(I-BusinessNews.Com, August 23, 2019 ) According to the latest report by IMARC Group, titled “Passenger Car Motor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global passenger car motor oil market size reached 8,283 Kilotons in 2018. Passenger car motor oil is made from a combination of base oils which consist of additives like detergents, dispersants and viscosity index improvers. These substances are obtained from petroleum-based hydrocarbons which are vital for the lubrication of the internal combustion engines (ICE). These oils are primarily utilized to protect the vehicle’s engine as well as to improve fuel efficiency. Additionally, they reduce friction between the moving metallic parts of the engine which avoids damage to various components, thereby reducing repair and maintenance costs of the same.
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Passenger Car Motor Oil Market Trends:
The escalating sales of passenger cars are the primary factor driving the market growth. Rapidly growing population, along with inflating per capita incomes, has significantly contributed to the increasing sales of passenger cars, which in turn, has significantly augmented the demand for passenger car motor oil. Furthermore, high-quality motor oils are widely gaining popularity amongst the majority of the population residing in regions with cold climate owing to their enhanced efficiency, performance and mileage, even in freezing temperatures. These oils also reduce the startup lead time for passenger vehicles which is another growth-inducing factor for the market. Other factors contributing to the market growth include rapid expansion of the middle-class population, especially in developing economies. On account of the aforementioned factors, the market is expected to reach a volume of 9,775 Kilotons by 2024, expanding at a CAGR of around 3% during 2019-2024.
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Market Summary:
Breakup by Viscosity:
On the basis of the viscosity grade, the market has been bifurcated into multi and mono grade. Amongst these, multi grade holds the leading market share and has been further divided into 25W-50/25W-60, 15W-40/15W-50, 20W-40/20W-50 and 10W-30/10W-40, whereas mono grade has been divided into SAE 40, SAE 30, SAE 50 and SAE 20.
Breakup by Type:
Based on the type, the market has been divided into full synthetic, synthetic blend, conventional and high mileage. At present, the conventional segment exhibits a clear dominance in the market.
Breakup by Geographical Front:
On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
Competitive Landscape:
The competitive landscape of the market has also been studied with the detailed profiles of the key players operating in the market.
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