Market Trends of North America Automotive Engine Oils Industry
This section covers the major market trends shaping the North America Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>
- During 2015-2020, North America recorded a fluctuating trend in the consumption of engine oils, thus registering a negative CAGR of 3.65%.
- A majority of engine oils used in the region meet the latest standards set by the International Lubricant Specification Advisory Committee (ILSAC) and the American Petroleum Institute (API). Although these synthetic grades have higher profit margins per gallon, they also support higher drain intervals. Hence, the higher penetration of synthetic engine oils restrained the product's volume growth during 2015-2020.
- Post the COVID-19 outbreak, the engine oil change requirements of vehicles further declined. As the usage of the existing automotive fleet is gradually rising, the engine oil volume consumption is likely to recover at a rate of 2.19% during the forecast period.
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Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">United States</span>
- During 2015-2020, North America recorded a fluctuating trend in the consumption of engine oils, thus registering a negative CAGR of 3.65%.
- A majority of engine oils used in the region meet the latest standards set by the International Lubricant Specification Advisory Committee (ILSAC) and the American Petroleum Institute (API). Although these synthetic grades have higher profit margins per gallon, they also support higher drain intervals. Hence, the higher penetration of synthetic engine oils restrained engine oils' volume growth during 2015-2020.
- Post the COVID-19 outbreak, the engine oil change requirements of vehicles further declined. As the usage of the existing automotive fleet is gradually rising, engine oil consumption volume is likely to recover at a rate of 2.19% during the forecast period.
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