Global Passenger Car Motor Oil Market to Grow at 1.4% During 2024-2032, Bolstered by Increasing Demand for Automobiles

August 14, 2019 | Automotive Industry

According to the recent report by IMARC Group, titled “Passenger Car Motor Oil Market Report by Viscosity Grade (Multi Grade, Mono Grade), Type (Full Synthetic, Synthetic Blend, Conventional, High Mileage), and Region 2024-2032,the global passenger car motor oil market is expected to grow at a CAGR of 1.4% during 2024-2032. 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.

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.

Market Summary:

  • Based on the viscosity grade, the market has been divided into multi and mono grade segments. The multi grade segment has been further segregated into 25W-50/25W-60, 15W-40/15W-50, 20W-40/20W-50, and 10W-30/10W-40. On the other hand, the mono grade segment has been segmented into SAE 50, SAE 40, SAE 30, and SAE 20.
  • On the basis of the type, full synthetic is the most popular type. Other segments include high mileage, conventional, and synthetic blend.
  • Region-wise, the market has been classified into Europe, Middle East and Africa, Asia Pacific, Latin America, and North America. At present, Asia Pacific is the leading market.
  • The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Viscosity Grade, Type, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

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.

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Global Passenger Car Motor Oil Market to Grow at 1.4% During 2024-2032, Bolstered by Increasing Demand for Automobiles
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