Automotive Engine Oil Market Size to be Worth USD 64.8 billion by 2031, Growing 1.9% CAGR: Insights from Transparency Market Research, Inc.
Changing consumer behavior and preferences in vehicle maintenance influence the demand for automotive engine oil.
Wilmington, Delaware, United States, Feb. 23, 2024 (GLOBE NEWSWIRE) -- *Transparency Market Research Inc. - *The global *automotive engine oil market* is estimated to rise *at a CAGR of 1.9 %* from 2022 to 2031. Transparency Market Research projects that the overall sales revenue for automotive engine oil is estimated to reach *US$ 64.8 billion* by the end of 2031.
The development of nano-engineered lubricants incorporating nanoparticles enhances lubricant properties such as wear resistance, thermal stability, and friction reduction, contributing to longer engine life and improved efficiency.
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*Some prominent players are as follows:*
· Royal Dutch Shell plc
· Pentagon Lubricants Private Limited
· Leo Lubricants Pvt. Ltd.
· DANA LUBRICANTS FACTORY LLC
· Castrol Limited
· HINDUJA GROUP
· GP Petroleums Ltd.
· Saudi Arabian Oil Co.
· Total S.A
· Gazprom
· ROSNEFT
· LUKOIL oil Company
· Exxon Mobil Corporation
· Chevron Corporation
· Sinopec Lubricant Company
· JIANGSU LOPAL TECH. CO. LTD.
Integration of digital platforms and IoT technologies in automotive maintenance facilitates real-time monitoring of engine performance and oil condition. Predictive analytics and remote diagnostics optimize oil change intervals, reducing downtime and enhancing operational efficiency.
Customized additive solutions tailored to specific engine requirements and operating conditions offer enhanced performance and protection against wear, oxidation, and corrosion, addressing diverse customer needs and preferences.
Increasing emphasis on sustainability drives research into renewable and sustainable sources for base oils and additives. Bio-based lubricants derived from plant oils and synthetic sources reduce environmental impact while maintaining performance standards.
*Key Findings of the Market Report*
· Fully-synthetic oil leads the automotive engine oil market due to its superior performance, extended engine life, and increasing consumer preference.
· Gasoline engines lead the automotive engine oil market due to their widespread use in passenger vehicles and lighter weight applications.
· The 5W-30 grade stands as the leading segment in the automotive engine oil market, favored for its versatility and widespread compatibility.
*Automotive Engine Oil Market Growth Drivers & Trends*
· Growing vehicle sales globally, particularly in emerging markets, drive demand for automotive engine oil, fostering market growth and aftermarket opportunities for lubricant manufacturers.
· Increasing focus on emissions reduction and fuel efficiency stimulates demand for eco-friendly and energy-efficient engine oils, promoting innovation and sustainability in the market.
· Ongoing research and development efforts lead to the formulation of advanced engine oils tailored to meet evolving engine specifications, enhancing performance, and prolonging engine life.
· Rising awareness about the benefits of synthetic oils, including superior thermal stability and extended drain intervals, prompts consumers to switch from conventional to synthetic lubricants.
· Stringent emission regulations and industry standards necessitate the use of high-quality engine oils that meet specific performance criteria, driving adoption and market growth.
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*Global Automotive Engine Oil Market: Regional Profile*
· *North America* stands as a mature market driven by stringent emission regulations and a robust automotive aftermarket. Major oil companies like ExxonMobil and Chevron dominate this region, offering a wide range of synthetic and conventional engine oils tailored to meet stringent performance standards.
· *In Europe*, stringent emission norms and a strong automotive industry drive demand for high-quality engine oils. Companies like TotalEnergies and BP Castrol lead innovation, emphasizing environmental sustainability and fuel efficiency. The rise of electric vehicles prompts a shift towards specialized lubricants for hybrid and electric powertrains.
· The *Asia Pacific* region, with its burgeoning automotive sector and rapid urbanization, presents immense growth opportunities. Countries like China and India witness robust demand for engine oils fueled by increasing vehicle sales and industrialization. Local players such as PetroChina and Sinopec bolster market competition, catering to diverse consumer needs and preferences.
*Automotive Engine Oil Market: Competitive Landscape*
The competitive landscape of the automotive engine oil market is marked by intense rivalry and dynamic shifts driven by technological advancements and evolving consumer preferences. Key players such as Shell, ExxonMobil, and Chevron dominate the market with extensive product portfolios and global reach. Regional players like Valvoline and TotalEnergies also assert their presence with specialized offerings.
Emerging trends like synthetic and bio-based lubricants reshape competition dynamics, prompting companies to invest in research and development. Market consolidation, strategic alliances, and a focus on sustainability further characterize this competitive arena, where innovation and agility are paramount for market leadership.
*Product Portfolio*:
· *Castrol Limited* offers a diverse product portfolio, delivering innovative lubricants and fluids tailored for automotive, industrial, and marine applications. Renowned for their cutting-edge formulations and commitment to performance excellence, Castrol's solutions ensure optimal machinery efficiency and reliability across various sectors worldwide.
· *GP Petroleums Ltd*. presents a comprehensive product portfolio comprising high-quality lubricants and specialties for automotive, industrial, and marine sectors. With a focus on advanced technology and environmental sustainability, GP Petroleums' solutions ensure superior performance, longevity, and reliability for diverse applications in the lubricants industry.
*Automotive Engine Oil Market: Key Segments*
*By Engine Oil Type*
· · Mineral Oil
· Semi-synthetic Oil
· Fully-synthetic Oil
*By Engine Type*
· · Gasoline Engine
· Diesel Engine
· Alternative Engine
*By Grade of Engine Oil*
· · 5W-20
· 5W-30
· 5W-40
· Others
*By Vehicle Type*
· · Two Wheelers
· Three Wheelers
· Passenger Vehicles
· Hatchback
· Sedan
· Utility Vehicle
· Light Commercial Vehicles
· Heavy Duty Trucks
· Buses & Coaches
*By Sales Channel*
· · OEM
· Aftermarket
* By Region*
· North America
· Europe
· Asia Pacific
· Middle East & Africa
· South America
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* About Transparency Market Research*
*Transparency Market Research*, a global *market research company* registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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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