Automotive Engine Oil Global Market Report 2024

Automotive engine oil is a specialized lubricant used to reduce friction and perform various functions within a vehicle's engine. Its key functions include lubrication, cleaning, and cooling of internal engine parts. The engine oil helps ensure smooth operation and longevity of the engine.

The main grades of automotive engine oil include mineral, synthetic, and semi-synthetic. Mineral oil is derived from conventional petroleum and is processed to function effectively across a wide temperature range, making it suitable for general commuter use. Synthetic oil is artificially engineered for optimal performance, while semi-synthetic oil combines both mineral and synthetic components. Different types of engines, such as gasoline, diesel, and those using alternative fuels, utilize various technologies, including premium conventional engine oil, fully synthetic engine oil, synthetic blend engine oil, and higher mileage engine oil. Automotive engine oil is employed in a range of applications, including passenger vehicles, light commercial vehicles (LCV), heavy commercial vehicles (HCV), two-wheelers, and others.

The automotive engine oil market research report is one of a series of new reports that provides automotive engine oil market statistics, including automotive engine oil industry global market size, regional shares, competitors with an automotive engine oil market share, detailed automotive engine oil market segments, market trends and opportunities, and any further data you may need to thrive in the automotive engine oil industry. This automotive engine oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive engine oil market size has grown strongly in recent years. It will grow from $41.47 billion in 2023 to $43.81 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The historical growth of the automotive engine oil market can be attributed to factors such as the rise in car ownership, expansion of the automotive industry, increasing urbanization, and heightened consumer awareness regarding vehicle maintenance.

The automotive engine oil market size is expected to see strong growth in the next few years. It will grow to $54.12 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The forecasted growth in the automotive engine oil market can be attributed to the increasing adoption of electric vehicles, stringent emission standards, advancements in engine technologies, the use of sustainable and bio-based lubricants, and the digitalization of automotive maintenance. Notable trends in the forecast period include the prevalence of synthetic engine oils, the integration of nanotechnology in lubricants, extended oil change intervals, a focus on fuel efficiency, and the implementation of a circular economy in oil production.

The escalating demand for carrier vehicles among small and medium-scale enterprises stands as a pivotal driver fueling the expansion of the automotive engine oil market. These carrier vehicles, characterized as lightweight commercial vehicles utilized for transporting goods, are witnessing increased global production rates. This surge in lightweight commercial vehicle manufacturing inherently amplifies the need for automotive engine oil designated for these vehicles. As evidenced by the International Organization of Motor Vehicle Manufacturers, the production of light commercial vehicles surged from 11.84 million vehicles in Q1-Q3 of 2020 to 13.72 million vehicles in Q1-Q3 of 2021, thereby propelling the automotive engine oil market.

The upswing in vehicle production serves as a major catalyst propelling the automotive engine oil market forward. With an increasing number of vehicles traversing roads, the necessity for maintenance and repairs escalates. Engine oil, being a consumable product requiring regular replacement, witnesses heightened demand corresponding to the burgeoning vehicle count. Notably, around 85.4 million motor vehicles were produced globally in 2022, reflecting a 5.7% increase compared to 2021. Consequently, the upward trajectory in vehicle production forecasts a concurrent surge in demand for automotive engine oil in the foreseeable future.

Advancements in technology have emerged as a prominent trend shaping the automotive engine oil market landscape. Leading companies within this sector are actively driving progress in energy-efficient engine oil formulations to cater to evolving consumer demands. For instance, in May 2023, Uno Minda, an India-based manufacturer specializing in proprietary automotive solutions and systems, unveiled its BS VI-compliant automotive engine oils tailored for two-wheelers in the aftermarket. This strategic move aligns with addressing the escalating demand for energy-efficient engine oils within the automotive industry, meeting consumer expectations for high-performance lubricants for their vehicles.

Key players within the automotive engine oil market are prioritizing the development of innovative products to meet the escalating demand across both passenger car and commercial vehicle segments. These companies are actively introducing engine oil formulations compliant with the latest regulations and tailored to suit the requirements of new-generation engines. For instance, in April 2023, Brakes India, an India-based braking systems supplier, unveiled its newest engine oil, Revia. The Revia 15W40 CK4 engine oil complies with the latest BS6 (Bharat Stage 6) standards and is engineered to meet the demands of modern engines. Featuring advanced additives such as HyperZDP technology specifically designed for passenger cars and turbo boosters optimized for commercial vehicles, Revia engine oil is geared to enhance engine durability and performance significantly.

In May 2023, AMSOIL INC., a US-based leader in synthetic lubricant technology, completed the acquisition of Milwaukee-based Benz Oil. Established in 1898, Benz Oil specializes in the development, manufacturing, and supply of industrial and metalworking fluids. With this acquisition, Benz Oil becomes a part of AMSOIL, integrating within the AMSOIL Industrial business unit. This strategic move aligns with AMSOIL's objective of expanding its portfolio and strengthening its position within the industrial and automotive lubricant markets by incorporating Benz Oil's expertise and product offerings.

Major companies operating in the in the automotive engine oil market report are Exxon Mobil Corporation, Valvoline Inc., Fuchs Petrolub SE, Castrol Ltd., Shell plc, Chevron Corporation, BP plc, TotalEnergies SE, Sinopec Group, Motul SA, Petroliam Nasional Berhad, Pentagon Lubricants, Eni SpA, Hinduja Group, Saudi Arabian Oil Co., PetroChina Company Limited, Idemitsu Kosan Co. Ltd., JXTG Nippon Oil & Energy Corporation, Lukoil Oil Company, Phillips 66 Company, Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Petronas Lubricants International Sdn Bhd, Caltex Australia Petroleum Pty Ltd., SK Lubricants Co. Ltd., Repsol SA, PTT Public Company Limited, PT Pertamina, Gazprom Neft

Asia-Pacific was the largest region in the automotive engine oil market in 2023. The regions covered in the automotive engine oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the automotive engine oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The automotive engine oil market consists of sales of conventional motor oil, high-mileage engine oil, synthetic motor oil, and synthetic blend motor oil. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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