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What Are The Current Size and Anticipated Growth Rates For The Global Automotive Engine Oil Market?
The global automotive engine oil market has witnessed a robust growth in recent years, positioning its market size at $43.47 billion in 2024. This value is expected to increase to $45.94 billion in 2025, at a compound annual growth rate (CAGR) of 5.7%. Factors attributed to such stellar growth include increased car ownership, a thriving automotive industry, rising urbanization, and consumer awareness on vehicle maintenance.
The market is anticipated to witness further significant growth to reach $56.4 billion by 2029, growing at a CAGR of 5.3%. This forecasted growth can be associated with factors such as the adoption of electric vehicles, stringent emission standards, advancements in engine technologies, the use of sustainable and bio-based lubricants, and the digitalization of automotive maintenance. Major trends influencing the market growth during this forecast period include the use of synthetic engine oils, the application of nanotechnology in lubricants, extended oil change intervals, a focus on fuel efficiency, and the adoption of a circular economy in oil production.
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What Are The Major Drivers Of The Automotive Engine Oil Market?
The surging demand for carrier vehicles from small and medium scale enterprises significantly contributes to the automotive engine oil market growth. Carrier vehicles, which are lightweight commercial vehicles used for goods transport, have seen global production increase. This uptick in production invariably heightens the demand for automotive engine oil. For instance, the International Organization of Motor Vehicle Manufacturers reports that light commercial vehicle production increased from 11.84 million vehicles in the first three quarters of 2020 to 13.72 million vehicles in the same period in 2021. Hence, the escalating demand for carrier vehicles bolsters the growth of the automotive engine oil market.
How is The Automotive Engine Oil Market Segmented?
The automotive engine oil market revolves around various segments including:
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
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Who are The Major Players in The Automotive Engine Oil Market?
Major players in the automotive engine oil market include 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, and Gazprom Neft.
What Emerging Trends Are Reshaping The Automotive Engine Oil Market Landscape?
Major companies in the automotive engine oil market are capitalizing on technological advancements to address customers’ need for energy-efficient engine oils. For instance, in May 2023, Uno Minda, an Indian automotive solutions and systems manufacturer, launched BS VI -compliant automotive engine oils for two-wheelers in the aftermarket. This initiative showcases the growing demand for high-performance and energy-efficient engine oils in the automotive industry.
Which Region Exhibits The Fastest Growth In The Automotive Engine Oil Market?
In 2024, the Asia-Pacific region held the largest share in the automotive engine oil market. Other regions covered in the market report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Automotive Engine Oil Market Report 2025 Offer?
The automotive engine oil market research report from The Business Research Company offers a global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Automotive engine oils are used to lubricate the engine and other internal engine parts of a vehicle. Its primary functions include reducing friction between the engine parts, cooling the automotive engine and ensuring the vehicle’s smooth run.
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