Press release
Automotive Engine Oil Market Size Projected To Reach $56.4 Billion By 2034 With A Cagr Of 5.3%
Automotive Engine Oil
What Is the Projected Growth of the Automotive Engine Oil Market?
The market size of automotive engine oil has seen a robust expansion in the past few years. Its projected growth from $43.47 billion in 2024 to $45.94 billion in 2025, a compound annual growth rate (CAGR) of 5.7%, illustrates this. The reasons for this progression in the historical period include the rise in car ownership, the expansion of the automotive industry, increasing urbanization, and heightened consumer awareness regarding vehicle maintenance.
In the coming years, we anticipate a significant expansion in the automotive engine oil market, which is projected to reach $56.4 billion by 2029 with a 5.3% compound annual growth rate (CAGR). This growth during the predicted period can be linked to factors such as the uptake of electric vehicles, implementation of strict emission regulations, technological advancements in engines, ecological and bio-based lubricants, and digitalization of vehicle maintenance. Key trends expected during this period are synthetic engine oils, the application of nanotechnology in lubricants, extended intervals between oil changes, a heightened emphasis on fuel efficiency, and a circular economy approach to oil production.
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What Are the Different Automotive Engine Oil Market Segments?
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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What Are the Primary Drivers Shaping the Automotive Engine Oil Market?
The burgeoning need for carrier vehicles among small to medium-sized businesses is contributing significantly to the expansion of the automotive engine oil market. Carrier vehicles, which can be described as light commercial automobiles designed to transport goods, are seeing a rise in global production. This surge in the manufacturing of light commercial vehicles invariably amplifies the requirement for automotive engine oil for their operation. For example, as per the International Organization of Motor Vehicle Manufacturers, there has been a rise in light commercial vehicle production from 11.84 million vehicles during Q1-Q3 2020 to 13.72 million vehicles during the same period in 2021. Consequently, the growing demand for carrier vehicles is fuelling the development of the automotive engine oil market.
Which Companies Are Leading in the Automotive Engine Oil Market?
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
What Are the Major Trends Shaping the Automotive Engine Oil Market?
Technological advancements are emerging as a dominant trend in the automotive engine oil market. Major entities in this field are striving to develop more energy-efficient engine oils to cater to the growing consumer demand. Notably, in May 2023, an Indian-based manufacturer known as Uno Minda, specializing in custom automotive systems and solutions, declared the rollout of its BS VI -compliant engine oils tailored for two-wheelers in the aftermarket. The company's objective is to address the increasing consumer need for energy-efficient engine oils in the auto industry and also to meet the changing requirements of clients who seek high-performance lubricants for their vehicles.
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What Are the Top Revenue-Generating Geographies in 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Engine Oil Market?
2. What is the CAGR expected in the Automotive Engine Oil Market?
3. What Are the Key Innovations Transforming the Automotive Engine Oil Industry?
4. Which Region Is Leading the Automotive Engine Oil Market?
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