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Automotive Engine Oil Market is valued at USD 6062.57 Million in 2017 and expected to reach USD 7120.80 Million by 2024 | CAGR 2.32%

Automotive Engine Oil Market is valued at USD 6062.57 Million in 2017 and expected to reach USD 7120.80 Million by 2024 with the CAGR of 2.32% over the forecast period. Increasing demand for automobiles in developing countries is the driving factor of automotive engine oil market.              Automotive engine oil is an engine lubricant which is a mix of base oils enhanced with additives like anti wear additives, detergents, dispersants, corrosion and oxidation inhibitors. The moving parts of engine when comes in to contact with each other creates friction and waste useful power by converting kinetic energy in to heat. The friction also wears away the engine parts which leads to lower efficiency and degradation of engine. This increases fuel consumption, decreases power output and in worst cases seizing of engine. To tackle the problem engine oil is used which reduces friction and wear on moving parts. It also cleans the engine from sludge, neutralizes acid created from oil and lubricant and cools the engine. It is also called protector of engine. The automotive engine oil market is divided in to four types on the basis of technology, which are premium conventional engine oil (used in two, three wheelers and small cars), fully synthetic engine oil (used for high-tech cars), synthetic blend engine oil (used for SUVs and heavy-duty vehicles) and highest mileage engine oil (used to reduce viscosity loss). On the basis of additive use the market is segmented in to dispersants, friction modifiers, anti-wear agents, pour point depressants, foam inhibitors and antioxidants. On the basis of base oil type the market is classified in to synthetic type, part synthetic and mineral type. The regions covered in this Automotive Engine Oil Market report are North America, Europe, Asia Pacific and Rest of the World. On the basis of country level, market of Automotive Engine Oil market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

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