Automotive Engine Oil Market – Global Industry Analysis and Forecast (2022-2029)

The Automotive Engine Oil Market is anticipated to reach US$ 59.60 Bn by 2029 from US$ 45.54 Bn in 2021 at a CAGR of 3.42 % during a forecast period.

Automotive engine oil is the fuel used to keep the vehicle's components lubricated. It assists in The oil in a car engine forms a lubricating coating on all metallic components, allowing them to glide over one another more easily and minimising friction. Small dust and debris, as well as other impurities contained in vehicle fuels, are removed by engine oil. It also maintains the distance between the engine and the cylinder walls, resulting in more efficient fuel combustion. It also polishes all of an electrical motor's functioning components to prevent them from corrosion.To know about the Research Methodology:-Request Free Sample Report

In the report, 2021 is considered a base year however 2021’s numbers are on the real output of the companies in the market. Special attention is given to 2021 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Automotive Engine Oil Market Dynamics
One of the major reasons fuelling the growth of the automotive engine oil market is the increasing number of automobiles in use. By the end of 2009, the worldwide automobile population had exceeded one billion. The worldwide car population was estimated to be over 1.4 billion units by the end of 2022. Vehicles in use have surged by over 40% in the previous few years, according to statistics (compared to 2009). This is due to the rising rate of motorization, which is expected to exceed 200 thousand persons in 2022. Also, the increasing vehicle life is a major factor in boosting the vehicle population.

Petroleum hydrocarbons, which are crude oil derivatives, are used to make automotive engine oil. As a result, the cost of vehicle engine oil is determined by the cost of crude oil and derivatives. The global crude oil market saw unexpected price variations in 2021-2022. The quarterly averages of crude oil have fluctuated in the previous four quarters, according to The World Bank Group. Such swings in crude oil prices are posing a hurdle to the market's growth.
Automotive Engine Oil Market Segmentation Analysis
By Engine Type, to improve fuel economy and minimize carbon emissions, European governments are focused on the development of new diesel engines. Additionally, hybrid and electric vehicle (EV) manufacturers are always performing research and development in order to produce new models. Through investment and incentive programs, Germany's government is supporting the manufacture and encouraging the usage of electric vehicles. It also adopted a 2030 deadline for combustion engine cars to be phased out. Over the forecast period, demand for alternative fuel engine oils in Germany is expected to grow at a CAGR of 3.7 percent, which is greater than demand for gasoline and diesel-fuelled engine oils.
Automotive Engine Oil Market Regional Insight
During the forecast period, APAC will account for 48 percent of market growth. In APAC, China, Japan, and India are the most important markets for vehicle engine oil. The market in APAC will increase at a quicker rate than the market in other regions. Over the forecast period, rising consumer awareness of the benefits of utilizing synthetic oil in vehicles will aid the expansion of the APAC automotive engine oil market. This market research study includes thorough information on competitor intelligence, marketing gaps, and geographical potential for suppliers, all of which will assist in the design of effective business plans.

The automotive engine oil industry in the Asia Pacific is being propelled by rising demand for goods transporters from medium, small, and micro-sized businesses, rising movement due to the expansion of Satellite Townships near megacities, rising ambition to own private means of transportation, rising middle class, rising per capita earnings, and the emerging set up of surface transportation. The burgeoning aftermarket for vehicles in Europe and North America, as well as the developing culture of Do It Yourself (DIY), are fuelling the growth of automotive engine oil in these two regions' retail sectors.
Report Objectives:
• Landscape analysis of the Automotive Engine Oil Market
• competitive benchmarking
• Past and current status of the industry with the forecasted market size and trends
• Evaluation of potential key players that include market leaders, followers, and new entrants
• Technology trends
• The potential impact of micro-economic factors on the market
• External and Internal factors affecting the market have been analyzed
The report also helps in understanding the Automotive Engine Oil Market dynamics, structure by analysing the market segments project the Automotive Engine Oil Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Automotive Engine Oil Market make the report investor’s guide.
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Automotive Engine Oil Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2021-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 45.54Bn.


Forecast Period 2021 to 2029 CAGR:
3.42%
Market Size in 2029:
US $ 59.60 Bn.


 Segments Covered:
by Grade
• Mineral
• Semi-synthetic
• Fully-synthetic


by Engine Type
• Gasoline
• Diesel
• Alternative Fuel


by Vehicle Type
• Passenger Cars
• Light Commercial Vehicles
• Heavy-Duty Vehicles



Automotive Engine Oil Market by Region
• North America
• Asia pacific
• Europe
• The Middle East and Africa
• South America
Automotive Engine Oil Market Key Players
• Ashland Inc.
• Castrol Limited
• Chevron Corporation
• DANA Lubricants Factory LLC
• Exxon Mobil Corporation
• FUCHS PETROLUB SE
• GP Petroleums Ltd
• Hinduja Group Ltd.
• Motul
• Panama Petrochem Ltd.
• Pentagon Lubricants Private Limited
• Perstorp Holding AB
• Petroleum Nasional Berhad
• Royal Dutch Shell PLC

Frequently Asked Questions:

1. Which region has the largest share in Global Automotive Engine Oil Market?
Ans: Asia Pacific region held the highest share in 2021.

2. What is the growth rate of Global Automotive Engine Oil Market?
Ans: The Global Automotive Engine Oil Market is growing at a CAGR of 3.42% during forecasting period 2022-2029.

3. What is scope of the Global Automotive Engine Oil market report?
Ans: Global Automotive Engine Oil Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Automotive Engine Oil market?
Ans: The important key players in the Global Automotive Engine Oil Market are – Ashland Inc., Castrol Limited, Chevron Corporation, DANA Lubricants Factory LLC, Exxon Mobil Corporation, FUCHS PETROLUB SE, GP Petroleums Ltd, Hinduja Group Ltd., Motul, Panama Petrochem Ltd., Pentagon Lubricants Private Limited, Perstorp Holding AB, Petroleum Nasional Berhad, Royal Dutch Shell PLC, and

5. What is the study period of this market?
Ans: The Global Automotive Engine Oil Market is studied from 2021 to 2029.