Driving Growth: Automotive Engine Oil Market Projected to Reach USD 55.1 Billion by 2032

The Automotive Engine Oil Market size was valued at USD 43.37 billion in 2022 and is expected to grow at WSD 55.1 billion in 2032, increasing at a CAGR of 2.2% from 2022 to 2032.

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The market is driven by several factors, such as increasing vehicle production and sales, the growing demand for synthetic and semi-synthetic engine oils, and the increasing use of high-performance lubricants in racing and sports cars.

The Automotive Engine Oil Market is a rapidly growing segment of the global automotive industry. Engine oil is a crucial component of any vehicle, as it lubricates and protects the engine's moving parts, reduces friction, and helps dissipate heat. With the increasing number of vehicles on the road and the rising demand for higher performance, more fuel-efficient engines, the demand for high-quality engine oils is also on the rise.

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Automotive Engine Oil Market Growth Factors

Increasing Vehicle Production and Sales: The global automotive industry is growing, with the production and sales of vehicles increasing year-on-year. This growth is primarily driven by the rising middle-class population in developing countries, which is leading to increased demand for personal vehicles. As the number of vehicles on the road increases, so does the demand for engine oil, as regular oil changes are essential to maintain the health and performance of the engine.

Growing Demand for Synthetic and Semi-synthetic Engine Oils: Synthetic and semi-synthetic engine oils are becoming increasingly popular due to their superior performance and longer life. These oils offer better fuel efficiency, reduce engine wear and tear, and provide better protection against sludge and other harmful contaminants. As a result, the demand for these high-performance oils is on the rise, and manufacturers are investing in R&D to develop more advanced formulations.

Increasing Use of High-performance Lubricants in Racing and Sports Cars: The demand for high-performance lubricants is also being driven by the growing popularity of racing and sports cars. These vehicles require specialized engine oils that can withstand extreme temperatures and provide maximum power output. As a result, manufacturers are developing high-performance lubricants specifically tailored for use in these vehicles.

Technological Advancements in Engine Oil Formulations: The development of new engine oil formulations is also driving market growth. Manufacturers are investing in R&D to develop oils that can meet the specific needs of modern engines, which are becoming more complex and sophisticated. This has led to the development of oils with better cleaning properties, improved fuel efficiency, and increased durability.

Growing Awareness of Engine Oil Benefits: Finally, the increasing awareness of the benefits of using high-quality engine oils is also driving market growth. Consumers are becoming more educated about the importance of regular oil changes and the role that engine oil plays in maintaining the health and performance of their vehicles. As a result, they are increasingly willing to invest in high-quality engine oils to ensure the longevity and reliability of their vehicles.

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Market Segmentation
By product type, the market is classified into mineral oil, synthetic oil, and semi-synthetic oil. The synthetic oil segment is expected to dominate the market during the forecast period due to its high-performance properties such as improved fuel efficiency, extended oil change intervals, and enhanced engine protection.

Based on engine type, the market is segmented into gasoline engine oil and diesel engine oil. The gasoline engine oil segment is expected to hold the largest market share during the forecast period due to the growing demand for passenger cars and light commercial vehicles.

Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is expected to dominate the market during the forecast period due to the increasing demand for personal vehicles and rising disposable income levels.

Regional Analysis
The automotive engine oil market is analyzed based on four regions: North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is expected to dominate the market during the forecast period due to the growing demand for passenger and commercial vehicles, increasing awareness about engine maintenance, and rising disposable income levels. The region is also witnessing significant investments in research and development activities by key players to improve the performance of engine oils.

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Competitive Landscape
The automotive engine oil market is highly competitive, with several key players operating in the market. The major players include Saudi Arabian Oil Co., Total S.A, Exxon Mobil Corporation, BP p.l.c, Chevron Corporation, Sinopec Lubricant Company, Eni SPA, Valvoline, Castrol, Jiangsu Lopal Tech. Co., Ltd., Fuchs Petrolub, Petronas, Amsoil Inc., Philips 66

Recent Developments
• In January 2022, ExxonMobil announced that it had developed a new synthetic engine oil, Mobil 1 FS 0W-40, designed to meet the needs of high-performance engines. The oil is formulated to provide enhanced protection against wear and tear, and to improve fuel efficiency and engine cleanliness.
• In October 2021, Valvoline announced the launch of its new extended-life engine oil, Valvoline Modern Engine Full Synthetic. The oil is designed to provide up to 20,000 miles of protection between oil changes, and is compatible with gasoline, diesel, and hybrid engines.
• In August 2021, Shell announced that it had partnered with BMW to develop a new engine oil, Shell Helix Professional BMW LL-04 FE 0W-30. The oil is designed to meet the specific needs of BMW engines, and provides improved fuel efficiency and engine protection.

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The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders' right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.

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