According to IMARC Group’s latest research report, titled “Passenger Car Motor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, offers a comprehensive analysis of the industry, which comprises insights into the passenger car motor oil market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global passenger car motor oil market size reached US$ 19.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 21.8 Billion by 2027, exhibiting a growth rate (CAGR) of 1.8% during 2022-2027.
Passenger Car Motor Oil Market Outlook:
Passenger car motor oil, also called PCMO, is produced by combining additives, including viscosity index improvers, detergents, dispersants, etc., that are obtained from petroleum-based hydrocarbons and aid in lubricating internal combustion engines (ICE). PCMO helps in improving 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. It prevents the accumulation of deposits, which reduces the chances of rust and corrosion in automobiles.
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Passenger Car Motor Oil Market Growth:
The inflating income levels of middle-class population and the improving road infrastructures are escalating the demand for passenger vehicles, which is primarily augmenting the passenger car motor oil market. Furthermore, the expanding construction sector, particularly in developing countries, is positively influencing the global market. Apart from this, the growing popularity of high-quality motor oils, as they offer better mileage, performance, and efficiency even in freezing temperatures, is acting as another significant growth-inducing factor. Moreover, the widespread adoption of these oils, as they minimize the startup lead time in passenger vehicles, is also bolstering the market growth.
Besides this, the development of synthetic engine lubricants and continuous enhancements in the automotive industry are further catalyzing the global market. Additionally, the introduction of variants that provide benefits in terms of reduction of friction and wear, equipment protection, temperature control, increased lifespan and efficiency, enhanced reliability, etc., and extensive investments in R&D activities by key market players are expected to fuel the passenger car motor oil market in the coming years.
Key Market Segmentation:
Breakup by Viscosity Grade:
- Multi Grade:
- Mono Grade:
- SAE 40
- SAE 30
- SAE 50
- SAE 20
Breakup by Type:
- Full Synthetic
- Synthetic Blend
- High Mileage
Breakup by Region:
- North America (United States, Canada)
- Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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