Lubrication of the engine parts is the vital function of an engine oil. The engine oil lubricates the engine parts for its efficient movement, thereby reducing the extent of metal contact, friction, and heat generation within the engine. In addition, cleaning & cooling the engine parts, sealing the gaps, and rust prevention are the other functions carried out by the engine oil. Engine oils are prepared by addition of substances, such as viscosity index improvers, antioxidants, metal detergents, and others to the base oil. The kind of oil used in vehicles varies depending upon the engine type.
Increase in sales of automobiles, owing to growth in purchasing capacity of individuals, and upsurge in demand for passenger cars in developing countries, such as China and India, are the key factors that drive the market growth during the forecast period.. However, presence of low-priced and counterfeit engine oils in the market has emerged to be a challenge for market players.
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The market is segmented based on engine oil type as conventional oil, synthetic engine oil, synthetic blend oil, and high-mileage engine oil. Conventional engine oils originate in varying viscosity and quality levels and and preferred for engines with simple design. Similarly, synthetic oils are known for their better performance in extreme high and extreme low temperatures. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key players profiled in the report include Total S.A, Gazpromneft Lubricants, Ltd., LUKOIL oil company, ROSNEFT, Royal Dutch Shell plc., Saudi Arabian Oil Co., Exxon Mobil Corporation, BP plc., Statoil, Chevron Corporation., Sinopec Lubricant Company, Jiangsu Tech. Company Limited, Castrol Limited, and Ashland Inc.