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. 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.
Engine oils are oils that consist of mineral and have synthetic base oil including various additives. The quality of engine oil depends on the base oil and its properties, as well as on the additives. The main requirements for automotive engine oil are protection against wear and corrosion, keeping the engine clean and yield strength under compression. Automotive engine oil is available in different SAE grades to suit the climate, where it is used and the purpose of its usage. The function of automotive engine oil is to reduce friction between metal surfaces in contact with each other and prevent from any damage caused by wear and tear of the metal surface.
Friction is the major source of heat in automotive engines, which results into wear and tear of the surface and cause damage to it. The automotive engine oil forms an oil film, which provides the metal surface smooth movement and it also minimizes the friction between them. The oil also helps in preventing the engine from rust and small particles like dust and other particles, which may be present in the fuel. The oil also seals the gap between the pistons and the cylinder walls, which result in more efficient fuel combustion. Automotive engine oil when used for longer duration, its viscosity index drops. Therefore, to sustain the lubricating film between the engine parts, it is important to protect viscosity loss. The additives including dispersants, friction modifiers, anti-wear agents, antioxidants and pour-point depressants are mixed in engine oil to improve its viscosity index for longer usage time period.
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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.
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