The global automotive oil market is expected to reach a valuation of USD 53,523.0 million in 2023. The market is projected to showcase a CAGR of 2.6% from 2023 to 2033 and is estimated to be valued at USD 69,185.3 million by 2033.
| Attributes | Key Statistics |
|---|---|
| Global Automotive Oil Market Estimated Size (2023E) | USD 53,523.0 million |
| Projected Market Valuation (2033F) | USD 69,185.3 million |
| Value-based CAGR (2023 to 2033) | 2.6% |
| Collective Value Share: Top 3 Countries (2023E) | 44.7% |
The automotive oil market is mainly influenced by the rising need for conventional oil owing to its cost-effectiveness, as compared to modern lubricants. The high popularity of synthetic automotive lubricants can be attributed to their superior performance and long-lasting protection.
The global automotive oil market is estimated to hold around 30% - 35% of the share in the global lubricants market over the assessment period. In terms of consumption, East Asia remains the prominent region in the automotive oil industry.
Key Drivers Augmenting the Sales of Automotive Oil:
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Need for Corrosion Protection and Engine Efficiency:
Internal combustion engines are frequently lubricated with engine oils, which are primarily made up of 75%-90% of basic oils and 10%-25% of additives. These additives are extensively used in the automobile and other transportation sectors worldwide.
Engine efficiency, corrosion protection, and reduced wear and tear are the three main benefits of utilizing engine oil. These oils work by forming a thin coating between the moving parts to improve heat transfer and lessen strain when the parts come into contact.
Further, in 2022, vehicle sales were higher across major regions globally. China held its position as the world's largest and best-performing single-country auto market, with sales rising 6.6% to more than 21 million vehicles.
The aforementioned factors are expected to have a positive impact on the engine oil market in the next ten years.
Key Opportunities Present in Automotive Oil Industry:
The global market for automotive oil is set to witness a CAGR of 2.6% over the forecast period of 2023 and 2033. Ongoing innovations and breakthroughs in the automotive industry to satisfy various consumer needs, including extending the life of engines, decreasing carbon footprint, providing low-viscosity engine oils to enhance fuel economy, and changing vehicle pollution criteria established by various government entities, are expected to drive growth.
The lubricating oil sector is expected to showcase a higher growth rate owing to surging technological advancements and increasing public and private investments. One of the key factors propelling growth in the automotive engine oil market is the expansion of the automotive sector globally.
Spark plugs are widely used in the electrical, marine, and aerospace industries, which is augmenting the market. Rising disposable income, government legislation for automotive engine oil, and expansion of the automotive aftermarket are also driving growth in the automotive engine oil industry.
| Attributes | Details |
|---|---|
| Historical CAGR % (2018 to 2022) | 0.9% |
| Forecast CAGR % (2023 to 2033) | 2.6% |
Principal Consultant
Presence of Several Oil Motor Car Manufacturers in the United States to Aid Growth
| Country | The United States |
|---|---|
| CAGR % (2023 to 2033) | 1.9% |
| Market Value % (2023) | 15.6% |
The United States is expected to remain one of the leading markets for automotive oil worldwide. The country is set to account for a significant share of the global automotive oil market in the evaluation period. The presence of many vehicle users, as well as leading companies and key automotive technology providers in the United States, are positively influencing market growth.
The United States is anticipated to witness a CAGR of 1.9% in the coming decade. It has recorded high sales of on-road diesel fuel-powered vehicles, as compared to off-road diesel fuel-driven vehicles, as per the United States Department of Energy. The country uses a substantial amount of diesel fuel, as compared to gasoline or natural gas alternatives, due to its high fuel economy and lower carbon emissions.
Advancements in Terms of Automation to Boost Sales of Grease Oil for Cars in China
| Country | China |
|---|---|
| CAGR % (2023 to 2033) | 2.8% |
China is expected to remain one of the foremost consumers of automotive oil globally owing to the production of a large number of vehicles in the country. China is expected to witness a CAGR of about 2.8% over the period of 2023 and 2033.
The country has invested significant resources in developing automotive oil. China is rapidly advancing in terms of automation and robotics, with major automotive manufacturers investing heavily in the market.
Future Market Insights estimated that China is one of the key countries in East Asia and is likely to account for more than 70% of the share in the region.
