March 24, 2020
According to the research report titled ‘Dominican Republic Motor Oil Market, Dominican Republic Motor Oil Industry Size, Share, Growth Drivers, End Uses, Market Potential, Technology, Forecast, Competitive Analysis, PDF Report, Company Profiles’, available with Market Study Report LLC, Dominican Republic motor oil market is expected to surpass USD 44 million by the year 2024.
Growing utilization of motor oil in commercial and consumer automotive in order to ensure frictionless functioning of vehicles is a major factor driving the market growth in Dominican Republic. Motor oil is used in steering systems to lower breakaway torque as well as to reduce friction values. It is also used as lubricant to keep the deterioration of surfaces in check during relative motion. Motor oil helps in lubricating moving parts of the engine by covering them in a slick film. Booming automotive industry, growing population, and rapid industrialization & urbanization are augmenting Dominican Republic motor oil market outlook.
Rising environmental concerns have increased the investments required to produce motor oil. Shifting preference for synthetic products as an alternative to motor oil is restraining the expansion of motor oil market in Dominican Republic.
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The report states that the demand for hydraulic & transmission fluid motor oil in commercial automotive is presumed to increase by 2% during 2018-2024. This motor oil is used as a power transmitting agent in hydraulic systems. They offer flash & fire resistance, stability in low temperature conditions, and high lubricity.
As per the report, automatic transmission fluid market segment from consumer automotive application is expected to cross USD 7 million by the year 2024. The product is used to cool and lubricate the engine which further helps in providing smoother performance in extreme driving environment. Automatic transmission fluid also helps in protecting the engine from corrosion and rust.
The grease market segment from consumer automotive is slated to witness a growth rate of 1.5% between 2018 and 2024, primarily due to their utilization in automobiles to provide superior water resistance, mechanical stability, and higher adhesion. Grease is ideal for safeguarding mechanism from water and other incompressible substances.
The prominent companies operating in Dominican Republic motor oil industry are Quaker Chemical, Shell, Chevron, Valvoline, and Kendall among others.
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