Automotive Engine Oil Market estimated to reach USD 47.70 billion by 2030

 Automotive Engine Oil Industry Overview

The global automotive engine oil market size was valued at USD 35.7 billion in 2021 and is projected to rise at a compound annual growth rate (CAGR) of 3.2% in terms of revenue from 2022 to 2030

 

This is attributed to growing automobile production and demand for synthetic and conventional products. Sales of the automotive vehicles are witnessing a constant growth over the past few years, majorly in Europe and Asia Pacific regions owing to the rising population and consumer spending capacity. The market is expected to witness substantial growth during the forecast period due to the high level of technological innovations implemented in the overall automotive industry. The emerging need for high-performance engine oils is ever-growing due to tactical vehicle mechanisms and operational blueprints being implemented by multinational automobile manufacturers.

 

Raw materials such as base oil and additives are used in formulating the product. Crude oil exploration is mainly concentrated in countries such as Venezuela, Saudi Arabia, and Canada. Crude oil processing companies that are engaged in producing heavy carbon fraction and base oil are concentrated in the U.S., China, Russia, and Japan. Saudi Aramco, Marathon Petroleum, and Exxon Mobil are some of the key producers of the raw materials used in manufacturing automotive engine oil.

 

Gather more insights about the market drivers, restrains and growth of the Global Automotive Engine Oil Market

 

The global automotive engine oil market is characterized by the integration of raw material suppliers. Base oil availability is the major factor that influences the value chain consisting of the manufacturers. The starting material base oil is obtained from the fractional distillation of crude oil. Several multinationals have a well-established, integrated value chain and are engaged in manufacturing raw materials as well as supplying engine oils as the finished products. These companies are integrated across multiple stages of the value chain in order to maintain a continuous supply of raw materials and ensure low manufacturing costs.

 

The fully-synthetic grade type is projected to play a crucial role in the further development of vehicle engines. Across the automotive industry, consumers demand smaller engine vehicles with great fuel efficiency and high performance. Vehicle manufacturers have started using turbochargers for engines, which leads to an increase in engine temperature. In such engines, synthetic oil performs smoothly even at high temperatures.

 

Browse through Grand View Research's Petrochemicals Industry Research Reports.

  • Base Oil Market - The global base oil market size was valued at USD 20.4 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030.
  • E-commerce Market - The global e-commerce market size was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027.

 

Automotive Engine Oil Market Segmentation

Grand View Research has segmented the global automotive engine oil market report based on the grade, engine type, vehicle type, and region:

 

  • Automotive Engine Oil Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
  • Mineral
  • Semi-Synthetic
  • Fully-synthetic

 

  • Automotive Engine Oil Engine Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
  • Gasoline
  • Diesel
  • Alternative Fuels

 

  • Automotive Engine Oil Vehicle Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy-Duty Vehicles
  • Motorcycle

 

  • Automotive Engine Oil Regional Outlook (Revenue, USD Million, 2018 - 2030)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa

 

Market Share Insights

  • September 2019: The Saudi Arabian Oil Company finished the procurement of Shell Saudi Arabia (Refining) Limited’s (Shell) 50% interest in the SASREF joint venture in Jubail Industrial City, Saudi Arabia for USD 631 million.
  • July 2018: Valvoline Inc. completed the acquisition of the business assets of the third-largest quick-lube system in Canada i.e. Great Canadian Oil Change Franchising Ltd

 

Key Companies profiled:

Some prominent players in the global automotive engine oil market include

  • Valvoline
  • Wurth Group
  • Castrol
  • ExxonMobil
  • Total
  • Eni GmbH
  • Amsoil Inc.
  • Petronas
  • Fuchs Petrolub
  • Sinopec Lubricant Company
  • Lotos
  • Motul

 

Order a free sample PDF of the Automotive Engine Oil Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

 

 

 

 

 

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