The global automotive oil market is anticipated to reach a valuation of US$ 68,279.6 Million by the end of 2032. The market is directly impacted by expansion of the automotive industry. Automotive oil is the most commonly used lubricant in vehicles. They ensure that vehicles run smoothly and thus automotive oils and lubricants are essential components of the automobile industry.
The market will profit from rising demand for automotive oils due to increasing need for vehicles across the globe. Engine lubrication materials like automotive oils help in boosting a vehicle’s performance. Its main functions are to reduce friction and remove gunk from engines. It also keeps the engine cool to ensure optimum functioning.
The automotive oil market is evolving as a result of rising consumer demand for high-performing, high-quality oil that will improve fuel efficiency and engine performance. The market is also expected to be supported by increasing usage of passenger cars and commercial vehicles, as well as rapid expansion of the transportation sector in emerging economies.
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“Urgent need to extend the life of engines, stringent vehicle pollution norms established by various government agencies, and production of low-viscosity engine oils to enhance fuel economy are anticipated to drive the global market,” says a FMI analyst.
Key Takeaways: Automotive Oil Market
- The global market for automotive oil is projected to exhibit a CAGR of 2.7% between 2022 and 2032.
- By grade, the mineral segment is expected to remain at the forefront and is estimated to account for about 45.7% of the global automotive oil market share by 2032.
- By application, the light commercial vehicle segment is set to exhibit about 35% of the automotive oil market share by 2032.
- Based on engine type, the diesel segment is estimated to grow at a CAGR of 2.2% over the forecast period.
- China is likely to dominate the East Asia automotive oil market and is set to account for more than 70% of share in the region.
Competitive Landscape: Automotive Oil Market
The market of automotive oil is estimated to be consolidated in nature and key players are expected to account for a considerable share of the market. Some of the top manufacturers include Dutch Shell, Valvoline, BP, ExxonMobil, Total, Fuchs Petrolub, Petronas, Chevron Corporation, Eni Gmbh, Castrol India, and Phillips 66 among others.
Key players are currently focusing on expanding their production capacities to increase their market presence all over the globe and to gain maximum revenue. Top players are also investing huge sums in innovating their existing product lines.
More Valuable Insights on the Automotive Oil Market
In its latest report, Future Market Insights offers an unbiased analysis of the global automotive oil market, and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on grade, engine type, application, and region.
Automotive Oil Market Outlook by Category
By Grade:
- Mineral
- Synthetic
- Semi-Synthetic
By Engine Type:
- Diesel
- Petrol
- Alternative Fuel
By Application:
- Passenger Vehicle
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Two Wheelers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
- India