Overview and Scope
Automotive engine oil is a type of oil used to lubricate the engine and other internal engine parts of a vehicle. For an engine to run smoothly throughout time, automotive engine oil performs a variety of functions such as lubrication, cleaning, cooling, and so on. The automotive engine oil is used to reduce friction between the engine parts and cool down the automotive engine.
Sizing and Forecast
The automotive engine oil market size has grown strongly in recent years. It will grow from $41.47 billion in 2023 to $43.81 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increased car ownership, growth of automotive industry, growing urbanization, consumer awareness on maintenance.
The automotive engine oil market size is expected to see strong growth in the next few years. It will grow to $54.12 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to electric vehicle adoption, stringent emission standards, advanced engine technologies, sustainable and bio-based lubricants, digitalization in automotive maintenance. Major trends in the forecast period include synthetic engine oils, nanotechnology in lubricants, extended oil change intervals, focus on fuel efficiency, circular economy in oil production.
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Segmentation & Regional Insights
The automotive engine oil market covered in this report is segmented –
1) By Grade: Mineral, Synthetic, Semi-Synthetic
2) By Engine: Gasoline, Diesel, Alternative Fuel
3) By Technology: Premium Conventional Engine Oil, Full Synthetic Engine Oil, Synthetic Blend Engine Oil, Higher Mileage Engine Oil
4) By Application: Passenger Vehicles, LCV, HCV, Two-Wheelers, Other Applications
Asia-Pacific was the largest region in the automotive engine oil market in 2023. The regions covered in the automotive engine oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for carrier vehicles from small and medium scale enterprises is significantly driving the growth of the automotive engine oil market. The carrier vehicles are lightweight commercial vehicles used to carry goods. The production of lightweight commercial vehicles is increasing globally. This incremental increase in the production of light commercial vehicles (carrier vehicles) will invariably increase the demand for automotive engine oil to be used in them. For instance, according to the International Organization of Motor Vehicle Manufacturers, light commercial vehicle production has increased from 11.84 million vehicles in Q1-Q3 of 2020 to 13.72 million vehicles in Q1-Q3 of 2021. Hence, the increasing demand for carrier vehicles is promoting the growth of the automotive engine oil market.
Key Industry Players
Major companies operating in the automotive engine oil market report are Exxon Mobil Corporation, Valvoline Inc., Fuchs Petrolub SE, Castrol Ltd., Shell plc, Chevron Corporation, BP plc, TotalEnergies SE, Sinopec Group, Motul SA, Petroliam Nasional Berhad, Pentagon Lubricants, Eni SpA, Hinduja Group, Saudi Arabian Oil Co., PetroChina Company Limited, Idemitsu Kosan Co. Ltd., JXTG Nippon Oil & Energy Corporation, Lukoil Oil Company, Phillips 66 Company, Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Petronas Lubricants International Sdn Bhd, Caltex Australia Petroleum Pty Ltd., SK Lubricants Co. Ltd., Repsol SA, PTT Public Company Limited, PT Pertamina, Gazprom Neft
The automotive engine oil market report table of contents includes:
1. Executive Summary
2. Automotive Engine Oil Market Characteristics
3. Automotive Engine Oil Market Trends And Strategies
4. Automotive Engine Oil Market – Macro Economic Scenario
5. Global Automotive Engine Oil Market Size and Growth
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26. South America Automotive Engine Oil Market
27. Brazil Automotive Engine Oil Market
28. Middle East Automotive Engine Oil Market
29. Africa Automotive Engine Oil Market
30. Automotive Engine Oil Market Competitive Landscape And Company Profiles
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