London, 15 September 2015: Technavio, the independent tech-focused global research firm, has published a report on the global PCMO market 2015-2019, which is expected to grow at a CAGR of 2.92% during the forecast period of 2015-2019.
Automobile are major consumers of engine oils in the market, owing to the use of additives in the manufacture and finishing of various automobile parts. Increasing per capita income and economic development in developing countries have led to increased global demand for automobiles in recent years. The global automobile market is likely to grow at a constant rate in the near future, thereby becoming a major driving force for the consumption growth of lubricants.
“Multi-grade oils reduce the startup lead time and thus perform better than mono-grade fuels in cold start-up temperatures. Consumers are increasingly preferring multi-grade oils because these oils also offer more mileage,” says Faisal Ghaus, Vice President of Technavio.
Key Market Drivers
- Development of new emission control technologies
- Increasing demand for automobiles
- Accelerated global infrastructural spending
- Role of unorganized sector in lubricants segment
Key Market Trends
- Penetration of biodiesel
- De-motorization and lifestyle choices
- Shift from mono-grade oils to multi-grade oils
- Automobile revolution in China and resultant motor oil consumption
Key Market Vendors
- Afton
- Chevron Oronite
- Infineum
- Lubrizol
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
