Press release
COVID-19 Impact on Automotive Engine Oil Market, Business Insights with Growth Driving Factors | Key Player: ExxonMobil Corporation, Valvoline, Inc., Fuchs Petrolub SE, Castrol, Royal Dutch Shell plc, RelaDyne, etc.
Automotive Engine Oil Market
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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Highlights of This Report:
• Market strategies and shares of key companies.
• A complete backdrop analysis consisting of an assessment of the parent market.
• Emerging regional market and niche segments.
• Evaluation and reporting of the latest industry developments.
• Significant changes in market dynamics.
• Insights into the automotive engine oil market trends and opportunities.
Drivers & Restraints:
"Upsurging Demand for Synthetic Automotive Engine Oil to Boost Growth"
The market is anticipated to be affected positively owing to the increasing demand for synthetic automotive engine oil. It is mainly considered to be a replacement for mineral-based engine oil. This type of oil is experiencing high demand from developed regions, such as Europe and North America. It consists of chemically similar properties that of mineral-based oil. Synthetic engine oil is capable of extending oil change intervals, decreases oil consumption, and enhances fuel economy. It is also less likely to oxidize, is not volatile, and is resistant to temperature change. However, increasing sustainability issues for the companies to exist in the highly competitive market may hamper the automotive engine oil market growth during the forthcoming period.
Segment:
"Diesel Segment to Grow Significantly Backed by Cost-effective Nature"
In terms of engine type, the market is segregated into alternative fuels, petrol, and diesel. Out of these, the diesel segment procured 43.38% automotive engine oil market share in 2018. This growth is attributable to the cost-effective nature of diesel engines, as compared to the petrol ones. Also, these are approximately 40% more efficient than petrol engines because they possess more energy. The combustion process reduced the emission of carbon dioxide and is efficient.
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Regional Analysis:
"Rising Number of Vehicles to Favor Growth in Asia Pacific"
The market is geographically classified into Europe, the Middle East and Africa, North America, Asia Pacific, and South America. Amongst these, Asia Pacific generated USD 12.41 billion in 2018 in terms of automotive engine oil market revenue. It is considered to be one of the fastest-growing and largest regions in the market because of the rising number of vehicles present in countries, such as Thailand, India, and China. China and India are projected to have the maximum number of vehicles on the road. India is also considered to be the largest market for two-wheelers. North America, on the other hand, would exhibit considerable growth backed by the increasing government support to promote the usage of energy-efficient oil. In Europe, the governments of various countries are implementing stringent rules to use environment-friendly oils.
Competitive Landscape:
"Key Players Engage in Mergers & Acquisitions to Gain Competitive Edge"
The market consists of several small, medium, and large scale companies that are presently adopting the strategy of mergers and acquisitions with other reputed enterprises to enhance their product offerings and other associated services. Below are a couple of the key industry developments:
September 2019: RelaDyne joined hands with Circle Lubricants to broaden its geographic presence in the Northeast. It would also help the company in delivering its automotive and lubricant products throughout New Jersey, New York, and its surrounding areas.
September 2019: Saudi Aramco completed the acquisition of 50% interest of Shell Saudi Arabia Limited in the SASREF joint venture. It would help the former in upsurging the capacity and complexity of its refineries.
Fortune Business Insights™ lists out the names of all the organizations present in the automotive engine oil market. They are as follows:
• ExxonMobil Corporation
• Valvoline, Inc.
• Fuchs Petrolub SE
• Castrol
• Royal Dutch Shell plc
• RelaDyne
• Pentagon Lubricants Private Limited
• HINDUJA GROUP
• Chevron Corporation
• Total S.A. and others.
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Contact:
Name: Ashwin Arora
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About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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