Global Automotive Engine Oil Market by Engine Type (Gasoline, Diesel, Alternative Fuels), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy-Duty Vehicles), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Automotive Engine Oil Market Overview:

In 2021, the global automotive engine oil market was valued at USD 35,618 million. It is expected to grow at a CAGR of 3.7% in terms of revenue between 2022-2032.

This can be associated with the increasing automobile production and demand for conventional and synthetic products. The market for automotive vehicles has seen steady growth in the last few years, mainly due to increased consumer spending and a growing population.

Due to the number of technological advances in the automotive industry, the market will experience significant growth over the forecast period. Multinational automobile manufacturers are constantly implementing operational blueprints and tactical vehicle mechanisms that increase the demand for high-performance oil.

Global Automotive Engine Oil Market Scope:

Engine Type Insights:

In 2021, diesel accounted for more than half of the total revenue. The diesel engine is more viscous than natural gas or gasoline-powered engines and has higher performance additives.

Its superior anti-wear load is usually in the form of ZDDP (zinc dialkyl dithiophosphate). Castrol, ExxonMobil, and Royal Dutch Shell hold most of this market share among the many formulators.

In 2021, gasoline was the second largest segment. It is expected that gasoline will grow at a 3.2% CAGR in revenue over the forecast period due to its excellent solubility and high leaching loss resistance.

Ammonia has been an essential pillar in the nitrogen fertilizer industry. It is more nitrogen-rich than any commercially available counterpart. You can apply ammonia directly to the soil or convert it into other nitrogen fertilizers.

Multinationals like HP Lubricants have created their engine oils (HP GASENOL 50W 50) for natural gas- and CNG-powered engines. These oils are used in heavy-duty trucks and in small-sized passenger cars.

This product is designed for a natural gas-based engine and can start at low ambient temperatures. It also protects the engine from nitration or oxidation that often occurs in high-temperature combustion of LNG fuels.

Vehicle Type Insights:

Over the past decade, consumer preferences have changed in the passenger vehicle sector of advanced economies such as North America and Europe.

The desire of consumers to buy vehicles that emit less carbon dioxide, use less fuel and provide exceptional performance is changing and has led to substantial foreign investment in the sector to create a product that meets current market demand.

In 2021, the passenger cars segment accounted for 35% of all revenue, attributed to growing disposable income and a rapidly growing urban population.

Heavy-duty vehicles ranked second in revenue and were expected to record the highest CAGR at 3.7% during the forecast period. This growth can be attributed to increasing urbanization, which has increased off-highway construction vehicle usage.

Manufacturers of engine oil are developing products to reduce emissions. These products are compliant with BSIV compliance on heavy-duty trucks that use modern Selective Catalytic Reduction engines.

The soot produced by lighter engines is usually lower than its heavier counterparts. Heavy-duty engines require more detergents and dispersant additives because they require longer oil drain intervals.

The product’s utility can be applied to all vehicles and can be adapted by customers according to their vehicle application preferences.

Key Market Segments:

Engine Type:

• Gasoline
• Diesel
• Alternative Fuels

Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Heavy-Duty Vehicles

Regional Analysis:

The largest revenue share, at over 40%, was held by the Asia Pacific region in 2021. This growth can be associated with the large consumer base and the increasing production and consumption in countries such as China.

Product formulators like Total are investing more in the Asia Pacific region to tap this growing market. Automotive Multinationals in the region are investing heavily in digitizing production facilities to speed up output delivery.

China is rapidly progressing in automation and robotics, with significant automakers investing heavily in this market. The interval between an oil change is a substantial factor in the product’s success in China and the Asia-Pacific.

The oil change takes place at approximately 30,000 km in regions like Europe and America for ordinary passenger cars.

North America was the second-largest regional segment in terms of revenue in 2021. It is expected to see a CAGR in the following years of 2.9%. This growth can be attributed to the growing demand for commercial vehicles in the E-Commerce and the logistics industry.

Due to its high fuel economy and lower carbon emissions, the country uses significant diesel fuel. According to the U.S. Department of Energy, there have been high sales of diesel-powered vehicles on-road instead of diesel-fuel-driven vehicles.

Кеу Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Key Companies & Market share Insights:

The primary raw materials used in the product’s manufacture are base oil and additives. ExxonMobil, Royal Dutch Shell, and other manufacturers produce their base oils to integrate production vertically. Most manufacturers are integrated at different stages of each value chain stage.

There are three types of distribution channels available in the market: direct supply agreements to industrial customers, third-party distribution channels, and the company’s distribution network.

End consumers are increasingly entering into direct supply agreements to ensure uninterrupted supply and cost savings for the future. Because of the large number of multinational companies that consume variable amounts of the product, third-party logistics is a worldwide phenomenon.

Кеу Маrkеt Рlауеrѕ іnсludеd іn thе rероrt:

• Valvoline
• Wurth Group
• Castrol
• ExxonMobil
• Total
• Eni GmbH
• Amsoil Inc.
• Petronas
• Fuchs Petrolub
• Chevron Group
• Other Key Players

For the Automotive Engine Oil Market research study, the following years have been considered to estimate the market size: