Product ID: SQMIG10C2009
Global Automotive Engine Oil Market Size, Share, Growth Analysis, By Grade(Mineral, Synthetic), By Engine Type(Diesel, Gasoline), By Vehicle Type(Passenger Cars, Motorcycle) - Industry Forecast 2024-2031
Report ID:
SQMIG10C2009 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
91 |
Figures:
76
Global Automotive Engine Oil Market Insights
Automotive Engine Oil Market size was valued at USD 41.15 billion in 2019 and is poised to grow from USD 42.8 billion in 2023 to USD 60.4 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).
Automotive engine oil in cars reduces metal-on-metal contact and hence reduces total friction and damage. Friction is one of the primary sources of engine heat in automobiles, which leads to increased wear and deformation of moving engine parts. The automotive engine's oil forms a thin, lubricating layer on all metal elements, allowing them to slide smoothly over one another and reducing friction. The fact that traditional vehicle engine oil is far less expensive than modern tubes is a primary reason for the Global Automotive Engine Oil Market growth. Synthetic automotive engine oil also possesses many benefits over conventional oil in terms of vehicle and car part safety, which is further expected to propel the Global Automotive Engine Oil Market growth forward.
US Automotive Engine Oil Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Automotive Engine Oil Market Report Snapshots
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