Global Automotive Engine Oil Market

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

Automotive Engine Oil Market Dynamics

Automotive Engine Oil Market Driver

  • 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.
  • Consumer demand for high-performance and reliable automobiles is increasing, which is propelling the Automotive Engine Oil Market forward. The increased demand for these improved automobiles causes vehicle manufacturing to increase.
  • The Automotive Engine Oil Market is also influenced by the rise in demand for conventional oil, which is less expensive than modern lubricants. Synthetic lubes are popular because they provide good protection and provide higher performance over time.

Automotive Engine Oil Market Restraint

  • Due to variable price changes, overuse or product shortages, currency fluctuations, continual changes in the efficient product, and environmental regulations, the Automotive Engine Oil Market for automotive engine oil is facing several issues. There has been a rise in the number of competitors, which has prompted questions about the organizations’ ability to compete in high-risk, high-reward businesses. The cost of production is significant since it entails a complex process of driving out final goods. Customers demand a competitively priced product, so the pricing is a serious challenge. As a result, the buyer finds it difficult to purchase the product.
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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 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

Product ID: SQMIG10C2009

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