Lubricants are substances used to reduce the friction between the surfaces when came into mutual contacts. They have anti-wear, anti foaming, and antioxidant properties and have wide application in industrial, agriculture, automobile, mining, steel and manufacturing sectors. They are also used as cutting fluids such as oil emulsion in numerous industries. Oil emulsion in water is broadly used as cutting fluid, which are used to cool or lubricate the surface. Increase in automobile sales will positively influence the global lubricant market growth over the forecast period.
Lubricants and automotive engine oil market players include Shell, British Petroleum, ExxonMobil, Total, Chevron, Pennzoil, Amsoil Inc., Kendall (Phillips), Fuchs Group, Valvoline, Castrol, Sinopec Corp., PetroChina, Idemitsu Oil & Gas Co. Ltd., Nippon Oil, Luk Oil, Petrobras, Petronas, PetroFer Chemie, Quaker Chemical Corporation, Zeller+Gmelin Corporation, Blaser Swisslube AG, Buhmwoo Chemical Ind. Co. Ltd.
Rising demand for machinery maintenance from manufacturing sector to reduce the operational cost will stimulate the growth of business in future. Asia Pacific is anticipated to witness highest growth owing to increase in demand from machining, plastics, mining, and metal forming industry mainly in India and China which has resulted in capability expansions over the forecast period. Consumption Lubricant By Volume is expected to exhibit substantial growth owing to strong domestic lubricant consumption demand through the manufacturing and automotive industries during the forecast period.
Automotive engine oil is used in the engine & transmission chamber of the vehicle to reduce the friction between the components of transmission and engine assembly. Furthermore, engine oils are approved by Original Equipment Manufacturer (OEMs) for use in their vehicles. Engine oil’s secondary function of is to maintain the temperature of the engine chamber and prevent the deterioration of engine parts due to oxidation. Automotive engine oils are derived from the petroleum, which is further processed to improve the quality of the engine oil.
Based on grade type, market is segregated as mineral grade, semi-synthetic grade and fully-synthetic grade. Based on engine type, market is segregated as diesel and engine oil. In addition, based on technology, market is segregated as premium conventional engine oil, synthetic blend engine oil, full synthetic engine oil, and higher mileage engine oil.
The global automotive engine oil market witnessed a considerable growth during the past few years. The government legislations for automotive engine oil, rise in disposable income, growth in automotive aftermarket and rise in demand within automotive market are driving factors for the growth of automotive engine oil market. The growing vehicle sales & its production in developing countries is an opportunity for market.
Based on geography, North-America is a major market for automotive engine oil mainly attributed to huge volume of motor vehicle in this region. It is followed by Asia Pacific and Europe. The market is witnessing a rising growth in Asia Pacific region. In recent years, China has become the global hub for automobile industry. Some of the other region in Asia Pacific such as Indonesia, India, Malaysia, Thailand and Philippines are growing into the prevalent markets for small car segment in the world.
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