London, April 16, 2024 (GLOBE NEWSWIRE) -- Global automotive engine oil market is expected to value at US$55 Bn in 2031 up from US$42.9 Bn in 2024. The market is anticipated to witness a CAGR of 3.61% during the years from 2024 to 2031. This market growth is marked by the factors such as the growing awareness among vehicle owners about the importance of regular maintenance and Increasing fuel prices and environmental concerns.
The automotive engine oil market encompasses lubricants specifically designed for internal combustion engines in various vehicles, including passenger cars, commercial vehicles, and off-highway equipment.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2023 | |
| Forecast Year | 2024 – 2030 | |
| Market Size in 2022 | US$140 Mn | |
| Estimated Market Size in 2030 | US$202 Mn | |
| CAGR | 5.32% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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The automotive engine oil market exhibits regional variations influenced by factors such as vehicle parc composition, climate conditions, regulatory environment, and consumer preferences. The demand for engine oils is closely linked to the production and sales of vehicles. Increasing vehicle ownership, particularly in emerging economies, drives the demand for engine oils for routine maintenance and lubrication.
The continuous growth in global vehicle ownership, especially in emerging markets, drives the demand for automotive engine oil. As more vehicles are on the road, the need for regular maintenance, including oil changes, increases, thereby boosting the market
Engine oils play a crucial role in maintaining the durability and longevity of automotive engines. High-quality lubrication reduces friction, wear, and corrosion, thereby extending engine life and minimizing costly repairs and downtime. Increasing fuel prices and environmental concerns drive the demand for fuel-efficient vehicles. Engine oils formulated to reduce friction and improve engine efficiency contribute to fuel savings and lower greenhouse gas emissions.
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Key Research Insights
- The passenger vehicle segment remains a top-performing segment in the automotive engine oil market.
- The synthetic engine oil segment is witnessing robust growth.
- Asia Pacific holds the significant market share.
- North America expects gains from high commercial vehicle uptake in logistics.
Insights into Segmentation Analysis
The Passenger Vehicle Segment Remains a Top-Performing Segment in the Market
- The passenger vehicle segment is notable segment in the automotive engine oil market due to the continuous increase in vehicle ownership rates globally.
- The number of passenger vehicles on the roads is growing steadily with improving economic conditions, and changing lifestyles drive the demand for personal transportation.
The Synthetic Engine Oil Segment is Witnessing Robust Growth
- The synthetic engine oil segment is experiencing significant growth due to increasing demand for high-performance lubricants.
- Synthetic oils offer superior protection against engine wear, better viscosity stability, and improved fuel efficiency compared to conventional mineral oils.
- As automotive manufacturers continue to develop engines with advanced technologies such as turbocharging and direct injection, the need for synthetic lubricants that can meet these stringent requirements is escalating.
Key Report Highlights
- Notable trend in the automotive engine oil market is the growing emphasis on sustainability and environmental responsibility.
- One of the biggest potential opportunities for automotive engine oil market players lies in expanding their presence in emerging markets.
- The demand for high-performance engine oils has surged due to the growing popularity of turbocharged engine.
Insights into Regional Analysis
North America Ranks Second with Significant Market Size
- North America ranks second with significant market size. The demand for engine oil is driven by factors like the rising popularity of commercial vehicles used in eCommerce and logistics.
- The extensive use of on-road diesel-powered vehicles necessitates substantial engine oil consumption.
- North America also benefits from government support for energy-saving engine oils, promoting market growth.
Asia Pacific Provides the Largest Consumer Base
- Asia Pacific region holds the significant market share.
- The market is driven by a massive consumer base.
- Countries like China, and India boast a huge number of vehicles on the road, including two-wheelers in India. This translates to high engine oil consumption.
- Asia Pacific is witnessing significant growth in vehicle production, further driving the market.
Key Companies Profiled in the Global Automotive Engine Oil Market
- Sinopec Lubricant Company
- Saudi Arabian Oil Co.
- Eni SPA
- Philips 66
- Total S.A
- Chevron Corporation
- Valvoline
- Amsoil Inc.
- Castrol
- Jiangsu Lopal Tech. Co., Ltd.
- Fuchs Petrolub
- Petronas
- Exxon Mobil Corporation
Global Automotive Engine Oil Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031 - (By Grade Coverage, By Engine Type Coverage, By Vehicle Type Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/automotive-engine-oil-market
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