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Automotive Engine Oil Market Size to Reach USD 45.66 Billion by 2026; Rising Number of Entrants to Augment Growth

May 05, 2020 | Chemicals & Materials

The global automotive engine oil market size is projected to reach USD 45.66 billion by 2026. It is likely to gain impetus from the increasing number of new entrants in this business as it is highly profitable and is opening doors to multiple growth opportunities. This information is given by Fortune Business Insights™ in a recent report, titled, “Automotive Engine Oil Market Size, Share & Industry Analysis, By Grade (Mineral, Synthetic and Semi-synthetic), By Engine Type (Diesel, Petrol, Alternative Fuel), By Application Area (Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Two Wheeler, and Other), and Regional Forecast, 2019-2026.” The report further states that the market stood at USD 36.49 billion in 2018. However, it is set to exhibit a CAGR of 2.88% during the forecast period between 2019 to 2026.


ExxonMobil Unveils Mobil 1 Extended Performance High Mileage


In March 2020, ExxonMobil, a multinational oil and gas corporation based in Texas, unveiled Mobil 1 Extended Performance High Mileage, its latest high-performance synthetic motor oil. This new oil is mainly developed for high mileage vehicles providing more than 75,000 miles on their engines. It also guarantees longer lasting engine protection between changes for approximately 15,000 miles. It is available in 5W-30, 5W-20, and 0W-20 viscosity grades and is a unique full synthetic motor oil. It is especially formulated to aid in stopping leakages, preventing deposit formation and sludge, and resisting oil breakdown in higher mileage engines. It also offers extra protection.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/automotive-engine-oil-market-102715


Evolution of Engine & Bolt-on Hardware Technologies to Drive Growth


Engines function suitably when it well lubricated. Therefore, engine oil is used in them so that the vehicles can run at lower temperature by utilizing less fuel. Lower viscosity motor oil is experiencing high demand as it is capable of enhancing the fuel economy. Various OEMs across the globe are recommending using these oils for converting their factories and service fill requirement to low viscosity grade products, as well as to boost performance. Apart from that, bolt-on and engine hardware technologies, namely, turbochargers and gasoline are evolving to improve fuel economy and reduce emission. It is likely to accelerate the automotive engine oil market growth in the near future. However, the frequent changes in prices may hamper the market growth.


Key Players Focus on R&D Activities to Unveil Innovative Products


The market is consolidated as around 10% of the existing enterprises account of almost 50% of the worldwide market revenue. They are also taking into consideration the market trends for te automotive engine oil, to invest in research and development activities. It is helping them in introducing cutting-edge products in the market. They are also using strategies, such as innovative and safe technology development for engine oil application, as well as robust operational efficiency to aid growth.


Fortune Business Insights™ lists out all the companies present in this market. They are as follows:



  • ExxonMobil Corporation

  • Valvoline, Inc.

  • Total S.A.

  • Fuchs Petrolub SE

  • Royal Dutch Shell plc

  • RelaDyne

  • Castrol

  • Pentagon Lubricants Private Limited

  • HINDUJA GROUP

  • Chevron Corporation

  • Other players


A Significant Industry Development-



  • July 2018: Valvoline Inc., a marketer and supplier of premium branded lubricants and automotive services based in the U.S., completed the acquisition of the business assets of Great Canadian Oil Change Franchising Ltd. The latter is a franchised oil change company headquartered in Canada. This new acquisition would aid the former in expanding its pre-existing quick-lube network to more than 1,200 franchised, as well as company-owned locations in North America.


Further Report Findings-



  • Asia Pacific generated USD 12.41 billion in 2018 in terms of market revenue backed by the increasing number of vehicles present in Thailand, China, and India.

  • North America held USD 6.68 billion revenue because of the rising government initiatives to promote the usage of energy saving oil.

  • In terms of engine type, the diesel segment held 43.38% automotive engine oil market share in 2018 as diesel engines are cost effective unlike the petrol ones.


This market can be segmented in the following way:











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Million) and Volume (Kilo Tons)



Segmentation



By Grade



  • Mineral

  • Synthetic

  • Semi-synthetic



By Engine Type



  • Diesel

  • Petrol

  • Alternative Fuels



By Application Area



  • Passenger Vehicles

  • LCV

  • HCV

  • Two Wheeler

  • Others



By Geography



  • North America (U.S., Canada, and Mexico)

  • Europe (Germany, France, UK, Italy, Spain, Turkey, Russia, and Rest of Europe)

  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, and Rest of Asia Pacific)

  • South America (Brazil, Mexico, and Rest of South America)

  • Middle East & Africa (South Africa, GCC, Iran, and Rest of Middle East & Africa)


Automotive Engine Oil Market
  • PDF
  • 2018
  • 2015-2017
  • 200

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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