USD 41.15 billion
Automotive Engine Oil Market Size, Share, Growth Analysis, By Grade(Mineral, Synthetic, Semi-Synthetic), By Engine Type(Diesel, Gasoline, Alternative Fuel), By Vehicle Type(Passenger Cars, Motorcycle, Heavy Duty Vehicles, Light Commercial Vehicles), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10C2033 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
91
|Figures:
76
Automotive Engine Oil Market Insights
Automotive Engine Oil Market size was valued at USD 41.15 billion in 2022 and is poised to grow from USD 42.8 billion in 2023 to USD 60.4 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).
Automotive engine oil in cars reduces metal-on-metal contact and hence reduces total friction and damage. Friction is one of the primary sources of engine heat in automobiles, which leads to increased wear and deformation of moving engine parts. The automotive engine's oil forms a thin, lubricating layer on all metal elements, allowing them to slide smoothly over one another and reducing friction. The fact that traditional vehicle engine oil is far less expensive than modern tubes is a primary reason for the Automotive Engine Oil Market growth. Synthetic automotive engine oil also possesses many benefits over conventional oil in terms of vehicle and car part safety, which is further expected to propel the Automotive Engine Oil Market growth forward.
US Automotive Engine Oil Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Synthetic
Fastest Growth
Synthetic
Growth Rate
4% CAGR
Global Automotive Engine Oil Market 2021-2028 ($ Mn)
Country Share for Asia-Pacific Region- 2021 (%)
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Automotive Engine Oil Market Segmental Analysis
Global automotive engine oil market is segmented based on Grade, Vehicles Type, Engine Type, and Region. Based on the grade, the Market is segmented as Mineral, Synthetic, and Semi-Synthetic. Based on the Vehicles Type, the market is segmented as Passenger cars, Motorcycle, Heavy-Duty Vehicles, and Light Commercial Vehicles. Based on Engine Type, the Market is segmented as Diesel, Gasoline, and Alternative Fuel. Based on Region it is categorized into North America, Europe, Asia Pacific, Latin America, and MEA.
Automotive Engine Oil Market Analysis by Grade
In 2023, the wholly synthetic segment held the most substantial share in the market. This is due to numerous features, including improved lubrication, improved stability, reduced deterioration, smaller deposits, and so on. It provides three times the engine protection of regular mineral oils, has up to five times the cleansing properties of standard mineral oils, and reduces engine wear and tear by nearly half when compared to mineral engine oils.
Semi-synthetic is projected to be the second-largest segment in the market, due to various advantages such as improved component protection and increased performance. Allowing them to outperform mineral-based engine lubricants. When compared to mineral oils, they are usually more stable across a wider temperature range.
Mineral grade type is a lubricant that is made directly from crude oil. It has properties that allow it to be used as a lubricant in high temperatures, ensuring the engine's long-term stability. The use of a high-quality mineral grade kind ensures that the engine is clean, which aids in improving fuel economy and increasing engine life by protecting internal components. Furthermore, they are less expensive than their synthetic and semi-synthetic; which encourages their adoption.
Automotive Engine Oil Market Analysis by Vehicles type
In 2023, the passenger car segment held the most significant share in the market. This is due to rising disposable income and a rapidly expanding urban population. Over the last decade, consumer tastes in the passenger vehicle category have shifted in industrialized nations such as North America and Europe. Consumers are increasingly preferring automobiles that emit fewer greenhouse gases and use less gasoline while still providing excellent overall performance. These reasons have resulted in significant foreign investment in the area in order to develop a product that matches Automotive Engine Oil Market demand.
On the other hand, the heavy-duty vehicles segment is expected to grow at the fastest rate. This is due to the increased use of off-highway construction trucks as a result of increasing urbanization. Engine oil makers are developing formulations that aid in the reduction of pollutants and are compatible with BSIV-compliant on-road heavy-duty vehicles equipped with new selective catalytic reduction engines.
When compared to their heavier equivalents, light-weight engines emit less smoke. Because oil drain intervals must be increased, the heavy-duty type contains more dispersant chemicals and detergents. The device is designed in such a way that its utility may be applied to any vehicle type, and buyers can customize it to fit their specific vehicle needs.
Automotive Engine Oil Market Analysis by Engine Type
In 2023, the diesel category held a significant Automotive Engine Oil Market share. This is due to its significantly higher anti-wear load, which is usually in the form of ZDDP (Zinc Dialkyl Di Thiophosphate). Compared to gasoline or natural gas-powered engines, diesel engines have a higher viscosity and contain more additives, resulting in better performance. Castrol, ExxonMobil, and Royal Dutch Shell have the majority of the Automotive Engine Oil Market share among the several formulators of this category.
Global Automotive Engine Oil Market By Grade, 2021 (%)
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Automotive Engine Oil Market Regional Insights
The Asia Pacific region is projected to dominate the automotive engine oil market. This is due to the presence of a big consumer base as well as increased product production and consumption in nations such as China. To capitalize on the region's enormous potential, product formulators such as Total are boosting their investments in the Asia Pacific region. Automobile multinationals operating in the region have begun to invest extensively in digitizing their manufacturing plants in order to deliver speedier output.
