P&S Intelligence published a new research report, “Automotive Engine Oil Market: Global Industry Analysis and Forecast, The global automotive engine oil market witnessed a significant growth during the past few years. The rising disposable income, government legislations for automotive engine oil, growing automotive aftermarket and increase in demand within automotive market are driving the growth of the automotive engine oil market. The growing vehicle sales and its production in developing countries is an opportunity in the market.
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The major factors restraining the growth of the market include volatile price of raw materials and growth in electric vehicles market. On the basis of technology, the automotive engine oil market has been broadly classified as premium conventional engine oil, full synthetic engine oil, synthetic blend engine oil and higher mileage engine oil.
The global automotive engine oil market is estimated to grow during the forecast period at a high growth rate. In 2015, North America was the largest market for automotive engine oil due to the presence of large number of motor vehicle in this region. It is followed by Europe and Asia-Pacific.
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Some of the major players operating in the global automotive engine oil market include Total S.A, LUKOIL oil company, Royal Dutch Shell plc., Exxon Mobil Corporation, BP plc., FUCHS Lubricants, Chevron Corporation, Sinopec Lubricant Company, JIANGSU LOPAL TECH. Co. Ltd., and PetroChina Company.