The global automotive engine oil market is poised for significant growth due to the rising demand for lower viscosity motor oils, which enhance fuel efficiency and are increasingly recommended by OEMs for better performance. According to a recent report by 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, 2024-2026,” the market was valued at USD 36.49 billion in 2018. It is projected to reach USD 45.66 billion by 2026, growing at a compound annual growth rate (CAGR) of 2.88% during the forecast period.

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Fortune Business Insights™ lists out the names of all the organizations present in the automotive engine oil market. They are as follows:

  • ExxonMobil Corporation
  • Valvoline, Inc.
  • Fuchs Petrolub SE
  • Castrol
  • Royal Dutch Shell plc
  • RelaDyne
  • Pentagon Lubricants Private Limited
  • HINDUJA GROUP
  • Chevron Corporation
  • Total S.A.

Drivers & Restraints-

Upsurging Demand for Synthetic Automotive Engine Oil to Boost Growth

Synthetic engine oil is capable of extending oil change intervals, decreases oil consumption, and enhances fuel economy. It is also less likely to oxidize, is not volatile, and is resistant to temperature change. However, increasing sustainability issues for the companies to exist in the highly competitive market may hamper the automotive engine oil market growth during the forthcoming period.

The market is anticipated to be affected positively owing to the increasing demand for synthetic automotive engine oil. It is mainly considered to be a replacement for mineral based engine oil. This type of oil is experiencing high demand from the developed regions, such as Europe and North America. It consists of chemically similar properties that of mineral based oil.

Segment-

Diesel Segment to Grow Significantly Backed by Cost-effective Nature

In terms of engine type, the market is segregated into alternative fuels, petrol, and diesel. Out of these, the diesel segment procured 43.38% automotive engine oil market share in 2018. This growth is attributable to the cost-effective nature of diesel engines, as compared to the petrol ones. Also, these are approximately 40% more efficient than the petrol engines because they possess more energy. The combustion process reduced the emission of carbon dioxide and is efficient.

Highlights of This Report:

  • Market strategies and shares of key companies.
  • A complete backdrop analysis consisting of an assessment of the parents market.
  • Emerging regional market and niche segments.
  • Evaluation and reporting of the latest industry developments.
  • Significant changes in market dynamics.
  • Insights of the automotive engine oil market trends and opportunities.

Regional Analysis-

Rising Number of Vehicles to Favor Growth in Asia Pacific

The market 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 automotive engine oil 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.

TABLE OF CONTENT

  1. Introduction
    1. Research Scope
    2. Market Segmentation
    3. Research Methodology
    4. Definitions and Assumptions
  2. Executive Summary
  3. Market Dynamics
    1. Market Drivers
    2. Market Restraints
    3. Market Opportunities
  4. Key Insights
    1. Key Emerging Trends – For Major Countries
    2. Key Developments: Mergers, Acquisition, Partnership, etc.
    3. Latest Technological Advancement
    4. Insights on Regulatory Scenario
    5. Porters Five Forces Analysis
  5. Global Automotive Engine Oil Market Analysis, Insights and Forecast, 2015-2026
    1. Key Findings / Summary
    2. Market Analysis, Insights and Forecast – By Grade
      1. Mineral
      2. Synthetic
      3. Semi-Synthetic
    3. Market Analysis, Insights and Forecast – By Engine Type
      1. Diesel
      2. Petrol
      3. Alternative Fuel
    4. Market Analysis, Insights and Forecast – By Application
      1. Passenger Vehicles
      2. Light Commercial Vehicles
      3. Heavy Commercial Vehicles
      4. Two Wheelers
      5. Others
    5. Market Analysis, Insights and Forecast – By Region
      1. North America
      2. Europe
      3. Asia pacific
      4. Latin America
      5. Middle East & Africa

Competitive Landscape-

Key Players Engage in Mergers & Acquisitions to Gain Competitive Edge

The market consists of several small, medium, and large scale companies that are presently adopting the strategy of mergers and acquisitions with other reputed enterprises to enhance their product offerings and other associated services. Below are a couple of the key industry developments:

  • September 2024: RelaDyne joined hands with Circle Lubricants to broaden its geographic presence in the Northeast. It would also help the company in delivering its automotive and lubricant products throughout New Jersey, New York, and its surrounding areas.
  • September 2024: Saudi Aramco completed the acquisition of 50% interest of Shell Saudi Arabia Limited in the SASREF joint venture. It would help the former in upsurging the capacity and complexity of its refineries.

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