Posted 2/23/2024, 4:15:00 PM
Fully-Synthetic Engine Oils Drive $64.8 Billion Market Fueled by Stringent Emissions Rules
- Global automotive engine oil market estimated to reach $64.8 billion by 2031, growing at a CAGR of 1.9%
- Fully-synthetic oil leads the market due to superior performance and increasing consumer preference
- Gasoline engines dominate due to widespread use in passenger vehicles
- 5W-30 is the leading grade, favored for versatility and compatibility
- Stringent emission regulations and focus on fuel efficiency drive demand for innovative and eco-friendly engine oils