Global Automotive Engine Oil Market

Global Automotive Engine Oil Market Size, Share, Growth Analysis, By Grade(Mineral, Synthetic), By Engine Type(Diesel, Gasoline), By Vehicle Type(Passenger Cars, Motorcycle) - Industry Forecast 2024-2031

Report ID: SQMIG10C2009 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 91 | Figures: 76

Global Automotive Engine Oil Market Regional Insights

The Asia Pacific region is projected to dominate the global automotive engine oil market. This is due to the presence of a big consumer base as well as increased product production and consumption in nations such as China. To capitalize on the region's enormous potential, product formulators such as Total are boosting their investments in the Asia Pacific region. Automobile multinationals operating in the region have begun to invest extensively in digitizing their manufacturing plants in order to deliver speedier output.

In terms of automation and robotics, China is making tremendous progress, with major car manufacturers spending considerably in the field. The gap between oil changes is an important driving force for the product in China and the Asia Pacific. For regular passenger automobiles, the transition happens at roughly 30,000 Kms in places such as Europe and parts of America. Vehicles in Asian countries are built in such a way that oil changes are required every 5,000 to 10,000 Kms, depending on the vehicle's usage.

In terms of revenue, North America is the second-largest in the regional category. This is due to the growing demand for commercial vehicles in the region from the e-commerce and logistics industries. According to the US Department of Energy, on-road diesel fuel-powered vehicles have seen higher sales than off-road diesel fuel-driven vehicles in the United States. Due to its excellent fuel economy and low carbon emissions, the country uses a significant amount of diesel fuel compared to gasoline or natural gas alternatives.

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FAQs

Automotive Engine Oil Market size was valued at USD 41.15 billion in 2019 and is poised to grow from USD 42.8 billion in 2023 to USD 60.4 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).

Mergers and acquisitions are key strategies adopted by prominent Automotive Engine Oil Market players to gain a competitive advantage. Several small, medium and large-scale businesses are currently pursuing mergers and acquisitions with other reputable businesses in order to expand their product offerings and other related services. 'ExxonMobil', 'Royal Dutch Shell ', 'Total S.A.', 'BP Plc', 'Chevron Corporation', 'China Petrochemical Corporation (Sinopec)', 'Fuchs Petrolub SE', 'Idemitsu Kosan Co. Ltd.', 'Valvoline Inc.', 'Indian Oil Corporation Limited', 'Petroliam Nasional Berhad (Petronas)', 'Phillips 66', 'Lukoil', 'SK Lubricants Co. Ltd.', 'Amsoil Inc.', 'Morris Lubricants', 'Motul SA', 'Pennzoil-Quaker State Company', 'Gulf Oil International', 'Nippon Oil Corporation (JX Holdings)'

The globalization of the automobile industry is one of the main reasons propelling the growth of the automotive engine oil market. Spark plugs are widely used in electrical, marine, and aerospace industries, which benefits the market.

Synthetic automotive engine oil is significantly replacing mineral-based engine oil. Alpha-olefins, short-chain hydrocarbon molecules, are converted into polyalpha-olefins, long-chain hydrocarbon polymers, to create synthetic engine oils. Since they share chemical similarities with mineral oils that have been refined from crude oil, developed regions like North America and Europe have a significant demand for them. Synthetic engine oil has the advantage of enhancing fuel efficiency, lowering oil consumption, and extending the time between oil changes. Additionally, synthetic motor lubricants are less volatile than mineral engine oils, more temperature-resistant, and unlikely to oxidize. As a result, it is anticipated that during the forecast period, demand for synthetic motor oil will increase over mineral-based engine oils.

The Asia Pacific region is projected to dominate the global automotive engine oil market. This is due to the presence of a big consumer base as well as increased product production and consumption in nations such as China. To capitalize on the region's enormous potential, product formulators such as Total are boosting their investments in the Asia Pacific region. Automobile multinationals operating in the region have begun to invest extensively in digitizing their manufacturing plants in order to deliver speedier output.

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Global Automotive Engine Oil Market

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