The automotive oil market is forecast to expand at 2.6% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 53,523.0 million in 2023.
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:
- 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.
Key Developments in Automotive Oil industry:
- 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.
Key Players in the Market are:
- Dutch Shell
- Valvoline
- BP
- EAutomotive OilonMobil
- Total
- Fuchs Petrolub
- Petronas
- Chevron Corporation
- Ebi Gmbh
- Castrol India
- Philips 66
- Others
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Market Outlook by Categorization:
By Grade:
- Mineral
- Synthetic
- Semi-Synthetic
By Engine Type:
- Diesel
- Petrol
- Alternative Fuel
By Application:
- Passenger Vehicle
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Two Wheelers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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