Engine Oil Pan Market for Automotive: Introduction
According to the report, the global engine oil pan market for automotive is projected to surpass US$ 5.9 Bn by 2031, expanding at a CAGR of 2.37% during the forecast period. The emphasis on fuel savings and CO2 emission has led to the development of composite plastic engine oil pans. Composite plastic engine oil pans can hold 30% more oil and weigh 50% less than the traditional metal engine oil pans. Composite is a relative less expensive material compared to metal and thus, there is a significant price difference between metal and composite engine oil pans. Rising standard demand and need of economical vehicles have led to the development of engine oil pans that are designed to absorb maximum engine noise and vibration. The rise in vehicle production is expected to fuel the demand for engine oil pans in the near future.
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Expansion of Engine Oil Pan Market for Automotive
Emission standards are a set of quantitative limits on the permissible amount of air pollutants that may be released from vehicles over a limited timeframe. They are designed to achieve air quality standards and to protect human health. Growing environmental concerns due to emission of harmful gases such as CO2, etc., have led to the enactment of stringent air emission norms around the globe. For instance, EU Regulation No 443/2009 sets an average CO2 emissions target for new passenger cars of 130 grams per kilometer. A target of 95 grams per kilometer is expected to apply from 2021.
Stringent regulations are likely to guide the automobile market during the forecast period. Companies operating in the automotive engine oil pan market are anticipated to invest heavily in research & development to develop new and technologically advanced oil pans. This, in turn, is anticipated to propel the engine oil pan market for automotive.
In terms of material, the steel engine oil pan segment accounted for a notable share of the global engine oil pan market for automotive. However, the aluminum segment is expected to gain market share by the end of the forecast period, owing to an increase in the demand for aluminum engine oil pans. Aluminum has greater thermal conductivity, enabling the oil pan to draw more heat from the oil; consequently, the aluminum segment is projected to dominate the market in the region. Furthermore, numerous manufacturers favor aluminum as it is lightweight, which boosts vehicle performance significantly. This, in turn, is projected to propel the aluminum segment during the forecast period.
In terms of product type, structural oil pan was a highly attractive segment of the engine oil pan market for automotive across the globe. The segment is anticipated to expand during the forecast period, as it contributes to the stiffness of engine and transmission parts. The main reason is structural oil pans are normally made with one piece cast aluminum material, which adds stiffness to the engine block and transmission. These factors are estimated to boost the structural oil pan segment during the forecast period.
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Until the coronavirus pandemic, globally, the financial crisis in 2007-2009 was one of the largest events that hampered the automotive industry. During 2019-2020, the coronavirus pandemic impacted the economy of India on a larger scale. The state governments in India enforced lockdowns in order to stop the spread of the coronavirus, resulting in the shutdown of manufacturing and production units across multiple industries. The pandemic hit the global industrial sector more severely and rapidly. It started as disruptions in domestic supply chain on a country level and rapidly resulted in a sharp decline in the demand for automotive products, systems, and components across India. However, in 2021, governments worldwide are enacting aggressive monetary policies to recover from economic losses caused by the pandemic. The global economy is expected to start to recover from year 2021. This, in turn, is anticipated to hamper the engine oil pan market for automotive.
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Regional Analysis of Engine Oil Pan Market for Automotive
Based on region, the global engine oil pan market for automotive has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for a major share of the global engine oil pan market for automotive. Asia Pacific has a major presence of developed countries that are home to advanced research and development facilities for engine oil pan, which, in turn, is likely to enhance the use of engine oil pans for automotive across the region. China dominated the engine oil pan market in Asia Pacific, owing to the presence of numerous OEMs and aftermarket players who are engaged in production and supply of engine oil pans and related components. The market in the Asia Pacific is also driven by the increase in sales of passenger vehicles in countries such as China, Japan, India, and South Korea. Sales of passenger cars and commercial vehicles in countries in ASEAN have been increasing significantly for the past few years, which is also projected to propel the engine oil pan for automotive in Asia Pacific during the forecast period.
Players in Engine Oil Pan Market for Automotive
Prominent players operating in the global engine oil pan market for automotive include MAHLE GmbH, Dana Limited, MANN+ HUMMEL, POLYTEC HOLDING AG, Magna International Inc., Pacific Industrial Co., Ltd., Eaton Corporation Plc, Montaplast GmbH, Nemak S.A.B. de C.V., American Axle & Manufacturing, Inc., Minda KTSN Plastic Solutions, and ElringKlinger AG.
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