Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 38.12 Billion | USD 48.19 Billion | 3.5% | 2020 |
FrequentlyAsked Questions
Expansion of automotive engine oil industry over forecast timespan is due to surge in vehicle production & demand for synthetic & traditional products.
According to Zion market research report, the global Automotive Engine Oil Market accrued earnings worth approximately 38.12 (USD Billion) in 2021 and is predicted to gain revenue of about 48.19 (USD Billion) by 2028, is set to record a CAGR of nearly 3.5% over the period from 2022 to 2028.
Asia Pacific will contribute lucratively towards the global market earnings over the projected timeline. The regional market surge is subject to rise in demand for product in thriving automotive sectors in countries such as Indonesia, Malaysia, Vietnam, and India.
The key market participants include ENI GmbH, Petroleum Nasional Berhad (PETRONAS), ExxonMobil Corp., Motul, Castrol, Sinopec Petroleum & Chemical Corp., Royal Dutch Shell PLC, Fuchs Petrolub SE, and Valvoline, Inc.
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