Diesel Car Engine Oil Additives to Gain Traction in the Market
| Segment Name | Diesel |
|---|---|
| Market Share % (2023) | 56.6% |
The diesel segment is set to account for the highest revenue share of over 56.6% in 2023. Growth is attributed to its significantly better anti-wear load, which is often zinc dialkyl dithiophosphate (ZDDP).
The diesel engine has a relatively higher viscosity and more additives to produce higher performance than gasoline or natural gas-powered engines. Castrol, EAutomotive OilonMobil, and Royal Dutch Shell are some of the leading manufacturers of diesel engines worldwide. As per FMI, the segment is projected to grow at a CAGR of 2.2% over the forecast period.
Light Commercial Vehicle Owners to Look for Lubricating Car Oil
The light commercial vehicle segment is set to generate a significant market revenue share of around 35% in the next decade, says FMI. Rising disposable income and rapid urbanization worldwide are expected to fuel demand for light commercial vehicles.
Increased leisure and travel activities around the world in recent years have propelled the demand for SUVs. The light commercial vehicle segment is expected to witness a CAGR of about 2.3% in the upcoming decade.
Automotive Owners to Demand Synthetic Motor Car Engine Oil
The synthetic-based grade is the second-most widely produced oil commodity around the world and holds about 35% of the share in the automotive oil market. Mineral-based engine oil is set to be replaced with synthetic automobile engine oil.
Alpha-olefins and short-chain hydrocarbon molecules are polymerized into poly alpha-olefins and long-chain hydrocarbon polymers to create synthetic engine oil. Developed countries like North America and Europe are exhibiting high demand for synthetic oil as it shares chemical similarities with mineral oils that have been refined from crude oil.
Synthetic engine oil has various benefits, including increased fuel efficiency, lower oil use, and longer intervals between oil changes. Additionally, synthetic-based oils offer an extended service life owing to the vehicle’s longer overhaul times.
Synthetic oils are more cost-effective when utilized in gear applications, air compressors, turbochargers, and engines. Some systems may require frequent oil changes due to outside contamination (water and/or dirt) rather than lubricant breakdown. Synthetic oils are also considered to be an ideal lubricant for use in extremely cold or hot working temperatures.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Leading players in the global automotive oil market are focusing on expanding their presence to cater to the growing demand across the globe. Their expansion strategy includes collaborations and the development of new facilities in emerging economies. They are also investing in research and innovations for new product development and increasing applications of automotive oil for various industrial verticals.
For instance:
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 53,523.0 million |
| Projected Market Valuation (2033) | USD 69,185.3 million |
| Value-based CAGR (2023 to 2033) | 2.6% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available For | 2018 to 2022 |
| Market Analysis | Value (USD Million) and Volume (Kilo Tons) |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; the Middle East & Africa |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Germany, Italy, France, the United Kingdom, Spain, BENELUX, Russia, China, Japan, South Korea, ASEAN, ANZ, GCC Countries, Northern Africa, South Africa, and India |
| Key Segments Covered | Grade, Engine Type, Application, and Region |
| Key Companies Profiled | Dutch Shell; Valvoline; BP; EAutomotive OilonMobil; Total; Fuchs Petrolub; Petronas; Chevron Corporation; Ebi Gmbh; Castrol India; Philips 66; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global market size is expected to reach USD 69,185.3 million by 2033.
Growing demand for engine efficiency and corrosion protection is the top trend in the market.
Players opt for collaborations and new product development.
BP, Valvoline, and Philips 66 are the key market players.
Soaring demand for conventional oil is driving automotive oil.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Grade 5.1. Mineral 5.2. Synthetic 5.3. Semi-Synthetic 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Engine Type 6.1. Diesel 6.2. Petrol 6.3. Alternative Fuel 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Passenger Vehicle 7.2. Heavy Commercial Vehicle 7.3. Light Commercial Vehicle 7.4. Two Wheelers 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Dutch Shell 18.2. Valvoline 18.3. BP 18.4. ExxonMobil 18.5. Total 18.6. Fuchs Petrolub 18.7. Petronas 18.8. Chevron Corporation 18.9. Ebi Gmbh 18.10. Castrol India 18.11. Philips 66 19. Assumptions & Acronyms Used 20. Research Methodology
Explore Chemicals & Materials Insights
View Reports
Automotive Oil Market
