Automotive Engine Oil Market Value to Reach US$ 64.8 billion by 2031 | Transparency Market Research, Inc.

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Jan 17, 2023, 08:30 ET

Rapid expansion of the automotive industry is expected to drive the automotive engine oil market
The mineral oil segment held 56.1% share of the global market in 2021
Increase in usage of engine oil products is anticipated to propel the market in Asia Pacific

WILMINGTON, Del., Jan. 17, 2023 /PRNewswire/ -- The global automotive engine oil market is projected to grow at a CAGR of 1.9% from 2022 to 2031, according to the market forecast report by Transparency Market Research (TMR).

Adoption of engine oil is increasing among vehicle owners in the past few years owing to its ability to help run vehicles at cool temperatures and high efficiency levels. Proper greasing of a vehicle engine could help in smooth running and effortless moving of piston glides. This factor presents significant opportunities in the global industry.

Automotive Engine Oil Market: Key Findings

The automotive industry is witnessing significant transition owing to numerous factors, such as improved spending power of people in developing countries, shifting consumer behavior, and increase in demand for electric and connected vehicles. Rise in sale of several types of vehicles across the globe is anticipated to propel automotive engine oil market growth during the forecast period.
Demand for low viscosity motor oils is rising as it boosts fuel economy. Moreover, these oils are increasingly recommended by OEMs in order to maximize vehicle performance. These factors are expected to augment industry growth in the next few years. Technological advancements in engines and add-on hardware, such as turbochargers, are gaining impetus due to the ability to improve fuel efficiency and decrease emissions. These factors are likely to result in high demand for motor oil in the near future.
Low-temperature hydraulic oils find applications in hydraulic systems of special, mobile, and timber-harvesting vehicles (excavators). These oils are increasingly utilized in other industrial equipment that are operated in highly cold weather conditions across the Northern hemisphere. Surge in demand for these oils is likely to bolster market growth during the forecast period.
Adoption of mineral oil has increased in automobiles in the past few years, as it is readily available and less expensive. Mineral oil is commonly utilized in majority of cars across the globe. It is considered best option for two-wheelers in regions where temperatures are not too cold or hot. As per the TMR market outlook, the mineral oil segment held 56.1% market share in 2021.

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Automotive Engine Oil Market: Growth Drivers

Surge in demand for high mileage vehicles is creating prominent business opportunities in the global industry
Increase in consumer focus toward improving efficiency of vehicles is boosting the demand for automotive engine oils

Regional Analysis

Asia Pacific accounted for 48.4% share of the global market in 2021 owing to increase in consumption and production of engine oil products, presence of emerging economies, such as India and China, and large consumer base
As per the market forecast by TMR, enterprises are likely to witness high market demand in Europe during the forecast period due to rise in awareness about synthetic motor oils and increase in inclination of consumers toward usage of eco-friendly oil

Automotive Engine Oil Market: Competition Landscape

Players are focusing on usage of technological advancements in order to improve production processes
These are undertaking mergers and acquisitions to gain large market shares
Companies are expanding their product portfolio by launching innovative products

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Automotive Engine Oil Market: Key Players

Pentagon Lubricants Private Limited
Royal Dutch Shell plc
DANA LUBRICANTS FACTORY LLC
Leo Lubricants Pvt. Ltd.
HINDUJA GROUP
Castrol Limited
Saudi Arabian Oil Co.
GP Petroleums Ltd.
Gazprom
Total S.A
LUKOIL Oil Company
ROSNEFT
Chevron Corporation
Exxon Mobil Corporation
JIANGSU LOPAL TECH. CO. LTD.
Sinopec Lubricant Company

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Automotive Engine Oil Market Segmentation

Engine Oil Type

Mineral Oil
Semi-synthetic Oil
Fully Synthetic Oil

Engine Type

Gasoline Engine
Diesel Engine
Alternative Engine

Grade of Engine Oil

5W-20
5W-30
5W-40
Others

Vehicle Type

Two Wheelers
Three Wheelers
Passenger Vehicles

Hatchback
Sedan
Utility Vehicle

Light Commercial Vehicles
Heavy Duty Trucks
Buses & Coaches

Sales Channel

OEM
Aftermarket

Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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