WASHINGTON, Aug. 23, 2023 (GLOBE NEWSWIRE) -- According to the Vantage Market Research The Global Automotive Oil Market had an estimated value of USD 37.58 Billion in 2020, and it is projected to reach USD 53.48 Billion by 2028, with a growth rate of 4.51% from 2021 to 2028. The increasing demand for automobiles worldwide is considered the primary driver of this growth, which consequently fuels the demand for automotive oil. As the automotive industry continues to expand, the market for automotive oil is expected to experience significant growth in the upcoming years.
The Automotive Oil Market stands as a critical segment within the broader automotive industry. This market centers around the production, distribution, and utilization of various types of oils, such as engine oils, transmission fluids, and hydraulic oils, crucial for the efficient functioning of vehicles. The driving factors of this market encompass the perpetual growth of the automotive sector, a surge in vehicle ownership, and increasing consumer awareness regarding the significance of regular maintenance to enhance the longevity of vehicles.
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Top Report Findings:
- Robust growth in the automotive sector drives consistent demand for automotive oils.
- Synthetic oils are projected to dominate the market due to their superior properties.
- Bio-based oils and smart oils are anticipated to gain substantial market share due to growing environmental concerns and technological advancements.
Top Companies in the Global Automotive Oil Market
- Shell
- Forte Oil PLC
- Total
- Oando Plc
- ExxonMobil
- Conoil Plc
- Chevron
- Castrol
- Engen.
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Market Dynamics:
The dynamics within the Automotive Oil Market are shaped by a convergence of influences. First and foremost, the escalating demand for vehicles worldwide plays a pivotal role. As vehicle ownership continues to rise, so does the necessity for adequate lubrication and maintenance, thereby fueling the demand for automotive oils. Moreover, the evolution of automotive technology has led to more specialized oil requirements, further diversifying the market. Stricter emission norms have also driven the need for high-performance oils, triggering innovation and competition among manufacturers to develop eco-friendly solutions.
Top Trends in the Automotive Oil Market:
- Shift towards Synthetic Oils: A discernible trend is the gradual shift from conventional mineral-based oils to synthetic variants. Synthetic oils offer superior lubrication properties, better temperature resistance, and improved fuel efficiency, aligning with the modern vehicle's demands.
- Focus on Sustainability: With environmental concerns on the rise, a trend emerges towards developing bio-based and eco-friendly oils that minimize the carbon footprint associated with oil production and disposal.
- Digital Integration: The integration of digital technologies in vehicle maintenance has spurred the growth of smart oils. These oils are designed to adapt to varying conditions and provide real-time feedback, enhancing engine performance and longevity.
- Customization for EVs: As electric vehicles gain traction, specialized oils catering to their distinct requirements, such as cooling of electric components, are becoming a focus area for manufacturers.
Global Automotive Oil Market Segmentation
By Grade Segment Analysis
- Mineral
- Semi-synthetic
- Fully-synthetic
Engine Type Segment Analysis
- Gasoline
- Diesel
- Alternative Fuel
Application Segment Analysis
- Passenger Car
- Commercial Vehicle
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Challenges:
The Automotive Oil Market isn't devoid of challenges. One major hurdle is the fluctuating prices of crude oil, as the cost of raw materials significantly impacts the final product cost. Ensuring compatibility with a wide range of vehicle types and models poses technical challenges for oil manufacturers. Additionally, the evolving landscape of electric vehicles raises questions about the future demand for traditional automotive oils.
Opportunities:
Amidst challenges lie opportunities for innovation and growth. The rising demand for bio-based oils presents a window for manufacturers to invest in sustainable solutions. Customized oils for electric vehicles open new avenues, and expanding into emerging markets promises untapped growth potential.
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Recent Development
- June 2023:
- Castrol launched its new engine oil, Castrol Magnatec Stop-Start, in India. The oil is designed for modern vehicles with stop-start technology.
- Shell announced that it is investing $1 billion in its lubricants business over the next five years. The investment will be used to expand production capacity, develop new products, and improve sustainability.
- July 2023:
- ExxonMobil launched its new Mobil 1 ESP Formula 5W-30 engine oil. The oil is designed for high-performance engines and is said to provide superior protection against wear and tear.
- Valvoline announced that it is expanding its manufacturing capacity in India. The expansion will allow the company to meet the growing demand for its products in the country.
- August 2023:
- TotalEnergies launched its new Quartz INEO Long Life 5W-30 engine oil. The oil is designed for gasoline and diesel engines and is said to provide up to 70% longer oil drain intervals.
- IndianOil announced that it is launching a new range of engine oils under its brand, Servo. The oils are designed for a variety of vehicles, including cars, trucks, and motorcycles.
Key Questions Answered in the Report:
- What are the primary factors driving the growth of the Automotive Oil Market?
- How are synthetic oils reshaping the market landscape?
- What role does sustainability play in the choice of automotive oils?
- How are digital technologies being integrated into modern automotive oils?
- What are the implications of evolving vehicle types, such as electric vehicles, on the demand for traditional oils?
- Which regions exhibit the highest growth potential for the Automotive Oil Market?
- What are the challenges associated with ensuring compatibility with various vehicle models?
- How do fluctuating crude oil prices impact the pricing of automotive oils?
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 37.58 Billion |
| Revenue Forecast by 2028 | USD 53.48 Billion |
| CAGR | 4.51% from 2022 to 2030 |
| Base Year | 2020 |
| Forecast Year | 2021 to 2028 |
| Key Players | ExxonMobil, Conoil Plc, Shell, Forte Oil PLC, Total, Oando Plc, Chevron, Castrol, Engen. |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/automotive-oil-market-0764/request-sample |
Regional Analysis:
Focusing on North America, the region showcases a robust Automotive Oil Market. With a well-established automotive industry and a significant number of vehicles on the roads, the demand for high-quality oils remains consistent. The region's emphasis on eco-friendly solutions aligns with the trend towards synthetic and bio-based oils, fostering further market growth.
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