The global automotive engine oil market is set to experience substantial growth, driven by the increasing demand for lower viscosity motor oils that improve fuel efficiency. Many OEMs are now recommending these oils to enhance vehicle performance. According to a report from Fortune Business Insights™, titled “Automotive Engine Oil Market Size, Share & Industry Analysis, By Grade (Mineral, Synthetic, and Semi-synthetic), By Engine Type (Diesel, Petrol, Alternative Fuel), By Application Area (Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Two-Wheeler, and Other), and Regional Forecast, 2019-2026,” the market was valued at USD 36.49 billion in 2018 and is expected to grow to USD 45.66 billion by 2026, at a CAGR of 2.88% during the forecast period.
Drivers & Restraints:
Rising Demand for Synthetic Automotive Engine Oil to Drive Growth
The automotive engine oil market is expected to grow due to the increasing demand for synthetic automotive engine oil, which is seen as a replacement for mineral-based oils. This demand is particularly high in developed regions such as Europe and North America. Synthetic oil, with its chemical properties similar to mineral-based oil, offers extended oil change intervals, reduced oil consumption, and improved fuel efficiency. It is also more resistant to oxidation, less volatile, and more stable across temperature variations. However, sustainability challenges in the highly competitive market could hinder growth in the near future.
Fortune Business Insights™ also lists key players in the automotive engine oil market, including:
ExxonMobil Corporation
Valvoline, Inc.
Fuchs Petrolub SE
Castrol
Royal Dutch Shell plc
RelaDyne
Pentagon Lubricants Private Limited
HINDUJA GROUP
Chevron Corporation
Total S.A.
Other players
Report Highlights:
Market strategies and shares of leading companies.
Comprehensive background analysis, including parent market assessment.
Insights into emerging regional markets and niche segments.
Evaluation and reporting of recent industry developments.
Major changes in market dynamics.
Trends and opportunities in the automotive engine oil market.
Segment Analysis:
Diesel Segment Expected to Grow Substantially Due to Cost Efficiency
The market is segmented by engine type into alternative fuels, petrol, and diesel. In 2018, the diesel segment held 43.38% of the automotive engine oil market share, driven by the cost-effective nature of diesel engines compared to petrol engines. Diesel engines are approximately 40% more efficient due to their higher energy output and reduced carbon dioxide emissions during the combustion process.
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Regional Analysis-
Rising Number of Vehicles to Favor Growth in Asia Pacific
The automotive engine oil market size is geographically classified into Europe, the Middle East and Africa, North America, Asia Pacific, and South America. Amongst these, Asia Pacific generated USD 12.41 billion in 2018 in terms of the market revenue. It is considered to be one of the fastest-growing and largest regions in the market because of the rising number of vehicles present in countries, such as Thailand, India, and China. China and India are projected to have the maximum number of vehicles on road. India is also considered to be the largest market for two wheelers. North America, on the other hand, would exhibit considerable growth backed by the increasing government support to promote the usage of energy-efficient oil. In Europe, the governments of various countries are implementing stringent rules to use environment-friendly oils.