FMI’s analysis projects that the automotive oil market will grow at a compound annual growth rate (CAGR) of 2.6% over the estimated period. In 2023, the industry is expected to grow to a market value of USD 53,523.0 million.
Throughout the automotive industry, demand for engine vehicles with supreme level performance and excellent fuel efficiency is increasing. As a consequence, manufacturers have commenced using turbochargers for engines that spike the engine temperature. Such change in dynamics has fueled the demand for synthetic oil that smoothly functions even at high temperatures. Thus, augmenting the automotive oil industry.
For the downstream industries, motor oil is an extremely profitable business. The industry offers superabound opportunities for firms aiming to expand in the market. Additionally, new entrants are also seeking a gateway in the market. The acquisition of Andeavor Logistics by Marathon Petroleum Corporation for a total of US$ 23 billion is a good case in point.
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Surging demand for high-mileage vehicles is helping the automotive oil industry to progress further on. In addition, the upgradation of bolt-on and engine hardware technologies like turbochargers and gasoline to reduce emissions and enhance fuel economy is also playing a critical role in the demand for motor oil.
Elevated demand for synthetic automotive oil in developed regions like Europe and North America due to its fuel economy, less oil consumption, and prolonged oil change intervals is fueling the market growth.
Top Highlights from the FMI’s Analysis of the Automotive Oil Market:
- The United States automotive oil industry is expected to obtain a sizable share of the market, accounting for 15.6% of the overall market in 2023.
- The German economy is witnessing healthy growth in the automotive oil industry. In the year 2023, the market is set to account for 7.2% market share in the global market.
- The Japanese automotive oil industry is expected to foresee representation of 8.1% market share in the global sphere.
- Australia is going to account for 0.4% of the entire market in 2023.
- India is going to be the most robustly advancing economy in the forecast period, observing a CAGR of 3.2%.
- China is assessed to expand at a CAGR of 2.8% over the estimated period.
- The United Kingdom is forecast to register a CAGR of 2% over the forecast period.
- By engine type, diesel is expected to acquire a market share of 56.6% in 2023.
- Based on vehicle type, the passenger cars segment is projected to acquire 39.4% in 2023.
New in Key Developments of Automotive Oil
- Aramco, the Saudi Arabian oil company, in August 2022 declared that it is signing a contract to obtain Valvoline Inc.’s global products business for a total of US$ 2.65 billion.
- ExxonMobil created Mobilgard 540 AC, which is a premium 40BN marine cylinder oil, in April 2022. The product is deployed in higher 2-stroke and Mark 9 marine engine designs.
- In September 2019, Aramco acquired Shell Saudi Arabia (Refining) Limited’s stake in SASREF joint venture for US$ 631 million. This acquisition aims to boost the capacity and complexity of its refineries, with the motive of progressing in its long-term downstream growth strategy.
- Valvoline Inc. entirely acquired Great Canadian Oil Change Franchising Ltd. in July 2018. This acquisition is projected to expand the quick-lube network of Valvoline to more than 1,200 franchised and company-owned locations in Canada and the United States.
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Top Key Players in the Automotive Oil Market
- Dutch Shell
- Valvoline
- BP
- EAutomotive OilonMobil
- Total
- Fuchs Petrolub
- Petronas
- Chevron Corporation
- Ebi Gmbh
- Castrol India
- Philips 66
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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