Global automotive engine oil Market was valued at USD 35.7 Billion in 2021, and it is expected to reach a value of USD 44.51 Billion by 2028, at a CAGR of 3.20% over the forecast period (2022 – 2028).
Automotive engine oil in cars reduces metal-on-metal contact and hence reduces total friction and damage. Friction is one of the primary sources of engine heat in automobiles, which leads to increased wear and deformation of moving engine parts. The automotive engine's oil forms a thin, lubricating layer on all metal elements, allowing them to slide smoothly over one another and reducing friction. The fact that traditional vehicle engine oil is far less expensive than modern tubes is a primary reason for the Global Automotive Engine Oil Market growth. Synthetic automotive engine oil also possesses many benefits over conventional oil in terms of vehicle and car part safety, which is further expected to propel the Global Automotive Engine Oil Market growth forward.
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Top Player's Company Profiles
- Motul (France)
- Petroliam Nasional Berhad (Malaysia)
- Fuchs Group (Germany)
- Petronas Lubricant International Sdn Bhd (Malaysia)
- Amsoil Inc (US)
- CASTROL LIMITED (UK)
- Chevron Corporation (US)
- Oryx Energies SA (Switzerland)
- KenolKobil Ltd. (Kenya)
- Sinopec (China)
- Pennzoil (US)
- Equilon Enterprises (US)
- Idemitsu Kosan Co., Ltd (Japan)
- Leo Lubricants
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Global Automotive Engine Oil Key Market Trends
Synthetic automotive engine oil is significantly replacing mineral-based engine oil. Alpha-olefins, short-chain hydrocarbon molecules, are converted into polyalpha-olefins, long-chain hydrocarbon polymers, to create synthetic engine oils. Since they share chemical similarities with mineral oils that have been refined from crude oil, developed regions like North America and Europe have a significant demand for them. Synthetic engine oil has the advantage of enhancing fuel efficiency, lowering oil consumption, and extending the time between oil changes. Additionally, synthetic motor lubricants are less volatile than mineral engine oils, more temperature-resistant, and unlikely to oxidize. As a result, it is anticipated that during the forecast period, demand for synthetic motor oil will increase over mineral-based engine oils.
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