Press release
Global Automotive Engine Oil Market Projected to Grow at 5.3% CAGR, Reaching $56.4 Billion by 2029
Automotive Engine Oil
What Will the Automotive Engine Oil Industry Market Size Be by 2025?
The market size of the automotive engine oil industry has seen a robust expansion in the past years. The projection is that it will elevate from $43.47 billion in 2024 and reach $45.94 billion in 2025, with an annual compound growth rate (CAGR) of 5.7%. The surge over the historic period is a result of factors like increased car ownership, expansion of the automotive sector, soaring urbanization, and heightened consumer consciousness about maintenance.
What's the Long-Term Growth Forecast for the Automotive Engine Oil Market Size Through 2029?
The market size for automotive engine oil is anticipated to experience significant expansion in the coming years. Predicted to rise to a value of $56.4 billion in 2029, it looks to record a compound annual growth rate (CAGR) of 5.3%. Factors like the acceptance of electric vehicles, strict emission policies, advanced engine innovations, eco-friendly and bio-based lubricants, and digitalization in vehicle maintenance are credited for this surge in the projection period. The forecast stage also exhibits various trends such as synthetic motor oils, nanotechnology's involvement in lubricants, prolonged periods of oil changes, an emphasis on fuel efficiency, and a circular economic model in oil production.
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What Are the Key Growth Drivers Fueling the Automotive Engine Oil Market Expansion?
The automobile engine oil market is significantly expanding due to the growing demand for carrier vehicles by small and medium-sized businesses. Carrier vehicles, which are essentially lightweight commercial vehicles for transporting goods, are seeing an uptick in production worldwide. This surge in manufacturing of lightweight commercial vehicles invariably links to higher need for automobile engine oil for their operation. The International Organization of Motor Vehicle Manufacturers stated that the production of light commercial vehicles rose from 11.84 million in the first to third quarter of 2020, up to 13.72 million in the same period of 2021. This growth in the need for carrier vehicles is thus fueling the expansion of the automobile engine oil market.
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What Are the Key Trends Driving Automotive Engine Oil Market Growth?
Technological advancements have become the leading trend gaining prominence in the automobile engine oil market. Major firms in this sector are concentrating on innovating energy-efficient engine oils to fulfill customer needs. Uno Minda, for example, an Indian firm specializing in automotive solutions and systems, revealed in May 2023 its launch of BS VI-compliant engine oils for two-wheelers in the aftermarket. The firm's objective is to cater to the increasing demand for energy-efficient engine oils in the automotive industry and adapt to the changing needs of its customers seeking high-quality lubricants for their vehicles.
How Is the Automotive Engine Oil Market Segmented?
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 Companies Are Leading the Charge in Automotive Engine Oil Market Innovation?
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
Which Regions Are Leading the Global Automotive Engine Oil Market in Revenue?
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
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