Press release
Automotive Engine Oil Industry to Achieve $55.73 Billion Growth by 2029
Automotive Engine Oil Market
How Will the Automotive Engine Oil Market Grow by 2025 in Terms of Size and Growth?
The market size of automotive engine oil has been experiencing consistent growth over the past few years. This growth is projected to continue from $43.47 billion in 2024 to $45.56 billion in 2025, with a compound annual growth rate (CAGR) of 4.8%. Factors contributing to this growth in the past have included the rise in car ownership, expansion of the automotive industry, increasing urbanization, and heightened consumer understanding of maintenance.
What Are the Estimated Growth Rates for the Automotive Engine Oil Industry Through 2029?
The market size of automotive engine oil is predicted to witness substantial expansion in the forthcoming years, with its value reaching $55.73 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.2%. This upward trend during the forecast period is influenced by the uptake of electric vehicles, rigorous emission norms, progressive engine technologies, environmentally-friendly and bio-derived lubricants, and digital intervention in automobile upkeep. The period ahead will see primary trends like synthetic engine oils, application of nanotechnology in lubricants, elongated intervals for oil changing, emphasis on fuel economy, and circular economy in oil manufacturing.
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What Are the Strategic Drivers Boosting Automotive Engine Oil Market Performance?
The boost in the automotive engine oil market can be attributed to the escalating demand for carrier vehicles from small and medium-sized companies. Carrier vehicles, which are light commercial vehicles designed to transport goods, are being produced on a larger scale worldwide. The rise in production of these vehicles will naturally lead to an increased need for automotive engine oil for their operation. This can be seen in data from the International Organization of Motor Vehicle Manufacturers, which highlights a rise in light commercial vehicle production from 11.84 million vehicles between Q1 and Q3 of 2020, to 13.72 million in the same span in 2021. Therefore, the growing demand for carrier vehicles is fueling the expansion of the automotive engine oil market.
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What Are the Segments in 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
What Are the Key Adoption Trends in the Automotive Engine Oil Market?
The progression of technology has become a leading trend in the automotive engine oil market. Major players in this industry are looking to innovate with energy-efficient engine oils to satisfy consumer needs. For example, Uno Minda, an automotive solutions and systems producer based in India, unveiled their BS VI -compliant engine oils for two-wheelers in May 2023 for the aftermarket. Their goal is to fulfill the rising demand for energy-effective engine oils in the auto industry and meet the changing needs of their customers, who seek top quality lubricants for their vehicles.
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Which Companies Lead the Competitive Landscape of the Automotive Engine Oil Industry?
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
Where Are the Key Automotive Engine Oil Market Opportunities by Region?
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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