Automotive Engine Oil: Introduction
- The function of engine oil in automobiles is to reduce metal to metal contact in order to minimize overall friction and reduce damage. In an automobile, friction is one of the major sources of engine heat, which produce more wear and deforms moving engine parts. The oil in an automobile engine develops a thin, lubricating film on all metal parts, which enables them move smoothly over each other, thus minimizing friction.
- The automotive engine oil is utilized in the engine and transmission chamber of the vehicle to minimize the friction between the components of the transmission and engine assembly. Moreover, engine oils are approved by OEMs for use in their vehicles. The secondary function of the engine oil is to maintain the temperature of the engine chamber and prevent the corrosion of engine parts due to oxidation. Automotive engine oils are derived from petroleum, which is further processed to enhance the quality of the engine oil.
Key Drivers of Global Automotive Engine Oil Market:
- The engine works properly when it is lubricated. It needs to put less work to the moving piston so that piston glides easily. Engine oil is used so that the vehicle operates using less fuel and also run at a lower temperature. Demand for lower viscosity motor oil is rising due to its ability to improve the fuel economy along with recommendation by OEMs for these oil to maximize performance.
- Moreover, engine and bolt-on hardware technologies, such as gasoline and turbochargers, have evolve to reduce emission and improve fuel economy. These play a very important role in increasing the demand for motor oil. These factors are boosting the automotive engine oil market across the globe.
- Synthetic automotive engine oil is considered as a replacement for mineral-based engine oil. Synthetic engine oil is manufactured by the polymerization of short chain hydrocarbon molecules, known as alpha-olefins, into long chain hydrocarbon polymer, called polyalpha-olefins. They are chemically similar to mineral oils refined from crude oils and thus, witness high demand from developed regions such as North America and Europe. The advantage of synthetic engine oil is that it improves fuel economy, decreases oil consumption, and extends oil change intervals. Thus, the demand for synthetic motor oil is expected to increase during the forecast period.
Passenger Vehicle Segment to Offer Attractive Opportunities:
- The passenger vehicle segment is likely to hold a significant share of the global market by the end of the forecast period. This is attributed to a rise in the demand for utility vehicles in highly populated countries such as China, India, and Brazil.
- High demand for e-class, crossovers, SUVs, and hatchbacks is driving the passenger vehicle segment, which in turn is likely to boost the automotive engine oil market. Rise in preference for private transport and buying power of consumers is driving the passenger vehicle segment of the market.
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Volatility in Prices of Raw Material to Hamper Market:
- The market of automotive engine oil is facing numerous challenges due to the volatility in prices of raw materials, over usage or product shortage, currency fluctuation, continuous emphasis on energy efficient products, and environmental regulations. Increase in the number of competitors has raised sustainability issues for companies to strive in the high risk and high return in business. The cost of production is high, as it involves complex processes to drive out finished products. These factors restrain the global automotive engine oil market.
Asia Pacific to Hold Significant Share of Global Automotive Engine Oil Market:
- Asia Pacific comprises rapidly expanding economies, including India and those in ASEAN, which is likely to witness higher demand for vehicles and consequently, boost the automotive engine oil market during the forecast period
- Asia Pacific held a leading share of the global automotive engine oil market due to higher volume of vehicles produced in prominent countries, including China and Japan, and lower manufacturing and labor cost across the region. Moreover, availability of inexpensive labor and raw material in the region coupled with increasing number of local manufacturers is likely to propel the market in Asia Pacific during the forecast period.
