The global passenger car motor oil market reached a volume of 8,283 kilotons in 2018. Passenger car motor oil, or PCMO, helps in protecting and improving the overall functioning of engines in passenger cars. The motor oil lubricates the internal combustion engines which reduces the friction created in the moving parts. Passenger car motor oils are made from a combination of base oils that are obtained from petroleum-based hydrocarbons. These oils prevent the occurrence of corrosion and rust as well as obstruct the formation of deposits in the engine.
On account of factors such as increasing population, rising income levels, improving road infrastructure, etc., the sales of passenger cars are rising across both developed and developing regions. This has created a positive impact on the demand of passenger car motor oils. Moreover, across developed regions like Europe and North America, consumers are becoming aware of the benefits offered by high-quality motor oils. For instance, there has been a shift among consumers form mono-grade to multi-grade oils, which offer improved pumpability, mileage and performance efficiency in cold start-up temperatures by reducing the startup lead time. Moreover, passenger car motor oils also provide benefits in terms of reduction of friction and wear, equipment protection, temperature control, increased lifespan and efficiency, and enhance the reliability of engine components. Looking forward, IMARC Group expects the market volumes to reach 9,775 kilotons by 2024, registering a CAGR of around 3% during 2019-2024.
The report has also analysed the competitive landscape of the market along with the profiles of the key players.
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