The global crankshaft oil market size is expected to expand on account of the rising demand for oil in the automotive sector, observes Fortune Business Insights™, in its report, titled, “Crankshaft Oil Market, 2022-2029.”
Acrankshaft is primarily the sturdy support of the internal combustion engine. It is accountable for the smooth functioning and operation of the engine. The essential functions of a lubricant are to reduce friction, prevent wear, protect the equipment from corrosion, control temperature, control contamination, transmit power, and provide a fluid seal. Hence, the lubricant used for this part of the engine is known as crankshaft oil. Leading players in the market are constantly hunting down innovative ideas to help consumers and their end-users to find their desirable solution.
For example, Parker Aerospace, a business segment of Parker Hannifin Corp., in 2014 July, developed an integrated engine lubrication system that easesthe system design and functioning, while deducting weight and package size on next-gen helicopters and small-engine aircrafts. Hence, the need for crankshaft oil to ensure the smooth running of engines and crankshaft is expected to boost the crankshaft oil market during the forecast period.
On the basis of product type, the global crankshaft oil market is divided into liquid and semi-solid. Based on the application, the market is further segregated into automobile and ship building. With a geographical stand-point, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
The report provides a thorough study of the market segments and detailed analysis of the market overview. A profound evaluation of the current market trends, as well as the future opportunities is presented in the report. It further shares an in-depth analysis of the regional insights and how they shape the market growth. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. It sheds light on the key players and their prominent strategies to stay in the leading position.
High Demand for Lubrication for Automotive & Machinery to Boost Market Growth
The important functionality of the crankshaft oil makes it essential in the automotive and machinery industries. Due to its high lubricant properties, it helps reduce the friction between machines or automobile parts, specifically in the engine. This further reduces the wear and tear in machines, thereby increasing their lives.
On the other hand the number of oil reserve barrels worldwide in 2016 were reported to be around 1.65 trillion barrels. There is approximately 47 years of oil left. This concludes as the demand for crankshaft oil might decline over the years. In 2017, according to drillers.com, the reserve life of Exxon’s oil decreased from 17 to 13 years, and that of Shell declined from 12 to 10 years. Therefore, the limited reserves of crude oil is expected to act as a hampering factor in the growth of the crankshaft oil market.
Europe to Continue Domination Backed by Presence of Giant Automobile Companies
Europe holds the largest share in the global crankshaft oil market and is expected to dominate in the near future. This is owing to the presence of giant automobile manufacturing companies in this region. According to the European Association of Automobile manufacturers, the majority of the contribution in the production is done by Europe. This is estimated to bolster the market growth in this region.
Asia Pacific is expected to witness substantial growth owing to the factor that it is the largest machinery manufacturing hub and holds the second-largest share in the global market. Hence, this will increase the utilization of crankshaft oil, further surging its demand. This is expected to boost the market growth in this region.
North America is estimated to showcase significant growth on account of the excessive availability of raw crude oil in this region. This will result in abundant usage of crankshaft oil in the North American region. This is anticipated to propel the market growth of this region in the foreseeable future.
Acquisitions by Key Players to Bolster Market Growth
Prominent players in the market are often coming up with efficient strategies that include partnerships, acquisitions and mergers, product launches, and more. These strategies would bolster their position as leading players and also benefit the other involved companies.
In January 2020, Eaton Corporation PLC which is a Dublin-based power management company handed over the sales of its automotive fluid conveyance division to Quantum Capital Partners. This is expected to benefit both involved companies to set a footprint in the market.
March 2021: The Automotive Aftermarket division of SKF India announced the launch of three new automotive products. For the two-wheeler segment, it has introduced chain and sprockets, and for the four-wheeler segment, the launch introduces timing belts and steering &suspension systems. This development is estimated to utilize more crankshaft oil and further bolster SKF’s position in the global market.
List of Key Players Covered in the Crankshaft Oil Market Report
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –