Global Automotive Engine Oil Market to Grow with a CAGR of 4.5% through 2028

Rise in the Vehicle Ownership and Production Trends and the evolving engine technologies is driving the Global Automotive Engine Oil Market in the forecast period 2024-2028.

 

According to TechSci Research report, “Automotive Engine Oil Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Automotive Engine Oil Market stood at USD 17.72 billion in 2022 and is anticipated to grow with a CAGR of 4.5% in the forecast period, 2024-2028. The global automotive engine oil market is a vital segment of the automotive industry, playing a pivotal role in ensuring the efficient operation and longevity of internal combustion engines. Engine oil serves as a lubricant, reducing friction between moving parts, while also acting as a coolant, dissipating heat generated during combustion. The market for automotive engine oil is influenced by a myriad of factors, including technological advancements, stringent environmental regulations, shifting consumer preferences, and changes in vehicle ownership patterns.

One of the prominent trends in the automotive engine oil market is the continuous evolution of engine technology. Modern engines feature innovations such as downsized designs, turbocharging, direct fuel injection, and hybrid powertrains. These advancements pose unique challenges for engine oil formulations, requiring oils that provide superior protection, improved thermal stability, and reduced friction. As automakers push for more fuel-efficient and environmentally friendly engines, engine oil manufacturers must keep pace by developing products tailored to meet the demands of these advanced power plants.

Stringent environmental regulations also significantly impact the market. Governments worldwide are imposing strict emissions standards to reduce carbon emissions and improve fuel efficiency. This drive toward cleaner and greener vehicle necessitates the development of low-viscosity engine oils that reduce internal friction and enhance fuel economy. Engine oil formulations must adapt to these evolving standards, making it essential for manufacturers to invest in research and development to meet these environmental requirements.

Consumer awareness of the importance of regular engine maintenance, including oil changes, has grown significantly. Automakers and engine oil producers have launched educational campaigns to inform consumers about the benefits of using the right engine oil and adhering to recommended service intervals. This heightened awareness has contributed to an increase in the demand for high-quality engine oils, particularly synthetic and semi-synthetic variants. Consumers now recognize that investing in premium engine oil can translate into longer engine life and reduced long-term maintenance costs. Furthermore, the market for high-mileage engine oils has witnessed growth. With more vehicles on the road exceeding 100,000 miles, there is a demand for engine oils specially formulated for older vehicles with higher mileage. These oils often contain additives to protect against engine wear, reduce oil consumption, and extend the engine's lifespan.

The global automotive engine oil market is a dynamic and evolving sector within the automotive industry. It is shaped by factors such as advancements in engine technology, environmental regulations, consumer awareness, and changing vehicle ownership patterns. As the industry continues to adapt to new challenges and opportunities, engine oil formulations and consumer preferences will likely continue to evolve, influencing the market's direction and growth.

 

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North America, encompassing the United States and Canada, represents a mature yet dynamic market for automotive engine oil. In this region, there is a strong emphasis on environmental regulations aimed at reducing emissions and improving fuel efficiency. As a result, low-viscosity synthetic engine oils are prevalent, especially in newer vehicles. The market is characterized by a well-informed consumer base, aware of the importance of engine oil quality and regular maintenance. Major oil companies and automakers collaborate to educate consumers about the use of high-quality engine oils, extending engine life and optimizing performance. The region's embrace of electric and hybrid vehicles has also spurred innovation in engine oil technologies to cater to these alternative powertrains.

Europe is at the forefront of the transition to low-emission vehicles, significantly influencing the engine oil market. The European Union's stringent emissions standards drive the adoption of low-viscosity engine oils to improve fuel efficiency and reduce CO2 emissions. Germany, a hub for leading automakers, plays a pivotal role in advancing engine oil technology. European consumers are well-informed about the importance of quality engine oils, with a growing preference for synthetic and semi-synthetic products. The region also witnesses investments in research and development to formulate engine oils catering to the specific needs of high-performance European vehicles.

Asia-Pacific, including countries such as China, Japan, South Korea, and emerging markets, is a dynamic and rapidly growing region for the automotive engine oil market. China stands out as the world's largest automotive market, experiencing significant growth in engine oil demand driven by increasing vehicle ownership and environmental concerns. The Chinese government's support for electric vehicles (EVs) has influenced the market, with a focus on engine oils for hybrid and EVs. Japan continues to innovate in engine oil technology, particularly in the development of low-viscosity oils. South Korea's automotive giants are also investing in advanced engine oil formulations. The Asia-Pacific region features a mix of consumer preferences, with a growing demand for synthetic engine oils and a keen interest in eco-friendly products.

South America's automotive engine oil market reflects diverse economic conditions and consumer preferences. Conventional engine oils remain prevalent in many countries, with a gradual shift toward synthetic and semi-synthetic options, particularly in urban areas with stricter emissions regulations. Economic factors, such as fuel prices, play a crucial role in shaping engine oil choices in this region. The market also reflects the region's growing interest in high-mileage engine oils as vehicle ownership patterns evolve.

The Middle East and Africa showcase diverse economic conditions and automotive markets. These regions have traditionally been dominated by conventional engine oils due to the availability of low-cost crude oil. However, there's a growing interest in synthetic engine oils, driven by consumer awareness of the benefits of improved engine protection and fuel efficiency. As economic conditions improve, consumers are increasingly opting for higher-quality engine oils. Additionally, the region's extreme climate conditions create demand for engine oils designed to perform effectively in hot and arid environments.

 

Major companies operating in Global Automotive Engine Oil Market are:

• BP PLC (Castrol)
• Chevron Corporation
• China National Petroleum Corporation
• China Petroleum & Chemical Corporation
• ENEOS Corporation
• ExxonMobil Corporation
• Idemitsu Kosan Co. Ltd
• Royal Dutch Shell PLC
• Total Energies
• Valvoline Inc.

 

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 “The global automotive engine oil market reveals the industry's continuous adaptation to technological advancements, environmental regulations, and shifting consumer expectations. Experts emphasize the pivotal role of engine oil in the efficient operation of internal combustion engines, underscoring its significance in extending engine life, improving performance, and reducing emissions. They recognize the growing demand for low-viscosity engine oils driven by environmental concerns and the quest for enhanced fuel efficiency. Furthermore, experts stress the importance of consumer education regarding engine oil quality and regular maintenance practices. The global automotive engine oil market is poised for further evolution, with ongoing research and development efforts aimed at formulating engine oils tailored to meet the specific demands of modern engines and emerging powertrain technologies, including electric and hybrid vehicles,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Global Automotive Engine Oil Market Segmented Vehicle Type (Commercial Vehicles, Two-Wheelers, Passenger Cars), By Demand Category (OEM and Replacement), By Regional, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Automotive Engine Oil Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Automotive Engine Oil Market.

 

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