In terms of automation and robotics, China is making tremendous progress, with major car manufacturers spending considerably in the field. The gap between oil changes is an important driving force for the product in China and the Asia Pacific. For regular passenger automobiles, the transition happens at roughly 30,000 Kms in places such as Europe and parts of America. Vehicles in Asian countries are built in such a way that oil changes are required every 5,000 to 10,000 Kms, depending on the vehicle's usage.
In terms of revenue, North America is the second-largest in the regional category. This is due to the growing demand for commercial vehicles in the region from the e-commerce and logistics industries. According to the US Department of Energy, on-road diesel fuel-powered vehicles have seen higher sales than off-road diesel fuel-driven vehicles in the United States. Due to its excellent fuel economy and low carbon emissions, the country uses a significant amount of diesel fuel compared to gasoline or natural gas alternatives.
Global Automotive Engine Oil Market By Geography, 2021 - 2028
- Largest
- Fastest
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Automotive Engine Oil Market Dynamics
Automotive Engine Oil Market Driver
- The globalization of the automobile industry is one of the main reasons propelling the growth of the automotive engine oil market. Spark plugs are widely used in electrical, marine, and aerospace industries, which benefits the market.
- Consumer demand for high-performance and reliable automobiles is increasing, which is propelling the Market forward. The increased demand for these improved automobiles causes vehicle manufacturing to increase.
- The Automotive Engine Oil Market is also influenced by the rise in demand for conventional oil, which is less expensive than modern lubricants. Synthetic lubes are popular because they provide good protection and provide higher performance over time.
Automotive Engine Oil Market Restraint
- Due to variable price changes, overuse or product shortages, currency fluctuations, continual changes in the efficient product, and environmental regulations, the market for automotive engine oil is facing several issues. There has been a rise in the number of competitors, which has prompted questions about the organizations’ ability to compete in high-risk, high-reward businesses. The cost of production is significant since it entails a complex process of driving out final goods. Customers demand a competitively priced product, so the pricing is a serious challenge. As a result, the buyer finds it difficult to purchase the product.
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Automotive Engine Oil Market Competitive Landscape
Mergers and acquisitions are key strategies adopted by prominent Automotive Engine Oil Market players to gain a competitive advantage. Several small, medium and large-scale businesses are currently pursuing mergers and acquisitions with other reputable businesses in order to expand their product offerings and other related services.
Automotive Engine Oil Market Top Player's Company Profiles
- ExxonMobil
- Royal Dutch Shell
- Total S.A.
- BP Plc
- Chevron Corporation
- China Petrochemical Corporation (Sinopec)
- Fuchs Petrolub SE
- Idemitsu Kosan Co. Ltd.
- Valvoline Inc.
- Indian Oil Corporation Limited
- Petroliam Nasional Berhad (Petronas)
- Phillips 66
- Lukoil
- SK Lubricants Co. Ltd.
- Amsoil Inc.
- Morris Lubricants
- Motul SA
- Pennzoil-Quaker State Company
- Gulf Oil International
- Nippon Oil Corporation (JX Holdings)
Automotive Engine Oil Market Recent Developments
- In May 2022, Japanese automotive engine oil manufacturer and supplier Idemitsu Lube announced the launch of novel engine oil products for cars and bikes. The company also claimed the new engine oil series to be advanced and tailor-made for engine protection.
- In September 2021, announced the launch of Mobil SuperTM All-in-One Protection SUV Pro synthetic engine oil. This launch by the company will aid in the revenue generation of the company as well as serve its customers with a broad product portfolio.
Automotive Engine Oil Key Market Trends
- Synthetic automotive engine oil is significantly replacing mineral-based engine oil. Alpha-olefins, short-chain hydrocarbon molecules, are converted into polyalpha-olefins, long-chain hydrocarbon polymers, to create synthetic engine oils. Since they share chemical similarities with mineral oils that have been refined from crude oil, developed regions like North America and Europe have a significant demand for them. Synthetic engine oil has the advantage of enhancing fuel efficiency, lowering oil consumption, and extending the time between oil changes. Additionally, synthetic motor lubricants are less volatile than mineral engine oils, more temperature-resistant, and unlikely to oxidize. As a result, it is anticipated that during the forecast period, demand for synthetic motor oil will increase over mineral-based engine oils.
Automotive Engine Oil Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Analysis, attributing to the increasing population and consumer purchasing power in Europe and the Asia Pacific in the past few years, automobile sales have been steadily increasing. Due to the extensive use of technical innovations throughout the whole automotive sector, the Automotive Engine Oil Market is anticipated to have significant expansion over the forecast period. Due to tactical vehicle mechanisms and operational blueprints being implemented by global automakers, there is an increasing requirement for high-performance engine oils. This, thus, will drive the automotive engine oil market growth forward.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 41.15 billion |
| Market size value in 2031 | USD 60.4 billion |
| Growth Rate | 4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Engine Oil Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Engine Oil Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Engine Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Engine Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Engine Oil Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Engine Oil Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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