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According to the recent report by IMARC Group, titled “Passenger Car Motor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global passenger car motor oil market size reached 8,548 kilotons in 2019. Passenger car motor oil, also known as PCMO, is produced by combining base oils, including additives like viscosity index improvers, detergents, and dispersants. They are obtained from petroleum-based hydrocarbons that aid in lubricating the internal combustion engines (ICE). These oils help in improving the fuel efficiency and reducing the friction between the moving metallic parts of the engine, thereby preventing any damage to the vehicle and decreasing repair and maintenance costs. In addition to this, PCMO prevents the accumulation of deposits, which reduces the chances of rust and corrosion in the vehicle.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Passenger Car Motor Oil Market Trends:
Growing population and inflating income levels of the middle-class population are some of the major factors which have increased the demand for passenger vehicles, in turn, driving the market growth. Moreover, proliferating e-commerce and construction industries in developing countries like China and India has also increased the demand for LCVs, which is bolstering the growth of the market. Apart from this, high-quality motor oils are gaining immense popularity in countries with a cold climate as they offer better mileage, performance, and efficiency even in freezing temperatures. Passenger car motor oil also reduces the startup lead time for passenger vehicles, which is acting as another growth-inducing factor for the market. Furthermore, the development of synthetic engine oils is expected to create lucrative opportunities for the industry. On account of these factors, the market is anticipated to experience moderate growth during the forecast period (2020-2025).
Market Summary:
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