Overview

Automotive engine oil market is envisioned to value over USD 46 billion by 2029 end and is expected to register a CAGR of 3.2% over the forecast period 2020-2029.

The rising production of automobiles coupled with the rising demand for synthetic and conventional is driving the growth of the automotive engine oil market. The constant increase in the sale of the automobile has played a crucial role in the expansion of the engine oil market. The government offering subsidies for car loans has played an instrumental role in car sales and played a catalyst role in escalating the automotive engine oil market.

The market is segmented on the basis of engine oil grade, by type, by vehicle type, and by region.

Based on engine grade oil, synthetic engine oil is expected to witness significant growth. Synthetic engine oil provides better performance and excellent protection. This factor has elevated the demand for synthetic engine oil. Rising consumer awareness regarding high-performance alternatives is also elevating synthetic engine oil and boosting the market.

Based on type, gasoline is currently dominating the market. The rise in sales of light commercial vehicles had a positive influence on gasoline. The rising income has led to more consumers purchasing cars, thus soaring the demand for gasoline.

Alternative fuel is also expected to contribute to market growth. The depletion of fossil fuel is expected to create immense demand for alternative fuel. The rise in production of the electric vehicle, the hybrid electric vehicle is expected to boost the demand for alternative fuel.

In terms of vehicle, light commercial vehicles are expected to control the growth of the market. The rising disposable income has resulted in consumer shifting their preference to cars thus boosting the demand for light commercial vehicles.

Based on region North America is the global leader of the market. Latest advancements in the engine to enhance fuel-efficiency is driving the growth of the market in the region. The US government has imposed a favorable policy for the production electric vehicle which has resulted in more demand for alternative fuel, hence expanding the market. Asia-Pacific is also forecasted to witness significant growth owing to the rise of production of the vehicle in the region. Stringent regulations imposed by the American Petroleum Institute has also complemented the growth of the market in the region. In addition, the growing demand for synthetic engine oil is also escalating the market.

Additional Insights:

Europe is expected to be a lucrative region owing to favorable policy launched by the government.
For instance, the German government has launched incentives program in order to boost the manufacturing of electric vehicles. Such initiatives will stimulate the market.
The heavy-duty vehicles are also forecasted to be in vast demand owing to the rise in construction activities worldwide.

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.

Automotive Engine Oil Market Segmentation

By Engine Oil Grade

Mineral
Semi-Synthetic
Synthetic
High-Mileage Engine Oil

By Type

Diesel
Gasoline
Alternative Fuel

By Vehicle Type

Motorcycles
Passenger Cars
Heavy-Duty Vehicles
Light Commercial Vehicles

By Region

North America
Latin America
Europe
Asia-Pacific
Rest of World

Competitive Landscape:

Tier 1 players- established companies in the market with a major market share
Tier 2 players
Emerging players which are growing rapidly
New Entrants

FutureWise Key Takeaways:

Latest technological advancements by prominent players will increase their production capacity which will boost the market.
For instance, Fuchs Petrolub SE in 2018 announced its decision to invest US$ 24 million in new lubricant blending plant in Australia.

Objectives of the Study:

To provide with an exhaustive analysis on automotive engine oil market based on the engine-oil grade, type, vehicle type additives, and 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 the Middle East
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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