The Automotive Engine Oil Market size was valued at USD 45.87 Bn in 2023 and the total market revenue is expected to grow at a CAGR of 3.94% from 2024 to 2030, reaching nearly USD 60.12 Bn.
Automotive Engine Oil Market Overview:
The Automotive Engine Oil Market analysis provides a comprehensive picture of competition, including the market share and company profiles of the worldwide industry’s top rivals. The research scope covers a complete analysis of the Automotive Engine Oil Market, as well as the causes for variances in the industry’s growth in various places
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Automotive Engine Oil Market Scope:
To identify and collect material suitable for this study, this research study makes considerable use of secondary sources, directories, and databases, such as annual reports, press releases, journals, corporate websites, and databases.
Automotive Engine Oil Market Drivers:
The growth of the global automotive industry stands as a significant catalyst propelling the development of the automotive engine oil market. This surge is driven by the widespread adoption of spark plugs across various sectors, including electrical, marine, and aerospace applications, thereby positively influencing the automotive engine oil market. The heightened demand for high-performance and reliable automobiles among consumers contributes to increased vehicle production, further accelerating market growth. Additionally, the market is influenced by the high demand for conventional oil due to its cost-effectiveness compared to modern lubricants.
Synthetic lubes, renowned for their excellent protection and prolonged performance, also contribute to market dynamics. Furthermore, the positive impact of the automotive sector's growth, increased investments, and a rise in disposable income collectively contribute to the favourable growth trajectory of the market.Automotive Engine Oil Market1However, the automotive engine oil market faces barriers such as the high costs associated with the production and manufacturing of automotive engines, coupled with the availability of low-priced substitutes for engine oil, which are expected to hinder market growth. Furthermore, the increasing societal preference for electric vehicles, which do not rely on traditional engines, poses a substantial challenge to the market in the forecast period from 2024 to 2030.
Automotive Engine Oil Market Market Segmentation:
by Grade
Mineral
Semi-Synthetic
Fully-synthetic
by Engine Type
Gasoline
Diesel
Alternative Fuels
by Vehicle Type
Passenger Cars
Light Commercial Vehicles
Heavy-Duty Vehicles
Motorcycle
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Automotive Engine Oil Market Key Players: The key players are
North America market Key players:
1. ExxonMobil - United States
2. Amsoil Inc - United States
3. Chevron Corporation - United States
4. Pennzoil - United States
5. Equilon Enterprises - United States
6. Valvoline - United States
Europe market Key players:
1. Motul - France
2. Royal Dutch Shell - United Kingdom
3. Total S.A. - France
4. Fuchs Group – Germany
5. CASTROL LIMITED - United Kingdom
6. Oryx Energies SA - Switzerland
7. KenolKobil Ltd. - Kenya
8. Repsol S.A. - Spain
9. Gulf Oil International - United Kingdom
10. Lukoil - Russia
11. Pertamina - Indonesia
12. PTT Public Company Limited - Thailand
13. ENI S.p.A. - Italy
14. Neste Corporation - Finland
APAC market Key players:
1. Petroliam Nasional Berhad - Malaysia
2. Petronas Lubricant International Sdn Bhd - Malaysia
3. Sinopec - China
4. Idemitsu Kosan Co., Ltd - Japan
5. JXTG Nippon Oil & Energy Corporation - Japan
Regional Analysis:
Individual market influencing elements and changes in market legislation that affect current and future market trends are also included in the regional component of the Automotive Engine Oil Market study. Current and future trends are examined to assess the entire market potential and uncover profitable trends to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
Key Questions Answered in the Automotive Engine Oil Market Report are:
Which sub-segment had the largest share in the Automotive Engine Oil Market?
How is the competitive landscape of the Automotive Engine Oil Market in 2023?
Which are the key drivers impacting the Automotive Engine Oil Market growth?
Which region holds the maximum share in the Automotive Engine Oil Market?
What will be the CAGR of the Automotive Engine Oil Market during the forecast period (2023-2029)?
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