Growing Automotive Industry to Offer Potential Growth Opportunities for Engine Flush Market, States Fact.MR
Published : 25 Nov 2021 Industry: Automotive
As per a recent published report by Fact.MR, a market research and competitive intelligence provider, the global engine flush market is anticipated to exceed a valuation of US$ 1.4 Bn in 2021, and expand at an impressive CAGR of more than 3.8% over the forecast period of 2021 to 2031.
The market registered annual growth of 3.2% during the 2016 to 2020 time period. Fact.MR anticipates significant potential in the market due to increase in sales of automobiles across the world.
Surge in production of vehicles and demand for semi-synthetic and fully synthetic oils are key factors driving this industry. Sales of automotive vehicles have revealed a constant growth over the historic period, mainly in the South Asia & Oceania and East Asia regions, as a result of increasing consumer spending capacity and rising population, which bodes well for engine flush demand.
Key Takeaways from Market Study
- Semi-synthetic oil is likely to witness sales of US$ 861 Mn by 2031.
- Based on end use, marine and industrial equipment are anticipated to gains market shares of 27.5% and 19.1%, respectively, by 2031.
- Based on region, demand for engine flush is expected to expand at a CAGR of 7.3% and 5.8% in the Middle East & African and Latin American regions, respectively, over the forecast period.
- Together, North America and Europe represent 51.5% of overall demand for engine flush.
“Consumer awareness regarding high-performance and fuel-efficient variants are likely to create promising opportunities for key players in the industry,” says a Fact.MR analyst.
Rise in sales of vehicles due to progress in purchasing capacity of people and increase in demand for passenger cars in developing countries such as India, China, and others are acting dominant market growth factors.
Long-term partnerships with automotive manufacturing companies have streamlined the supply chain for engine flush. Market participants are leveraging this strategy to gain maximum market share over the coming years.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global engine flush market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights by engine type (petrol engines, diesel engines, and gasoline engines), engine oil type (fully synthetic oil, semi-synthetic oil, and mineral oil), and end use (automotive, industrial equipment, and marine) across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Automotive Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the automotive division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Consultant – Automotive