Emerging Markets Drive Automotive Oil Demand: India and Africa to Lead Growth by 2030, RationalStat Predicts

The global automotive oil market is expected to reach US$ 62 billion by 2030, with an annual growth rate of more than 3.2%.

According to RationalStat's most recent industry analysis, the Global Automotive Oil Market value is estimated at US$ 49.7 billion in 2023 and is expected to rise at a strong CAGR of over 3.2% over the forecast period of 2023-2030.

Market Definition, Market Scope, and Report Overview

Automotive oil, also commonly known as motor oil or engine oil, is a lubricant used in internal combustion engines to reduce friction between moving parts, cool the engine, and provide protection against wear and corrosion. It is a critical component for the proper functioning and maintenance of automotive engines.

Ongoing vehicle maintenance, including routine oil changes, is a fundamental aspect of aftermarket services. The aftermarket segment plays a significant role in driving the global automotive oil market.

According to a deep-dive market assessment by RationalStat, the global automotive oil market has been analyzed on the basis of market segments, including product type, vehicle type and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.

• Market intelligence for the global automotive oil market covers market sizes on the basis of market value (US$/EUR Million), volume (Liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.

• In addition, the long-term sector and products/services 10-year outlook and its implications on the global automotive oil market. It also includes the industry's current state - Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

Request A Customization- https://store.rationalstat.com/store/global-automotive-oil-market/#tab-ux_global_tab

Global Automotive Oil Market: Segmental and Market Share Analysis
• On the basis of product type, synthetic oil segment is most widely used automotive oil, accounting for the largest market share of about 34%. Mineral based engine oil is set to be replaced with synthetic automobile engine oil.
Report Synopsis
Report Metrics Details
Base Year 2023
Forecast Period 2023-2030
Base Year Market Size US$ 49.7 billion
Market Size Forecast US$ 62.0 billion
Growth Rate 3.2%
Dominant Segment Synthetic oil
Dominant Region Asia Pacific

Key Market Drivers
• Spike in crude oil prices
• Growing demand for engine efficiency

Companies Profiled
• Valvoline
• Wurth Group
• Castrol
• ExxonMobil
• Total
• Eni GmbH
• Amsoil Inc.
• Petronas
• Fuchs Petrolub
• Sinopec Lubricant Company
• Lotos
• Motul
• Dutch Shell
• BP
• Chevron Corporation
• Philips 66
• MAK (Bharat Petroleum)

Explore more about this report- https://store.rationalstat.com/store/global-automotive-oil-market/#tab-ux_global_tab

Competition Analysis and Market Structure

Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global automotive oil market include.

• In November 2023, Indian Oil Corporation (IOC) acquired Mercator Petroleum for INR 148 cr in an insolvency proceeding. The resolution plan submitted by IOC for the acquisition of a 100 % stake in Mercator Petroleum Limited (MPL) was approved by the National Company Law Tribunal, Mumbai Bench.

• In August 2023, Hinduja Group company Gulf Oil acquired a controlling stake in EV charger maker Tirex Transmission for INR 103 crore. The move is expected to bolster the company's presence in the Electric Vehicle (EV) segment.

• In March 2023, The Saudi Arabian Oil Company ('Aramco') completed the US$ 2.65 billion acquisition of Valvoline Inc.'s global product business ('Valvoline Global Operations') by one of its wholly-owned subsidiaries.
Some of the prominent players and suppliers operating and contributing significantly to the global automotive oil market growth include Valvoline; Wurth Group; Castrol; ExxonMobil; Total; Eni GmbH; Amsoil Inc.; Petronas; Fuchs Petrolub; Sinopec Lubricant Company; Lotos; Motul; Dutch Shell; BP; Chevron Corporation; MAK (Bharat Petroleum); Philips 66, etc.

Get A Free Sample- https://store.rationalstat.com/store/global-automotive-oil-market/#tab-ux_global_tab

RationalStat has segmented the global automotive oil market based on product type, vehicle type and region
• Global Automotive Oil Market Value (US$ Million), Volume (Liters) and Market Share (2019-2030) Analysis by Product Type
o Conventional Oil
o Synthetic Oil
o Semi-synthetic Oil
• Global Automotive Oil Market Value (US$ Million), Volume (Liters) and Market Share (2019-2030) Analysis by Vehicle Type
o Passenger Cars
o Commercial Vehicles
o Motorcycles
• Global Automotive Oil Market Value (US$ Million), Volume (Liters) and Market Share (2019-2030) Analysis by Region
o North America Automotive Oil Market
 US
 Canada
o Latin America Automotive Oil Market
 Brazil
 Mexico
 Rest of Latin America
o Western Europe Automotive Oil Market
 Germany
 UK
 France
 Spain
 Italy
 Benelux
 Nordic
 Rest of Western Europe
o Eastern Europe Automotive Oil Market
 Russia
 Poland
 Hungary
 Other CIS Countries
 Rest of Eastern Europe
o Asia Pacific Automotive Oil Market
 China
 Japan
 India
 South Korea
 Australia
 ASEAN
• Indonesia
• Thailand
• Philippines
• Vietnam
• Malaysia
• Rest of ASEAN
 Rest of Asia Pacific
o Middle East & Africa Automotive Oil Market
 GCC
• Saudi Arabia (KSA)
• United Arab Emirates (UAE)
• Rest of the GCC
 South Africa
 Nigeria
 Turkey
 Rest of the Middle East & Africa

For more information about this report- https://store.rationalstat.com/store/global-automotive-oil-market/#tab-ux_global_tab

Key Questions Answered in the Automotive Oil Report:
• What will be the market value of the global Automotive Oil market by 2030?
• What is the market size of the global Automotive Oil market?
• What are the market drivers of the global Automotive Oil market?
• What are the key trends in the global Automotive Oil market?
• Which is the leading region in the global Automotive Oil market?
• What are the major companies operating in the global Automotive Oil market?
• What are the market shares by key segments in the global Automotive Oil market?

Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts' viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Download Key Insights and Market Data - Raise a Query
https://store.rationalstat.com/store/global-automotive-oil-market/#tab-ux_global_tab

RationalStat LLC
Kimberly Shaw,
Content and Press Manager
sales@rationalstat.com
US Phone: +1 302 803 5429
UK Phone: +44 203-287-1245
LinkedIn | Facebook | Twitter | Instagram | Pinterest

RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client's needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.

This release was published on openPR.