The global automotive engine oil market is estimated to increase at a value CAGR of 2.2% and reach a valuation of US$ 55.1 Bn by the end of 2032.
Engine oil’s primary function is to lubricate each component of an engine to
reduce friction and avoid excessive power loss. A well-lubricated engine
will perform better and burn fuel more effectively. As engine oil works
to reduce friction, the surfaces and other engine parts that are
vulnerable to this friction are shielded. Without engine oil, engine
components run the risk of being damaged, which increases engine
emissions. Additionally, the engine is shielded from unwanted chemical
reactions such as corrosion.
Growth in the automotive industry, increase in the demand for fuel-efficient vehicles, rising sales of
lavish passenger cars, and various automotive requirements such as
extending the engine's life, offering low-viscosity engine oil to
improve fuel economy, and meeting shifting vehicle pollution criteria
established by various government entities are factors acting as
significant drivers for the growth of the global automotive engine oil
market.
Key Takeaways from Market Study
- By grade, synthetic oil is projected to hold a market volume share of 7% by 2032.
- By engine type, diesel engines are anticipated to hold the largest market share of 4% by 2032.
- By vehicle type, light commercial vehicles will account for a prominent market share of 7% by 2032.
- By 2032, North America is expected to hold the largest share of the global market, accounting for 2% share.
“Increasing automotive production and sales, surge in sales of luxurious passenger
vehicles & commercial vehicles, and high disposable income are
expected to have a beneficial effect on market growth,” says a Persistence Market Research analyst.
Market Landscape
By making technological advancements, industry players attempt to increase
their market share. Top players want to collaborate with other
manufacturers to grow their companies and their market share worldwide.
To improve their total operating efficiency, several key competitors are
working on product development.
Some of the key automotive engine oil manufacturers included in the report are Saudi Arabian Oil Co,
Total S.A, Exxon Mobil Corporation, BP p.l.c., Chevron Corporation,
Sinopec Lubricant Company, and Eni SPA.
Conclusion
The market for automotive engine oil is anticipated to develop over time
due to rising demand from end-use application areas such as passenger
vehicles, light and heavy commercial vehicles, and other types of
automotive. Over the coming years, the market is anticipated to expand
with a rise in the automotive sector in developing economies.
Manufacturers are focusing on expanding their product portfolios through
merger & acquisition activities with other market players.
Key Segments of Automotive Engine Oil Industry Research
By Grade:
- Mineral Engine Oil
- Synthetic Engine Oil
- Semi-Synthetic Engine Oil
By Engine:
- Gasoline Engines
- Diesel Engines
By Vehicle:
- Passenger Vehicles
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Two Wheelers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Want to Know More?
Persistence Market Research, a research and consulting firm, has published a
revised market research report on the automotive engine oil market that
contains a global industry analysis of 2017–2021 and an opportunity
assessment for 2022–2032.
The report provides an in-depth analysis of the market through different segments, namely, grade, engine, vehicle, and region.
About FMI – Automotive and Transportation
The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights
about the automotive and transportation industry encompassing the
automotive, aviation, shipping and marine, and railway sectors. Market
findings and competition intelligence of OEM, aftermarket, services, and
technology landscape have helped numerous industry stakeholders’ right
from automakers, component manufacturers, channel partners, and service
providers in taking informed decisions and keeping them up-to-date with
market behavior.
