Top Emerging Trends in the Global Automotive Engine Oil Market | Technavio

Technavio’s latest market research report on the global automotive engine oil market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

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According to Technavio analysts, the global automotive engine oil market will grow at a CAGR of close to 5% during the forecast period. The growing use of synthetic engine oil is a major factor driving the market’s growth.

Engine oils consist of either mineral, synthetic, or semi-synthetic. At present, synthetic engine oil is gaining popularity across the world. Automobile manufacturers recommend full-synthetic engine oil for modern vehicles, especially mid-segment and premium vehicles. Some of the types of synthetic engine oil are Poly-a-olefin (PAO), Esters, Polyalkylene glycol (PAG), and Group III (Hydro Cracking). At present, due to its several benefits, PAO has the highest market share of around 50%. When compared with other engine oils, PAO engine oil is less expensive, is a better oxidative with low volatility, and has more thermal stability.

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In this report, Technavio highlights the growing demand for lower viscosity engine oil as one of the key emerging trends driving the global automotive engine oil market:

Growing demand for lower viscosity engine oil

By maintaining optimal performance of the engine, low viscosity engine oil increases the vehicle’s fuel efficiency. It also helps in lowering the exhaust emissions and in increasing the engine responsiveness. As a result, modern engines are made compatible to use low viscosity engine oil to reduce internal drag.

“The usage of 5W-20 viscosity grades have increased as compared to the conventional 10W-40 and 10W-30 viscosity grades. In 2013, SAE introduced a new viscosity grade called SAE 16, which has the lowest high-temperature engine oil viscosity grade and a replacement for SAE 20. It is suitable for vehicles whose engine is designed to operate at such low viscosities,” says a senior analyst at Technavio for research on automotive components.

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Global automotive engine oil market segmentation

This market research report segments the global automotive engine oil market into the following applications (passenger cars and commercial vehicles) and key regions (the Americas, APAC, and EMEA).

The passenger cars segment held the largest market share in 2017, accounting for nearly 63% of the market. The market share for this application is expected to increase nearly 2% by 2022.

APAC was the leading region for the global automotive engine oil market in 2017, accounting for a market share of nearly 48%. By 2022, APAC is expected to continue dominating the market and will register the highest growth rate.

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