Automotive Oil Market Size Worth USD USD 7.28 billion by 2028 | Automotive Oil Industry Expected CAGR 4.80%

 Chemicals Industry Today 

29 June 2023 

  

Synopsis   

 The global automotive oil market is projected to reach USD 53.48 billion by 2028, growing at a CAGR of 4.51% from 2023. The market's growth is driven by factors such as increasing vehicle production, rising demand for synthetic oils, and a focus on fuel efficiency. Automotive oils are used to lubricate engines, transmissions, and other vehicle components, reducing friction, wear, and overheating while improving performance and longevity. The market serves various automobile types, including passenger cars, commercial vehicles, and motorcycles. 

 

The Global Automotive Oil Market is expected to reach a value of USD 37.58 Billion in 2021. The market is projected to showcase a CAGR of 4.51% from 2023 to 2028 and is estimated to be valued at USD 53.48 Billion by 2028. 

The Global Automotive Oil Market was valued at USD 37.58 Billion in 2021 and is projected to reach USD 53.48 Billion by 2028, growing at a CAGR of 4.51% from 2021 to 2028. The growth of the market is being driven by a number of factors, including the increasing production of vehicles, the growing demand for synthetic oils, and the increasing focus on fuel efficiency. 

Market Overview 

The Automotive Oil Market is the segment of the lubricants market that caters to the needs of various types of automobiles, such as passenger cars, commercial vehicles, motorcycles, etc. Automotive oils are used for lubricating the engine, transmission, hydraulic system, gears, and other components of the vehicles. Automotive oils help to reduce friction, wear and tear, corrosion, and overheating of the parts, as well as to improve the performance, efficiency, and longevity of the vehicles. 

 Source:   https://industrytoday.co.uk/ 

  

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