthetic products are used as substitute which keep the engine performance at peek, high level of protection, enhancing performance, and boost engine power.
Motor oil products utilized as lubricants controls the friction and wear by introducing a film between the moving surface in contact and provides superior properties such as anti-wear, anti-corrosion and stability in low temperature. These fluids provide large amounts of power using relatively small tubes and hoses. They clean deposits and protect against engine components corrosion and prevent heat for combustion at very high temperature range and speed, may stimulate Dominican Republic motor oil market growth.
Kendall, Valvoline, Chevron, Shell and Quaker Chemical are key industrial participants in Dominican Republic Motor oil market. Strong R&D spending to cut down manufacturing cost and to fulfill various environmental guidelines may enhance the product portfolio thereby stimulating the industry growth.
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Parikhit B.
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Graphical Research
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