Press release
Leading Element Driving Change in the Automotive Engine Oil Market in 2025: SMEs' Demand For Carrier Vehicles Fuels The Automotive Engine Oil Market Driver
Automotive Engine Oil Market Size
The surge in need for transporter vehicles within small to medium-sized enterprises is reportedly propelling the expansion of the automotive engine oil market. Transporter vehicles are light commercial vehicles designed to transport goods, whose manufacturing is on the rise globally. This steady growth in the creation of light commercial vehicles, often called transporter vehicles, inevitably results in a higher requirement for automotive engine oil for their operation. As an example, data from the International Organization of Motor Vehicle Manufacturers indicates that the production of light commercial vehicles grew from 11.84 million vehicles in the first three quarters of 2020 to 13.72 million vehicles in the same period of 2021. Consequently, the escalating need for transporter vehicles is fostering the enlargement of the automotive engine oil industry.
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What Is the projected market size and growth rate for the automotive engine oil market?
Recent years have observed an impressive growth in the automotive engine oil market size. The market is predicted to expand from $43.47 billion in 2024 to $45.94 billion in 2025, experiencing a compound annual growth rate (CAGR) of 5.7%. The remarkable growth experienced in the past can be correlated with factors such as the surge in car ownership, the expansion of the automotive industry, rising urbanization, and an enhanced awareness among consumers regarding maintenance.
The size of the automotive engine oil market is predicted to experience significant growth in the coming years, with its value expected to reach $56.4 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 5.3%. Factors driving growth during the forecast period include the increased adoption of electric vehicles, stricter emission regulations, advent of advanced engine technologies, the use of bio-based and sustainable lubricants, and digitalization in car maintenance. Key trends to emerge in this forecast period encompass synthetic engine oils, the use of nanotechnology in lubricants, extending oil change periods, improving fuel efficiency, and adopting a circular economy in oil production.
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What new trends are reshaping the automotive engine oil market and its opportunities?
Driving the popularity in the automotive engine oil market is the pivotal trend of technological advancements. The focus for the majority of businesses within the automotive engine oil industry is to introduce advances in engine oils that are energy-efficient to meet customers' needs. As an example, in May 2023, Uno Minda - a manufacturer of proprietary automotive systems and solutions based in India - declared the roll-out of its BS VI -compliant engine oils for two-wheelers in the aftermarket. Their goal is to cater to the increasing need for energy-efficient engine oils in the automotive sector. Moreover, they aim to satisfy their consumers whose needs are constantly changing and who are seeking high-quality lubricants for their vehicles.
What major market segments define the scope and growth of the automotive engine oil market?
The automotive engine oil market covered in this report is segmented -
1) By Grade: Mineral, Synthetic, Semi-Synthetic
2) By Engine: Gasoline, Diesel, Alternative Fuel
3) By Technology: Premium Conventional Engine Oil, Full Synthetic Engine Oil, Synthetic Blend Engine Oil, Higher Mileage Engine Oil
4) By Application: Passenger Vehicles, LCV, HCV, Two-Wheelers, Other Applications
Subsegments:
1) By Mineral: Conventional Mineral Oil, Additive-Enhanced Mineral Oil
2) By Synthetic: Full Synthetic Oil, Group IV (PAO) Synthetic Oil, Group V Synthetic Oil
3) By Semi-Synthetic: Synthetic Blend Oil, Partial Synthetic Oil
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Which region dominates the automotive engine oil market?
Asia-Pacific was the largest region in the automotive engine oil market in 2024. The regions covered in the automotive engine oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the automotive engine oil industry growth?
Major companies operating in the automotive engine oil market include Exxon Mobil Corporation, Valvoline Inc., Fuchs Petrolub SE, Castrol Ltd., Shell plc, Chevron Corporation, BP plc, TotalEnergies SE, Sinopec Group, Motul SA, Petroliam Nasional Berhad, Pentagon Lubricants, Eni SpA, Hinduja Group, Saudi Arabian Oil Co., PetroChina Company Limited, Idemitsu Kosan Co. Ltd., JXTG Nippon Oil & Energy Corporation, Lukoil Oil Company, Phillips 66 Company, Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Petronas Lubricants International Sdn Bhd, Caltex Australia Petroleum Pty Ltd., SK Lubricants Co. Ltd., Repsol SA, PTT Public Company Limited, PT Pertamina, Gazprom Neft
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What Is Covered In The Automotive Engine Oil Global Market Report?
•Market Size Forecast: Examine the automotive engine oil market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive engine oil market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive engine oil market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive engine oil market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive engine oil market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive engine oil market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive engine oil market.
•Competitive Landscape: Review strategic developments in the automotive engine oil market, including expansions, agreements, and new product launches.
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