Automotive Engine Oil Industry Overview
The global automotive engine oil market is estimated to reach USD 47.70 billion by 2030 according to a new report by Grand View Research, Inc. Growth can be attributed to the emerging need for high-performance engine oils due to tactical vehicle mechanisms and operational blueprints being implemented by multinational automobile manufacturers. Additives are used to improve the properties and performance of the oil. Additives are characterized by their functions such as viscosity improvers, friction reducers, anti-oxidants, rust & corrosion inhibitors, anti-foaming agents, pour point depressants, foreign particle depressants, and extreme pressure additives, anti-wear additives, and acid neutralizers. Additives are selected according to the engine design and performance level. Engine manufacturers define the suitable API gravity of oil to be used for better performance and less wear & tear.
Automotive Engine Oil Market Segmentation
Grand View Research has segmented the global automotive engine oil market report on the basis of grade, engine type, vehicle type, and region:
Based on the Grade Insights, the market is segmented into mineral, semi-synthetic and fully-synthetic
- The fully-synthetic segment accounted for the highest revenue share of over 35% in 2021. This is attributed to multiple desirable characteristics which include increased lubrication, better stability, reduced degradation, lower deposits, and more.
- The semi-synthetic was the second-largest segment in 2021 and is expected to expand at a CAGR of 3.2% in terms of revenue during the forecast period. This is attributed to its benefits such as better component protection and higher performance.
- Semi-synthetic engine oil typically comprises around 20% to 30% synthetic base which gives them the ability to outperform mineral-based engine oils. They are usually more stable across a broader range of temperature scales as compared to mineral oils.
- Mineral grade type is a lubricant that is directly formulated from crude oil and possesses characteristics that enable the product to be used as a lubricant in high temperatures, thereby ensuring high stability of the engine over a long duration of time.
Based on the Engine Type Insights, the market is segmented into gasoline, diesel and alternative fuels
- The diesel segment accounted for the highest revenue share of over 50% in 2021. This is attributed to its far superior anti-wear load which is typically in the form of ZDDP (zinc dialkyl dithiophosphate).
- Gasoline was the second-largest segment in 2021 and is expected to expand at a CAGR of 3.2% in terms of revenue during the forecast period. This is attributed to high leaching loss resistance and excellent solubility.
- Ammonia is an important pillar of the nitrogen fertilizer industry. It has nitrogen content higher than any other commercial counterpart. Ammonia can either be applied directly to the soil as a plant nutrient or converted into other nitrogen fertilizers.
- Multinationals such as HP Lubricants have introduced their own line of engine oils (HP GASENOL 20W 50) specifically for CNG and natural gas-driven engines
Based on the Vehicle Type Insights, the market is segmented into passenger cars, light commercial vehicles, heavy-duty vehicles and motorcycle
- The passenger cars segment held the largest revenue share of over 35% in 2021. This is attributed to the growing disposable income and swiftly growing urban population.
- Heavy-duty vehicles were the second-largest segment and are anticipated to register the highest CAGR of 3.7% in terms of revenue during the forecast period.
- Light-weight engines usually produce a lower amount of soot as compared to their counterparts.
Automotive Engine Oil Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
A majority of the manufacturers are integrated across different stages of the value chain. Base oil and additives are the main raw materials employed in the manufacturing of the product. Thus, numerous manufacturers of the product such as ExxonMobil and Royal Dutch Shell produce their own base oil supplies to vertically integrate production.
Some prominent players in the global automotive engine oil market include:
- Wurth Group
- Eni GmbH
- Amsoil Inc.
- Fuchs Petrolub
Order a free sample PDF of the Automotive Engine Oil Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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