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Automotive Engine Oil Market Global Trends, Market Share, Industry Size, Growth, Opportunities
The increasing demand for synthetic engine grade oil due to its excellent resistance to thermal break down & exceptional protection at high temperature is the major factor which is accelerating the market. The increase in disposable income has led to a constant surge in sales of the automotive vehicle which has escalated the market.
The market is bifurcated on the basis of engine oil grade, type, vehicle type, and region. In terms of engine oil grade, synthetic engine oil grade is expected to witness vast growth. Synthetic engine oil performs smoothly and efficiently at high operating temperature. This factor is contributing to the market growth. The rising consumer awareness regarding the high-performance and fuel efficiency is expected to create lucrative opportunities over the coming years.
Semi-synthetic engine grade is also expected to show growth as well owing to a longer oil changing cycle. Based on type, gasoline is currently the leader of the market. The increasing sales of vehicles had a positive influence on gasoline. However, the rise in demand for electric vehicle and hybrid electric vehicle is expected to elevate the demand for alternative fuel. The depletion of gasoline and petroleum will fuel the demand for alternative fuel which will further expand the automotive engine oil market.
In terms of vehicle type, light commercial vehicles are expected to dominate the growth of the market. Increasing investment in R&D and rising production of light commercial vehicle is driving the growth of the market. The expansion of the automotive industry in regions like Asia-Pacific alongside the reduction in prices of fuel has further propelled the demand for light commercial vehicles.
Based on the region, North America holds a vast share of the market. The US is home to some of the major players including Pennzoil, Castrol, Valvoline, and ExxonMobil. The rise in construction activity has further fueled the demand of LCVs which stimulated the market.
Asia-Pacific is forecasted to witness substantial growth due to rising product demand from developing countries like Vietnam, Thailand, and India. The expansion of the automotive industry is escalating the market in the region. The rapid production of electric vehicles and hybrid electric vehicles in China will augment the market in the region. According to The Organisation Internationale des Constructeurs d'Automobiles (OICA), China will witness an immense rise in automotive vehicle production. In India, the automotive industry has been witnessing immense sale in automobiles owing to rising income. There has been a growing preference to four-wheelers which has escalated the demand for passenger cars.
Latin America is also witnessed to show notable growth. Brazil is the largest car exporter in Latin America. Increasing demand for the car in Columbia and Argentina will further propel the market in the region.
Multinationals such as HP lubricants have come with their own product which is compatible with natural gas engines and CNG. Such product launches are augmenting the market and creating new opportunities.
Established players of the market are Sinopec Petroleum & Chemical Corp.; Castrol. ExxonMobil Corp.; Petroliam Nasional Berhad (PETRONAS), Valvoline, Inc.; Motul, Royal Dutch Shell PLC, Fuchas Petrolub SE.
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Global Automotive Engine Oil Market Segmentation:
By Engine Oil Grade
• High-Mileage Engine Oil
• Alternative Fuel
By Vehicle Type
• Passenger Cars
• Heavy-Duty Vehicles
• Light Commercial Vehicles
• North America
• Asia Pacific
• Latin America
• Rest of World
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● Tier 1 players- established companies in the market share
● Tier 2 players
● Emerging players which are growing rapidly
● New Entrants
FutureWise Key Takeaways
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the global automotive engine oil market by type, by vehicle type, by engine oil grade, and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and rest of world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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We specialise in high-growth niche markets, assuring flexibility, agility and customised solutions for our clients. Through in-depth market insights and consultancy, we present our clients with the tools they need to be at the forefront of their industry – a position secured for far more than the near future.
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