Wilmington, Delaware, United States, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive engine oil market is projected to flourish at a CAGR of 1.9% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 64.8 billion is anticipated for the market in 2031. As of 2023, the market for automotive engine oil is expected to close at US$ 55.5 billion.
The growing automotive industry and increased number of vehicles on the road, including passenger cars, commercial vehicles, and trucks, directly lead to increased demand for engine oils, fuelling the market demand. The growing demand for energy-efficient lubricants drives market sales.
Increasing technological advances and ongoing research and development led to the formulation of engine oils with improved performance, extended drain intervals, and enhanced protection against wear and corrosion, which are expected to boost the automotive engine oil market demand during the forecast period.
Increased consumer demand for high mileage vehicles boosts the automotive engine oil market as engine oil enables the vehicle to run more efficiently and at a cooler temperature. Increasing disposable income, changing consumer needs, rapid urbanization and increased sales of automobiles are also driving the sales of the automotive engine oil industry.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 53.4 Bn | |
| Estimated Value | US$ 64.8 Bn | |
| Growth Rate - CAGR | 1.9% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 265 Pages | |
| Market Segmentation | By Engine Oil Type, Engine Type, Grade of Engine Oil, Vehicle Type, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Royal Dutch Shell plc, Pentagon Lubricants Private Limited, Leo Lubricants Pvt. Ltd., DANA LUBRICANTS FACTORY LLC, Castrol Limited, HINDUJA GROUP, GP Petroleums Ltd., Saudi Arabian Oil Co., Total S.A, Gazprom, ROSNEFT, LUKOIL oil Company, Exxon Mobil Corporation, Chevron Corporation, Sinopec Lubricant Company, JIANGSU LOPAL TECH. CO. LTD. | |
Key Takeaways from the Market Study
- As of 2022, the automotive engine oil market was valued at US$ 54.5 billion
- Based on engine oil type, the mineral oil segment is to enjoy high demand, accumulating a high revenue share during the forecast period as mineral oils are less expensive and are readily available, hence they are widely utilized in automobiles
- Based on vehicle type, the light commercial vehicle segment accounts for the highest market share
- Based on engine type, the diesel engine segment is expected to generate high revenue during the forecast period.
Automotive Engine Oil: Key Trends and Opportunistic Frontiers
- The growing demand for engine efficiency and corrosion protection is the major trend influencing the automotive engine oil market
- Increasing technological advances and increased demand for a long lifespan of the engine to boost the market growth during the forecast period.
- Manufacturers are investing in research & innovation to offer enhanced engine protection, improved fuel efficiency, and extended drain intervals.
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Automotive Engine Oil Market – Regional Analysis
- Europe is projected to dominate the global automotive engine oil market owing to the presence of a diverse vehicle market in the region. Stringent emission regulation by the government and increased use of advanced synthetic oils help improve fuel efficiency and reduce emissions, driving the market demand in the region.
- Asia Pacific is expected to hold a prominent share of the automotive engine oil market due to the presence of a sizable consumer base and rising production and consumption of engine oil products in the region. With increasing economic development and urbanization countries like China and India sees robust growth in vehicle sales and maintenance needs.
Competitive Landscape
The automotive engine oil market is highly fragmented with the presence of a large number of market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global automotive engine oil market report:
- Royal Dutch Shell plc
- Pentagon Lubricants Private Limited
- Leo Lubricants Pvt. Ltd.
- DANA LUBRICANTS FACTORY LLC
- Castrol Limited
- HINDUJA GROUP
- GP Petroleums Ltd.
- Saudi Arabian Oil Co.
- Total S.A
- Gazprom
- ROSNEFT
- LUKOIL oil Company
- Exxon Mobil Corporation
- Chevron Corporation
- Sinopec Lubricant Company
- JIANGSU LOPAL TECH. CO. LTD.
Key Developments in the Automotive Engine Oil Market
- In June 2023 - Shell Lubricants (Shell) and Ducati Corse have collaborated to create a new high-performance motorbike oil, specifically designed for the new Ducati Panigale V4 R with dry clutch – the closest production model to a competition motorbike ever made.
- In July 2023 - Castrol launches new engine oil performance standards for hybrid cars. It’s Castrol’s own benchmark to measure the performance of its engine oils for hybrids. Castrol’s new performance standard is a first-of-its-kind in the industry for hybrid vehicles and can support both car workshops and their customers in identifying the right oil for hybrid cars.
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Automotive Engine Oil Market – Key Segments
Engine Oil Type
- Mineral Oil
- Semi-synthetic Oil
- Fully-synthetic Oil
Engine Type
- Gasoline Engine
- Diesel Engine
- Alternative Engine
Grade of Engine Oil
- 5W-20
- 5W-30
- 5W-40
- Others
Vehicle Type
- Two Wheelers
- Three Wheelers
- Passenger Vehicles
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses & Coaches
Sales Channel
- OEM
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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