Automotive Engine Oil Market To Reach $52.9 Billion By 2030

Automotive Engine Oil Market Growth & Trends

The global automotive engine oil market size is anticipated to reach USD 52.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 3.7% from 2024 to 2030. 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.

Manufacturing of the product requires low technical complexity but high initial infrastructure investment. High growth in automobile users globally has resulted in a significant demand over the past few years and this trend is expected to continue during the forecast period. These factors have resulted in the establishment of numerous manufacturers in the recent past. The Asia Pacific is expected to register significant growth in the coming years owing to the increasing automotive production in the countries like China, India, and Japan and the rising disposable income of the consumers in the region. According to the International Trade Administration, China is one of the largest vehicle markets in terms of manufacturing and sales. This is likely to drive the demand for the product in the coming years. Legislative initiatives taken by the political parties across North America and parts of Western Europe affect the overall transportation industry, energy, and power sector, and more, which directly hinders the smooth operations of the automotive industry in these regions.

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Automotive Engine Oil Market Report Highlights

• 10W-60 oil dominated the market and accounted for the largest revenue share of 15.1% in 2023. 10W-60 motor oil is generally manufactured to provide optimal engine protection and performance in extremely harsh and high-temperature conditions.

• 0W-20 is expected to grow at a CAGR of 5.4% over the forecast period. The growth of the 0W-20 oil type in the automotive engine oil market is led by several key factors.

• Passenger car dominated the market and accented for the largest revenue share of 51.3% in 2023.

• Motorcycles are expected to grow at a CAGR of 4.1% over the forecast period. In the current motorcycle industry, enhanced engine oil is crucial.

Automotive Engine Oil Market Segmentation

Grand View Research has segmented the global automotive engine oil market report based on product, application, and region:

Automotive Engine Oil Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• 0W-20

• 0W-30

• 0W-40

• 5W-20

• 5W-30

• 5W-40

• 10W-60

• 10W-40

• 15W-40

• Others

Automotive Engine Oil Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Passenger Cars

• Commercial Vehicles

• Motorcycles

Automotive Engine Oil Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Poland

  • Russia

  • Turkey

• Asia Pacific

  • China

  • Japan

  • India

  • Indonesia

  • Malaysia

  • Vietnam

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Argentina

  • Colombia

• Middle East and Africa (MEA)

  • Saudi Arabia

  • South Africa

  • UAE

  • Oman

  • Kuwait

  • Qatar

List of Key Players in the Automotive Engine Oil Market

• Shell

• CASTROL LIMITED

• Petroliam Nasional Berhad

• Repsol

• Exxon Mobil Corporation.

• BP p.l.c.

• Chevron Corporation.

• Valvoline Global Operations

• Suncor Energy Inc.

• FUCHS

• China Petroleum & Chemical Corporation.

• TotalEnergies

• LUKOIL

• Motul

• AMSOIL INC-IN.