According to the recent report by IMARC Group, titled “Passenger Car Motor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global passenger car motor oil market size reached 8,548 kilotons in 2019. 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.
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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. On account of these factors, the market is anticipated to experience moderate growth during the forecast period (2020-2025).
- Based on the viscosity grade, the market has been divided into multi and mono grade segments. Currently, the multi grade is the leading segment, which 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 has been segmented into SAE 50, SAE 40, SAE 30, and SAE 20.
- On the basis of the type, conventional is the most popular type. Other segments include high mileage, full synthetic, 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.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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