Automotive Automotive Engine Oil Market | Page 2

“Automotive Engine Oil Market: Global
Analysis & Opportunity Outlook 2024”
Demand
The global automotive engine oil market is segmented into base oil type
such as synthetic engine oil and mineral engine oil. Among these segments,
synthetic engine oil segment is expected to occupy top position in overall
automotive engine oil market during the forecast period. Heavy utilization
of synthetic oils in key regions such as Asia Pacific is expected to garner the
growth of automotive engine oil market during the forecast period.
Furthermore, synthetic engine oil segment is projected to uphold its
positive growth on the account of its environmental benefits of synthetic
engine oil over mineral based engine oil.
Global Automotive Engine Oil Market is expected to flourish at a
significant CAGR of 5.32% during the forecast period. Moreover, the global
automotive engine oil market is expected to garner noteworthy revenue by
the end of 2024. Growing affluent middle class, rising inclination for
private vehicle and enhancing road infrastructure in emerging economies
are some of the major factors driving the growth of automotive engine oil
market.
Asia Pacific dominated the overall automotive engine oil market in 2016.
Further, Asia Pacific is expected to continue its dominance over the forecast
period owing to the high sale of automobile vehicles in the region.
According to OICA, in2016, Asia Pacific automotive sales accounted for
about 40% of global automotive sales. Moreover, presence of key players in
the region is anticipated to foster the growth of the automotive engine oil
market. North America is anticipated to significantly contribute to the
market size of automotive engine oil market over the forecast period. This
can be attributed to the increasing adoption of advanced and premium
engine oils in the region.
Request Report Sample@ https://www.researchnester.com/sample-
request/2/rep-id-288
Copyright © Research Nester
www.researchnester.com