Press release
Automotive Oil Fue Market to Witness Exponential Growth By 2026
To prevent this damages and losses lubricating motor oil is used that forms a thin film between the adjacent moving parts to avoid the direct contact between the parts. Thus the wear and the friction gets reduced and engine gets protected. An automobile fuel is used to power the engines and ultimately the vehicles, mostly the fuel used in the vehicles are gasoline or diesel. There are even other fuels available in the market these days and it includes biodiesel, ethanol, compressed natural gas (CNG), propane, hydrogen and charged batteries. The fuel in the vehicle ignited in the engine to provide energy, in case of a diesel engine the fuel ignites by compression and in case of gasoline engine it ignited by spark. The global automotive oil & fuel market is anticipated to have an healthy CAGR in the forecast period.
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Global Automotive Oil & Fuel Market: Drivers and Restrains
The ever increasing automobile industry leads to the rise in the consumption of fuel required to run the vehicles is the major driving factor for the global automotive oil & fuel market. Also rising industrialization and urbanization is making the automobiles to run more than required and leads to the maintenance of its engines. Thus the need of the oil required for the maintenance of the automobiles is at its peak. All these factors leads to the growth of global automotive oil & fuel market.
However, the surging cost of the fuels such as diesel and gasoline is leading to the unaffordability of the use of automobiles that can slowdown the growth of automotive oil & fuel market. Also the risk of explosion of vehicles, specially the vehicles running on gas is scaring people to opt for these kind of vehicles that can again hamper the automotive oil & fuel market.
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The global automotive oil & fuel market can be divided into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa. Europe is the dominant region in the global automotive oil & fuel market owing to the ever increasing automobile market in this region. Asia Pacific is the second major contributor in the automotive oil & fuel market due to the automobile giants such as Maruti, Hero and other companies. The companies such as General Motors, Ford are having a significant contribution in the global automobile market making North America a considerable player in the global automotive oil & fuel market. Japan is technologically advanced country in terms of automotive markets and so the technology of automotive oil & fuel is very common in this country. Latin America and Middle East and Africa are at a nascent stage in the automotive oil & fuel market but is anticipated to have a modest CAGR in the forecasted period.
Global Automotive Oil & Fuel Market: Key Players
Some of the key players in the global automotive oil & fuel market are as follows:
TIDE WATER OIL CO. (INDIA) LTD.
AMSOIL INC
Schaeffer Manufacturing Co
Bharat Lubricants
Saudi Arabian Oil Co.
China Petroleum & Chemical Corporation
PetroChina Company Limited
Exxon Mobil Corporation
BP p.l.c
Royal Dutch Shell plc
Reliance Industries Limited
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