Rising Popularity of Motor Oil Market – Analysis by Key Provinces, Manufacturing Technology and Development Forecast 2025
According to a new report published by Reports Monitor titled, “Motor Oil Market By Type, Grade & Application: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the motor oil market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North American region is anticipated to dominate the motor oil market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.
Motor oil is a mixture of base oil and additives used to lubricate engine parts to make them clean, cool and help to reduce friction. Where, the base oil comprises 70 to 90 % portion of total and remaining 10 to 30 % portion covers additives. These additives include dispersants, detergents, friction modifiers, antioxidants, anti-foaming agents and others. However, modern synthetic motor oils are complex mixture of base oils and additive components which are designed to perform various tasks such as, removing small dust particles and other impurities present in automobile fuel, provides protection layer against rust.
Automotive industry and machinery & equipment sector are the major drivers for motor oil market all across the globe. Moreover, rapid pace of urbanization, development of township projects, growing consumer awareness about the engine oil benefits, increasing disposable income such factors boost the motor oil market to widen more in upcoming years. Further, change of consumer preference from conventional to synthetic engine oil is another factor which creates development opportunities for motor oils.
However, simulated motor oil products affect the overall market growth of engine oils. Furthermore, government regulations regarding the emission are anticipated to restraint the motor oil expansion. Lack of environment friendly engine oils may dampen the growth of engine oil market.
North America is expected to lead the highest market share in motor oil market due to growing number of automobiles in the region followed by Asia-Pacific and Europe. Asia Pacific is expected to witness the highest growth rate in upcoming years on account of increasing infrastructural development activities and increase in the number of passenger cars, especially in China. India, Malaysia, Thailand, and Philippines occupy a significant market share in the small car segment for this market.
Key Question Answered:
• What will be the market size in 2025 and at what rate it will grow?
• What trends, barriers, challenges are influencing its growth?
• Who are the major key players in global motor oil market and what are their strategies?
• Which vertical industry is expected to show major growth?
• What segment and region will lead the market and why?
The major companies profiled in the report include: Chevron Group, Shell, The Dow Chemical Company, PENNZOIL, Total, Castrol, Valvoline, Exxon Mobil, Voltronic GmbH, and FUCHS.
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