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Automotive Engine Oil Market Size to be Worth USD 64.8 billion by 2031, Growing 1.9% CAGR: Insights from Transparency Market Research, Inc.

Changing consumer behavior and preferences in vehicle maintenance influence the demand for automotive engine oil.

February 23, 2024 11:15 ET  |  Partner Source: Transparency Market Research

Wilmington, Delaware, United States, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive engine oil market is estimated to rise at a CAGR of 1.9 % from 2022 to 2031. Transparency Market Research projects that the overall sales revenue for automotive engine oil is estimated to reach US$ 64.8 billion by the end of 2031.

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The development of nano-engineered lubricants incorporating nanoparticles enhances lubricant properties such as wear resistance, thermal stability, and friction reduction, contributing to longer engine life and improved efficiency.

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Integration of digital platforms and IoT technologies in automotive maintenance facilitates real-time monitoring of engine performance and oil condition. Predictive analytics and remote diagnostics optimize oil change intervals, reducing downtime and enhancing operational efficiency.

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Customized additive solutions tailored to specific engine requirements and operating conditions offer enhanced performance and protection against wear, oxidation, and corrosion, addressing diverse customer needs and preferences.

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Increasing emphasis on sustainability drives research into renewable and sustainable sources for base oils and additives. Bio-based lubricants derived from plant oils and synthetic sources reduce environmental impact while maintaining performance standards

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Key Findings of the Market Report
 

  • Fully-synthetic oil leads the automotive engine oil market due to its superior performance, extended engine life, and increasing consumer preference.

  • Gasoline engines lead the automotive engine oil market due to their widespread use in passenger vehicles and lighter weight applications.

  • The 5W-30 grade stands as the leading segment in the automotive engine oil market, favored for its versatility and widespread compatibility.
     

Automotive Engine Oil Market Growth Drivers & Trends
 

  • Growing vehicle sales globally, particularly in emerging markets, drive demand for automotive engine oil, fostering market growth and aftermarket opportunities for lubricant manufacturers. 

  • Increasing focus on emissions reduction and fuel efficiency stimulates demand for eco-friendly and energy-efficient engine oils, promoting innovation and sustainability in the market.

  • Ongoing research and development efforts lead to the formulation of advanced engine oils tailored to meet evolving engine specifications, enhancing performance, and prolonging engine life.

  • Rising awareness about the benefits of synthetic oils, including superior thermal stability and extended drain intervals, prompts consumers to switch from conventional to synthetic lubricants.

  • Stringent emission regulations and industry standards necessitate the use of high-quality engine oils that meet specific performance criteria, driving adoption and market growth

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