The integration of Industry 4.0 practices in manufacturing and supply chain processes to boost the industry growth, says Fact.MR in its new market research report.
The integration of Industry 4.0 practices in manufacturing and supply chain processes to boost the industry growth, says Fact.MR in its new market research report.
The India synthetic automotive engine oil industry is expected to grow at a 4.1% CAGR between 2024 and 2034, according to Fact.MR. By 2034, the Indian ecosystem for these products is expected to reach US$ 1,106.8 million. According to Fact MR, a provider of market research and competitive intelligence, the India synthetic automotive engine oil ecosystem is rapidly growing and is expected to continue its growth trajectory in the coming years.
Automotive manufacturers are focusing on developing more fuel-efficient and cleaner engines, with the implementation of stringent emission norms. Synthetic engine oils are known for their ability to enhance engine efficiency and meet these regulatory standards.Government initiatives promoting sustainable and energy efficient transportation solutions may indirectly influence the lubricants industry. Policies that encourage cleaner and more efficient vehicles can shape the demand for advanced lubricants.
Synthetic engine oils are increasingly being recognized for their role in improving fuel economy, with a growing emphasis on fuel efficiency and reduced carbon emissions. The trend is likely to drive the demand for synthetic oils. The increasing popularity of hybrid vehicles, which combine internal combustion engines with electric power, is anticipated to create a niche landscape for synthetic engine oils specifically formulated for hybrid systems.
Lubricant manufacturers may explore partnerships with original equipment manufacturers to develop custom synthetic engine oil formulations that meet the specific requirements of modern engines.
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Key Takeaways from the Industry Study:
“Collaboration between lubricant manufacturers and automotive companies to develop custom solutions can lead to the introduction of high performance synthetic engine oils tailored for specific vehicles,” says a Fact.MR analyst.
Competitive Landscape
The India synthetic automotive engine oil industry is shaped by pricing, distribution channels, customer service, and regulatory compliance to gain a competitive edge. Adapting to the ecosystem dynamics and staying abreast of technological advancements are essential for sustained success in this dynamic industry.
Recent Development:
Leading Players Driving Innovation in the Synthetic Automotive Engine Oil Industry Analysis in India:
Key industry participants like Indian Oil Corporation Limited; HPCL; BPCL; Castrol Ltd.; Savita Oil; Shell PLC; Valvoline Inc.; Amsoil Inc.; Gulf Oil International; ExxonMobil Corporation etc. are driving the synthetic automotive engine oil industry analysis in india.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the India synthetic automotive engine oil industry, presenting historical analysis from 2019 to 2023 and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on India synthetic automotive engine oil industry analysis by product type (full synthetic engine oil, synthetic blend engine oil, high mileage synthetic engine oil, racing synthetic engine oil, others), base oil type (group III base oil, group IV base oil, group V base oil), and by region (North India, South India, East India and West India).
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Sales of automotive lubricants is set to reach US$ 84 billion in 2024 and thereafter increase at a CAGR of 3.1% to end up at US$ 114 billion by 2034.
Engine flush market is forecasted to increase at a CAGR of 3.85% and touch a valuation of US$ 2.41 billion by the end of 2033, up from US$ 1.65 billion in 2023.
Lubricant ester market is estimated at US$ 1.3 billion in 2023 and is forecasted to expand at a CAGR of 4.3% to reach US$ 1.9 billion by the end of 2033.
Sales of base oil are analyzed to reach US$ 46.2 billion by the end of 2034, ascending from US$ 36.8 billion in 2024. The global base oil market size is expected to expand at a CAGR of 2.3% from 2024 to 2034.
Construction lubricants market is likely to be valued at US$ 19.38 billion in FY 2022, up from US$ 18.62 Billion in 2021. During the past year, the industry registered a Y-o-Y increase worth 4%.
Synthetic engine oil is a lubricant made from chemical compounds that are artificially made, offering superior performance and protection compared to conventional oils, especially in extreme conditions.
CAGR stands for Compound Annual Growth Rate, which measures the mean annual growth rate of an investment over a specified time period longer than one year.
A hybrid vehicle is a type of vehicle that uses more than one form of onboard energy to achieve propulsion, typically combining an internal combustion engine with an electric motor.
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