USD 35.7 Billion
Report ID: SQSG10C2001 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Automotive Engine Oil Market was valued at USD 35.7 Billion in 2021, and it is expected to reach a value of USD 44.51 Billion by 2028, at a CAGR of 3.20% over the forecast period (2022-2028).
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 Global 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 Global Automotive Engine Oil Market growth forward.
Global Market Size
USD 35.7 Billion
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Global automotive engine oil market is segmented based on Grade, Vehicles Type, Engine Type, and Region. Based on the grade, the Automotive Engine Oil 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 Automotive Engine Oil 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.
Analysis by Grade
In 2021, 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.
Analysis by Vehicles type
In 2021, 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.
Analysis by Engine Type
In 2021, 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.
Gasoline was the second-largest market, with revenue predicted to grow. This is due to its great resistance to leaching loss and high solubility. The nitrogen fertilizer industry relies heavily on ammonia. It contains more nitrogen than any other commercially available product. Ammonia can be used as a plant nutrient directly in the soil or processed into other nitrogen fertilizers.
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The Asia Pacific region is projected to dominate the global 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.
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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.
Top Player's Company Profiles
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 global automotive engine oil market growth forward.
|Market size value in 2021||USD 35.7 Billion|
|Market size value in 2028||USD 44.51 Billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive Engine Oil Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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