Automotive Engine Oil Market Size & Share, by Technology (Premium Conventional, Full Synthetic, Synthetic Blend, Higher Mileage Engine Oil); Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles); Additives (Dispersants, Friction Modifiers, Anti- Wear Agents, Pour Point Depressants, Foam Inhibitors) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 288
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Automotive Engine Oil Market size is estimated to reach USD 72 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of automotive engine oil was over USD 40 Billion.The growth of the market can be attributed primarily to the increasing motor vehicle production worldwide, increasing transportation services with growing students, employees, and organizations, and increasing awareness of its efficiency in fuel economy. As per the data by the International Organization of Motor Vehicle Manufacturers (OICA), the global production of motor vehicles grew from 583,74,162 numbers in the year 2000 to 917,86,861 units in 2019. 

Furthermore, the rising demand for synthetic products, increasing technological advancements in the automotive industry, and rising disposable income are expected to contribute to the growth of the global automotive engine oil market during the forecast period. According to the Bureau of Economic Analysis, disposable personal income rose by 0.2% nearly USD 37.6 billion in the year July 2022.


Automotive Engine Oil Market
Get more information on this report: Request Free Sample PDF

Automotive Engine Oil Sector: Growth Drivers and Challenges

Growth Drivers

  • Growth in Automobile Industry with Increasing Long-Distance Jobs, Institutes, and Schools - For instance, the Indian automobile industry manufactured approximately 22,930,200 vehicles in April 2021, which include passenger cars, CVs, and two-wheelers. It showed a significant rise from 22,600,600 units produced in April 2020.The growing awareness of the benefits of automotive engine oil in vehicles such as reducing friction, and protecting and lubricating engine parts is expected to propel the engine oil demand. Thus, the rapid growth in the automotive industry worldwide coupled with rising demand for vehicles is anticipated to drive global automotive 1engine oil market growth over the forecast period.
  • Surge in Exports of Medium Oils Worldwide Owing to Increasing Spending Capacity - According to the statistics by the International Trade Center (Trademap), the global value of exports of medium oils in the year 2021 was recorded to be USD 437,452,177 thousand, which was an increase from USD 277,333,611 thousand in the previous year.
  • Rising Demand for Motorcycles with Rising Standards of People in Developing Countries - For instance, motorcycle production accounted for an estimated 52 million units in 2021 and the demand for motorcycles grew by 7.3% year over year. 
  • Increasing Crude Oil Production Owing to Rising Demand from Different Sectors - For instance, crude oil production in the United States grew by 1.4 % in the year 2021, and Russia surpassed Saudi Arabia in crude oil production by 1.6%.
  • Rapid Growth in Industrialization and Urbanization Across the World - According to World Bank data, a total of 57% of the population has been identified as an urban population, equal to nearly 4.5 million people. 

Challenges

  • Rising Supply of Counterfeit Engine Oil Products
  • Changing Prices of Raw Materials- The volatility of prices in the raw materials supply of automotive engine oil is the major disadvantage that hampers the market growth in the forecast period. The fluctuations, shortage, and rising environmental regulations from the government. The production cost is rising as the process is complex and an increasing number of companies as competitors in the market are restraining the market growth.
  • Lack of Environment-Friendly Engine Oils

Automotive Engine Oil Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~6%

Base Year Market Size (2023)

~ USD 40 Billion

Forecast Year Market Size (2033)

~ USD 72 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Automotive Engine Oil Segmentation

Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)

The global automotive engine oil market is segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. Among these segments, the passenger car segment is anticipated to capture the largest market size in the global market owing to the rapid expansion of the passenger car market in developing countries. For instance, the Indian passenger car market was reported to be worth USD 32 billion in 2021 and is projected to grow to USD 53 billion by the end of 2027. In addition, the rising purchasing power of people, growth in urban population, and growing preference for the adoption of fewer carbon emissions vehicles are further projected to augment segment growth over the forecast period.

Our in-depth analysis of the global market includes the following segments:

          By Technology

  • Premium Conventional Engine Oil
  • Full Synthetic Engine Oil
  • Synthetic Blend Engine Oil
  • Higher Mileage Engine Oil

           By Vehicle Type

  • Passenger Car
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle
  • Others

             By Additives

  • Dispersants
  • Friction Modifiers
  • Anti- Wear Agents
  • Pour Point Depressants
  • Foam Inhibitors
  • Others

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Automotive Engine Oil Industry - Regional Synopsis

The Asia Pacific region automotive engine oil market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The increasing demand and sale of commercial vehicles in the region. For instance, India witnessed an increase in the sales of commercial vehicles by 8.21% with 54,000 vehicles sold in August 2021 going up to 67,100 vehicles sold in August 2022. In addition, the presence of a large customer population, increasing production of automobiles, and rise in crude oil production in countries such as China coupled with rising government funding and investments in product advancement are contributing factors expected to drive regional market growth over the forecast period.

Get more information on this report: Request Free Sample PDF

Companies Dominating the Automotive Engine Oil Landscape

top-features-companies
    • Valvoline, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Shell Plc
    • Total S.A
    • Arabol Lubricants
    • LUKOIL Oil Company
    • Exxon Mobil Corporation
    • Castrol Limited
    • Chevron Corporation
    • Amsoil Inc.
    • Sinopec Lubricant Company

     


In-the-news

In The News

  • In India, Shell plc and Hyundai Motor India Limited (HMIL) have announced their partnership for 10 years. As a testament to Shell's commitment to provide customers with excellent products and solutions, the partnership demonstrates its commitment to delivering excellence.

  • Valvoline Inc. successfully acquired the business assets of Canadian oil change franchising Ltd. This marks the third expanded lube system in Canada for Valvoline Inc. The acquisition will expand Valvoline Inc.'s Canadian and U.S. lubricant network.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 288
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising motorcycle and automobile production, increasing personal disposable income and rising crude oil production are the major factors driving the growth of the automotive engine oil market.

The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023-2033.

Growing supply of counterfeit engine oil product is expected to hinder market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Valvoline, Inc., Shell Plc, Total S.A, Arabol Lubricants, LUKOIL Oil Company, Exxon Mobil Corporation, Castrol Limited, Chevron Corporation, Amsoil Inc., and Sinopec Lubricant Company

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by technology, vehicle type, additives, and, by region.

The passenger cars segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Automotive Engine Oil Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying