Passenger Car Motor Oil Market Research Report, Upcoming Trends, Demand, Regional Analysis and Forecast 2024.
(C)1994-2019 M2 COMMUNICATIONS
Passenger Car Motor Oil Market to Reach 9,775 Kilotons by 2024. On account of the aforementioned factors, the market is expected to reach a volume of 9,775 Kilotons by 2024, expanding at a CAGR of around 3% during 2019-2024.
According to the latest report by IMARC Group, titled "Passenger Car Motor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the market size reached 8,283 Kilotons in 2018. Passenger car motor oil is made from a combination of base oils which consist of additives like detergents, dispersants and viscosity index improvers. These substances are obtained from petroleum-based hydrocarbons which are vital for the lubrication of the internal combustion engines (ICE). These oils are primarily utilized to protect the vehicle's engine as well as to improve fuel efficiency. Additionally, they reduce friction between the moving metallic parts of the engine which avoids damage to various components, thereby reducing repair and maintenance costs of the same.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/passenger-car-motor-oil-market
Passenger Car Motor Oil Market Trends:
The escalating sales of passenger cars are the primary factor driving the market growth. Rapidly growing population, along with inflating per capita incomes, has significantly contributed to the increasing sales of passenger cars, which in turn, has significantly augmented the demand for passenger car motor oil. Furthermore, high-quality motor oils are widely gaining popularity amongst the majority of the population residing in regions with cold climate owing to their enhanced efficiency, performance and mileage, even in freezing temperatures. These oils also reduce the startup lead time for passenger vehicles which is another growth-inducing factor for the market. Other factors contributing to the market growth include rapid expansion of the middle-class population, especially in developing economies. On account of the aforementioned factors, the market is expected to reach a volume of 9,775 Kilotons by 2024, expanding at a CAGR of around 3% during 2019-2024.
Breakup by Viscosity:
On the basis of the viscosity grade, the market has been bifurcated into multi and mono grade. Amongst these, multi grade holds the leading market share and has been further divided into 25W-50/25W-60, 15W-40/15W-50, 20W-40/20W-50 and 10W-30/10W-40, whereas mono grade has been divided into SAE 40, SAE 30, SAE 50 and SAE 20.
Request For Free Sample Pdf Copy @ https://www.imarcgroup.com/passenger-car-motor-oil-market/requestsample
Breakup by Type:
Based on the type, the market has been divided into full synthetic, synthetic blend, conventional and high mileage. At present, the conventional segment exhibits a clear dominance in the market.
Breakup by Geographical Front:
On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been studied with the detailed profiles of the key players operating in the market.
Browse related reports
Global Automotive Fuel Tank Market Research Report and Forecast 2019-2024: https://www.imarcgroup.com/automotive-fuel-tank-market
Global Automotive Brake Booster Market Research Report and Forecast 2019-2024: https://www.imarcgroup.com/automotive-brake-booster-market
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Company Name: IMARC Group
Contact Person: Richard Lewis
Address:309 2nd St
State: New York
Country: United States
((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.m2.com on the world wide web. Inquiries to firstname.lastname@example.org)).
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 22, 2019|
|Previous Article:||India Frozen Potato Products Market Report, Industry Overview, Growth Rate and Forecast 2024.|
|Next Article:||Global Wheat Flour Market to Reach 411 Million Tons by 2024 / CAGR 1.2% - IMARCGroup.|