The market for automotive engine oil was valued at USD 38.12 billion in 2021, and from 2022 to 2028, it is anticipated to increase at a CAGR of 3.5% in terms of revenue. The demand for synthetic and traditional items as well as rising automotive production are attributed to this. Due to the increasing population and consumer buying power in Europe and Asia Pacific over the past few years, motor vehicle sales have been steadily increasing. Due to the extensive use of technology throughout the automotive sector, the market is anticipated to have significant expansion during the forecast period. Due to tactical vehicle mechanics and other factors, there is an increasing demand for high-performance engine oils operational blueprints being implemented by multinational automobile manufacturers.
The integration of raw material suppliers defines the global automotive engine oil market. The primary factor affecting the value chain of manufacturers is the availability of base oil. Crude oil is fractionally distilled to produce base oil as the starting material. A number of multinational corporations manufacture raw materials and provide engine oils as finished goods through a well-established, integrated value chain. These businesses are integrated throughout various value chain stages to maintain a steady supply of raw materials and guarantee low production costs.
The development of vehicle engines is expected to depend heavily on the fully synthetic grade type. Customers want smaller engine cars with high performance and excellent fuel efficiency across the automotive industry. Turbochargers are now being used in engines by car makers, which raises engine temperature. Synthetic oil works well in such engines even at high temperatures.
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Automotive Engine Oil Market Engine Type Insights:
In 2022, the diesel segment had the biggest revenue share—more than 50%. This is because to its significantly better anti-wear load, which is often ZDDP (zinc dialkyl dithiophosphate). The diesel type has a significantly higher viscosity and more additives to produce higher performance than gasoline or natural gas-charged engines. The majority of the market share is held by Castrol, ExxonMobil, and Royal Dutch Shell among the several formulators of this kind.
International companies like HP Lubricants have developed a brand of engine oils (HP GASENOL 20W 50) just for CNG and natural gas-powered engines. These goods are utilised in passenger automobiles in the smaller class in addition to heavy-duty trucks. The product designed for natural gas-powered engines can start at low ambient temperatures and shield the engine from nitration and oxidation, which typically result from LNG fuels’ high-temperature combustion.
Automotive Engine Oil Market Vehicle Type Insights:
In 2021, the segment selling passenger automobiles had the highest revenue share—more than 35%. This is explained by the rapidly increasing urban population and rising disposable income. Over the past ten years, consumer preferences in developed nations like North America and Europe have altered in the passenger vehicle category. Customers today want to buy cars that emit fewer greenhouse gases, use less gasoline, and still have excellent performance. For the purpose of creating a product that satisfies the current market demand, these considerations have encouraged significant foreign investment in the industry.
The second-largest segment was heavy-duty vehicles, which are projected to have the greatest CAGR of 3.7% in terms of revenue throughout the forecast period. This is due to the rising use of off-highway construction trucks brought on by the growing urbanisation. Manufacturers of engine oils are developing products that are compatible with BSIV-compliant on-road heavy-duty vehicles that have modern Selective Catalytic Reduction engines and that aid in reducing emissions.
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Automotive Engine Oil Market Regional Insights:
In 2021, the Asia Pacific area had the highest revenue share of almost 40%. This is explained by the fact that there is a sizable user base and that production and consumption of the product are rising in nations like China. To capitalise on the expanding potential, product formulators like Total are investing more and more in the Asia Pacific market.
With major automakers making significant market investments, automation and robots are growing quickly in China. The frequency of an oil change is a crucial factor influencing the product in China and the rest of Asia-Pacific.
According to the U.S. Department of Energy, more on-road diesel fuel-powered vehicles than off-road diesel fuel-driven vehicles were sold in the U.S. Due to its great fuel efficiency and low carbon emissions, the nation utilises a lot more diesel than it does gasoline or natural gas.
Automotive Engine Oil Market Key Companies Insights:
Due to the existence of numerous multinational corporations that use varying amounts of the goods, third-party logistics has grown into a global phenomena. Leading companies in the global market for automobile engine oil include:
- Wurth Group
- Eni GmbH
- Amsoil Inc.
- Fuchs Petrolub
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Automotive Engine Oil Market Segments Covered in the Report:
- Grade Outlook
- Engine Type Outlook
- Alternative Fuels
- Vehicle Type Outlook
- Passenger Cars
- Light Commercial Vehicles
- Heavy-Duty Vehicles
- Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- North America