Enjoy complimentary customisation on priority with our Enterprise License!
The global automotive engine oil market size is estimated to grow by 1,016.72 million L between 2022 and 2027 accelerating at a CAGR of 3.7%.One of the factors is the increasing number of vehicles (or vehicles-in-use) across the world, which is leading to the high consumption of engine oil in the global automotive market. In the last decade, the global vehicle population increased at consistent levels. The global vehicle population crossed the billion mark by the end of 2009. According to the OICA, total automotive production across the globe increased by 9% in the first nine months of 2021 compared to 2020.
In 2021, global automotive sales were slightly higher in most regions across the world. China remained the world's largest and best-performing major single-country auto market, with sales increasing by 6.6% to more than 21 million vehicles. Car sales in India increased at a faster pace of 27% in 2021, even though the overall vehicle market remained small. Other factors driving the market growth include growing demand for full synthetic engine oil, advances in engine oil technology, and the increasing number of launches of automotive engine oil. For instance, in April 2022: Exxon Mobil Corp. developed Mobilgard 540 AC, a premium 40BN marine cylinder oil granted Category II status by MAN ES for use in Mark 9 and higher 2-stroke marine engine designs.
This report extensively covers market segmentation by type (diesel, petrol, and alternative fuels), application (passenger vehicles and commercial vehicles), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.
To learn more about this report, Request Free Sample PDF
The diesel segment was valued at 2,197.07 million l in 2017 and continued to grow until 2021. The diesel engine segment accounts for the largest market share and is expected to hold its dominance during the forecast period due to its significantly higher antiwear load, which is usually in the form of Zinc Dialkyl Di Thiophosphate (ZDDP). Compared to gasoline or natural gas-powered engines, diesel engines have a higher viscosity and contain more additives, resulting in better performance. Therefore, these benefits will fuel the focused segment of the market during the forecast period.
Automotive engine oil for petrol engines is generally an engine lubricant, which is any of several chemicals used to lubricate internal combustion engines. The petrol engine segment holds a significant market share in 2020 and is expected to grow owing to a rise in automobile sales and increasing population and consumer purchasing power, which, in turn, will fuel the growth of the global automotive engine oil market during the forecast period.
Get a glance at the market contribution of various segments View Sample PDF
The alternative fuel-type engine segment generally includes gasoline engines and alcohol fuels such as methanol and ethanol. The demand for alternative fuels is increasing due to the various regulations imposed on petrol and diesel engine because of the pollution caused by their usage. All these factors are driving the growth of the alternative fuels segment, which, in turn, will boost the growth of the global market.
A large number of passenger vehicles in use in the global market is contributing to the growth of the segment, owing to the high consumption of synthetic and full synthetic engine oil. The engine oil used in passenger vehicles is also referred to as passenger car motor oil (PCMO). Some prominent vendors offering engine oil for passenger vehicles are BP Plc, Exxon Mobil Corp., Chevron Corp., Shell plc, Valvoline Inc., TotalEnergies SE, MOTUL SA, and others.
The growing sales of pickup trucks and sport utility vehicles are driving the commercial vehicles segment. Commercial vehicles are broadly classified into three main categories, light commercial vehicles (LCVs) and medium and heavy commercial vehicles (M and HCVs). The demand for pickup trucks has increased significantly in the developing automotive markets in APAC, including China and India.
APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions View the Sample PDF now!
APAC dominated the global market in 2020 due to its high vehicle population, making it the largest automotive market in the world. Growing consumer awareness of synthetic oil benefits is boosting revenue. The region has vast growth opportunities, including China and India's fast-growing population, economy, and infrastructure. Employment opportunities, trade, logistics, and new manufacturing industries are driving socio-economic development, fueling regional automotive market growth. New vehicle sales are expected to increase, notably in China, South Korea, India, and Thailand, while the used car market is growing due to attractive pricing, new players, transparent vehicle history, and diverse distribution channels, driving demand for engine oil and contributing to the regional market's growth.
Take a quick look at various segments. View the Report Sample PDF
COVID-19 had a negative impact on the APAC market in 2020, but large-scale vaccination drives in 2021 allowed business and industrial activities to resume. Automakers increased production and reduced supply chain disruptions. India and China have the highest number of vehicles on the road, and India's two-wheeler market is the largest, driving demand for engine oil and fostering market growth during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Automotive Engine Oil Market.
AMSOIL Inc. - The company offers products and services such as motor oils, lubricants and protectants, clothing, myAmsoilGarage, and others. The key offerings of the company include automotive engine oils.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The global automotive engine oil market is fueled by the rising demand for synthetic engine oil, particularly full synthetic engine oil, which offers a wide range of benefits compared to conventional engine oil. Although it is costly, the increasing adoption of advanced engine oil drives the market growth. Fully synthetic engine oil utilizes high-quality synthetic base stock, advanced additives, and lubricants, making it a high-performance engine lubricant.
Fully synthetic engine oil combats sludge and carbon deposit build-up, offers superior protection against engine wear and tear, extreme pressure, and temperature, and minimizes oil breakdown in the engine. Prominent vendors like Exxon Mobil, BP, Shell, Valvoline, MOTUL, and TotalEnergies offer synthetic and fully synthetic engine oil. Specifically developed petrochemicals achieve molecular qualities required for desired applications, and the demand for fully synthetic engine oil has increased due to performance advantages and increased consumer awareness. Therefore, the growing adoption of fully synthetic engine oil will boost the global automotive engine oil market during the forecast period.
The global automotive engine oil market is experiencing growth through the adoption of advanced technologies for developing superior engine oil. Leading vendors are investing in developing efficient engine oil with advanced antioxidants, surfactants, high-pressure agents, and corrosion inhibitors. Advanced bonding technology, which uses paraffin-based hydrocarbons, is gaining popularity for handling extreme temperatures and pressure, and offering high levels of anti-corrosion properties. The use of particles such as graphite, molybdenum disulfide, and polytetrafluoroethylene resins is being minimized to improve overall engine performance and reduce emissions. These advancements in technology are expected to fuel the growth of the automotive engine oil market during the forecast period.
Automotive engine oil is derived from crude oil and its price is dependent on the price of crude oil. The global crude oil market witnessed irregular fluctuations in average prices in 2022, according to The World Bank Group. These fluctuations can be seen on a monthly basis as well. For instance, the monthly average crude oil price was USD 83 per barrel in January 2022, and in March 2022, it was USD 112.4, but in September 2022, it was USD 88.2. The uncertainty in demand for petroleum hydrocarbons due to such fluctuations in crude oil prices is expected to challenge the growth of the market during the forecast period.
Get a detailed analysis of drivers, trends, and challenges View Report Sample
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automotive Engine Oil Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Automotive Engine Oil Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
165 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 3.7% |
|
Market growth 2023-2027 |
USD 1,016.72 mn L |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
2.7 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 48% |
|
Key countries |
US, China, Japan, India, and Germany |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
AMSOIL Inc., BP Plc, Chevron Corp., China Petrochemical Corp., DMax Lubricants GmbH, Eni Spa, Exxon Mobil Corp., FUCHS PETROLUB SE, Gazpromneft Lubricants Ltd., Grupa LOTOS SA, GS Global Corp., Hinduja Group Ltd., MOTUL SA, Nandan Group, Petroliam Nasional Berhad, PJSC LUKOIL, Repsol SA, Shell plc, TotalEnergies SE, and Valvoline Inc. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
