New York, April 18, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Engine Oil Market size is projected to reach around USD 56.1 billion by 2032, and it is poised to reach a CAGR of 2.7% from 2023 to 2032. It accounted for USD 43.3 billion in 2022. Due to the rise in the population of the regions, especially in Europe and APAC, the automotive sector sales have seen significant growth in the last few years. The rise in the demand for the automobile sector and synthetic products is driving the growth of the automotive engine oil market, which resulted in the rise in the demand for automobile engine oil in market. The advancement in the technologies and the innovations implemented in the automotive industry is the factor driving the growth of the market.
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Key Takeaway:
- By grade, the fully-synthetic segment generated the highest revenue in the global automotive engine oil market share in 2022.
- By engine type, the diesel segment is dominating the market, and it is growing significantly over the forecast period 2023 to 2032.
- In 2022, APAC Region dominated the market with the highest revenue share of 38.8%.
- Europe is anticipated to grow at a significant rate from 2023-2032.
Automotive engine oil can also be named motor oil. This oil is a lubricant that is used in (ICE) Internal combustion engines, which can provide power to cars, motorcycles, and other types of engines. Due to the tactical vehicle mechanism, there is an emergence in the need for high-performance engine oil, driving the market's growth. The function of the engine oil is to reduce friction and wear of the moving parts in the engine. By carrying the heat away from the engine parts, it works as an insulator and cools down the engine parts.
Factors affecting the growth of the Automotive Engine Oil industry
There are several factors that can affect the growth of the Automotive Engine Oil industry. Some of these factors include:
- The advancement in technologies: The rise in the adoption of technologies in automotive engine oil is the major trend for the growth of the market.
- The rise in the demand for high mileage vehicles: The fully synthetic-based oil improves the efficiency of the vehicle. Thus, the rise in the demand for high-mileage vehicles is driving the growth of the automotive engine oil market.
- Rise in the growth of the automotive industry: The rise in the growth of the automotive industry is driving the demand for engine oil in the market.
- Fluctuation of prices: The prices of engine oil vary due to currency fluctuation, product shortage, environmental regulations, etc., which is restraining the market's growth.
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Top Trends in Global Automotive Engine Oil Market
With the adoption of advanced technologies for the development of automotive engine oil, the growth of the market can be seen. Engine oil provides many opportunities for the key players in the market who can expand their business, and it is a highly profitable business for downstream. With the help of advanced antioxidants, high-pressure agents, surfactants, and corrosion inhibitors, the major key players are efficient engine oil. These advancements in technologies will drive the growth of the market.
Market Growth
The growth in the demand for high-mileage vehicles drives the growth of the market. The growth of the market can also be seen in the rise in the growth of the automotive industry. The rise in the automotive industry will automatically increase the demand for the automotive engine oil market. The advancement in technologies in engine oil will see lucrative growth in the industry. However, the market's growth is restrained due to the fluctuation of prices in the automotive industry due to various factors. Also, the rising number of competitors will negatively affect the market's growth.
Regional Analysis
The APAC region holds the largest market share and dominates the market's growth during the forecasted period. The region's development is attributed to the rise in the production and consumption of the product in the region. The rise in the disposable income of the people in the region is associated with the increase in the demand for engine oil in the area. Due to the presence of major key players in the market, the growth of the region has been observed. North America holds a significant share of the automotive engine oil market. The rise in the demand for commercial vehicles in the region is attributed to the growth of the market. Also, the increase in the awareness of the region's people is driving the development of the market in the area.
Competitive Landscape
Companies are heavily investing in research and development activities to develop technologies in the automotive engine oil market. The major key players in the market are focusing on launching new offerings which can drive the growth of the company in the market. Some key players focus on partnerships and collaboration with other competitors to gain a strong market position.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | US$ 43.3 billion |
| Market Size (2032) | US$ 56.1 billion |
| CAGR (from 2023 to 2032) | 2.7% |
| APAC Revenue Share | 38.8% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Engine oil helps increase the vehicle's efficiency by reducing the friction between the moving parts of the engine and reducing the engine's temperature. The engine needs to be lubricated to make it work properly. The ability to improve the vehicle's fuel economy is the factor driving the demand for the lower viscosity motor oil in the market. Also, the replacement for mineral-based engine oil is synthetic-based engine oil is driving the market growth. This oil is chemically similar to mineral-based oils, refined from crude oil. It also can decrease oil consumption and also extend oil change intervals. Synthetic oil has high demand from emerging countries for its ability to increase engine fuel efficiency. These are the factors driving the growth of the market.
Market Restraints
The prices of engine oil vary due to currency fluctuation, product shortage, environmental regulations, etc., which are restraining the market's growth. Due to the volatile changes in engine oil prices, the automotive engine oil market faces numerous challenges. As the production of engine oil involves complex processes to complete the finished products, the cost of the production is high, which is the main market restraint. The rise in the sustainability issues for the companies due to the increase in the number of competitors is the factor restraining the growth of the market.
Market Opportunities
Regions like Europe and APAC is creating massive demand and growth opportunity for automotive engine oil due to the rise in the demand and sales of automotive vehicles. Due to the rise in the disposable income of people in emerging economies, the growth of the automotive industry has been observed, which eventually results in the growth of the automotive engine oil market. Countries like India, China, Japan, etc., from the APAC region, consists of a large number of major players in the market. The rise in the adoption of technological advancement by the key players is a major opportunity for the growth of the market players.
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Report Segmentation of the Automotive Engine Oil Market
Grade Insight
The fully-synthetic segment holds the largest market share. The characteristics such as better stability, increased lubrication, lower deposits, etc., are the factors driving the development of the segment. Compared to traditional mineral oils, the fully-synthetic segment offers three times more advanced engine protection, which is the reason for the rise in the adoption of the segment. Due to the multiple desirable characteristics, the segment has seen growth. The semi-synthetic segment will grow at a significant rate during the forecasted period. Due to the benefits such as high performance and better component protection, the growth of the segment is observed.
Engine Type Insight
The diesel segment dominates the market by engine type and holds the largest market share during the forecasted period. Diesel types of engines have high viscosity and possess more additives to provide high performance compared to gasoline or natural gas engines. Due to the superior anti-wear load, growth in the segment is observed. The gasoline segment will grow at a significant rate during the forecasted period. The growth of the segment can be observed due to the excellent solubility and high leaching loss resistance.
Vehicle Type Insight
The passenger segment dominates the market and holds the largest market share during the forecasted period. Due to the disposable income of the region's people, the segment's growth can be seen. There is a rise in consumer preferences for passenger vehicles across different countries, fueling the segment's development. Heavy-duty vehicles hold a significant market share. The growing urbanization, which resulted in the rise in the usage of off-highway construction vehicles, is propelling the development of the market.
Recent Development of the Automotive Engine Oil Market
- In November 2020, Repsol Lubricants and Honda Motorcycle collaborated on the launching of the Honda Repsol MOTO biker lubricating oil in India.
- The Delo 600 ADF heavy-duty engine oils were launched by Chevron in 2020, and are made to reduce particulate matter emissions in diesel engines.
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Market Segmentation
By Grade
- Mineral
- Semi-Synthetic
- Fully-Synthetic
By Engine Type
- Gasoline
- Diesel
- Alternative Fuels
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy-Duty Vehicles
- Motorcycles
By Geography
North America
- The US
- Canada
- Mexico
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Valvoline Inc.
- Wurth Group GmbH
- Castrol Ltd.
- ExxonMobil
- Total Energies
- Eni GmbH
- Amsoil Inc.
- Petronas
- Fuchs Petrolub
- Other Key Players
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