Automotive Motor Oil Market Foreseen to Grow Exponentially by 2030| MarketSize| Market Report|
Automotive Motor Oil Market Overview:
The global automotive motor oil market is estimated to reach USD
28.30 million metric tons with a CAGR of 3.80% from 2022 to 2030 (forecast
period). The study discusses the market opportunities and market ramifications
that emerged as a result of the COVID-19 pandemic.
Key Players
The industry giants in the global automotive motor oil
market are Exxon Mobil Corporation (US), The Lubrizol Corporation (US), Royal
Dutch Shell PLC(Netherlands), Valvoline Inc. (US), Gulf Oil Lubricants India
Limited(India), Chevron Corporation(US), BP PLC (UK), Total(France), China
Petroleum & Chemical Corporation(China), Infineum International Limited
(UK), Petro‐Canada Lubricants Inc. (Canada), GP Petroleums Ltd (India), Caltex
Australia (Australia), Petromin Corporation (Saudi Arabia), China National Petroleum
Corporation (China).
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Automotive motor oil is used in the vehicle's engine and
transmission chamber to reduce friction between the transmission and engine
components. In addition, motor oils are approved for use in their vehicles by
OEMs. The secondary purpose of the motor oil is to maintain the engine chamber
temperature and prevent the corrosion of engine parts owing to oxidation.
Automotive motor oils are extracted from petroleum, which is further processed
to boost the quality of the motor oil.
Market Dynamics
The rising middle class, growing disposable income,
generating surface transport infrastructure, increasing aspiration to own
private vehicles, increasing mobility due to the development of the Satellite
Township near megacities, and boosting demand for goods carriers from micro,
small and medium-sized enterprises are fueling the automotive motor oil market.
Increasing automotive aftermarket and do-it-yourself (DIY) culture in North
America and Europe is propelling automotive motor oil growth in the retail
sector in these two regions.
Market Segmentation
The global automotive motor oil market has been segmented
based on type, sales channel, and vehicle type.
By type, the global market has been segregated into the
conventional, synthetic blend, full synthetic, and high mileage. In 2018, the
synthetic blend segment had the largest market share. The synthetic blend is
also called semi-synthetic oil, which is made from conventional and synthetic
oils. This oil is produced in order to derive the benefits of both synthetic
and traditional oil while at the same time reducing its drawbacks. The
synthetic blend offers much better protection and performance.
By sales channel, the global market has been segmented into
Quick Lube, Independent Workshop, Maintenance/Repair Shop, FWS/OEM dealership
Service Station, Truck Stop. The quick lube segment had the largest market
share in 2018. The quick lube service center provides customers with quick,
easy, and reliable service to maintain their vehicles. The quick lube service
center focuses primarily on improving service quality, training employees, and
connecting manufacturers, dealers, and repair shops to one another.
By vehicle type, the global market has been segregated into
Passenger Car (PCMO) and Heavy-Duty Commercial Vehicle (HDMO). The Passenger
Car segment (PCMO) accounted for the largest market in 2018. Sales of passenger
cars are growing rapidly. The rise in demand for passenger cars is mainly
driven by emerging middle-and upper-middle-income groups. Development in the
economy of developing regions, an estimated global increase in purchasing
ability around the world, and an emphasis on reducing fuel consumption, vehicle
emissions, and overall vehicle maintenance and operating costs are expected to
increase demand for automotive motor oil.
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Regional Analysis
Region-wise, the global automotive motor oil market has been
segmented into Europe, the Americas, and the Asia Pacific.
The market in Europe/AME is expected to dominate the
automotive motor oil market. The established infrastructure and significant
players in this area provide opportunities for growth in the forecast period
for the European/AME market. Europe strategically seeks to reach a 20%
reduction in emissions by 2020. Given the rising transport sector in Europe,
the government has agreed to reduce emissions and set a sustainability
criterion for regulating fuel emissions.
The European Union has set a number of standards for CO2
(carbon dioxide) and CO (carbon monoxide) emissions that improve demand for
automotive motor oil. In addition, manufacturers are strategically investing in
the development of automotive motor oil in order to reach the standard emission
specification. In addition, the presence of major automotive companies, strict
government emission control regulations, and increased investment in the
development of automotive motor oil is helping the regions of Europe / AME to
raise their revenue.
The Americas earned the second-largest share of the global
automotive motor oil market in 2018. The scope of automotive motor oil is
expected to rise in the Americas, with increased demand for automobiles, mainly
in the US. The area has strong growth and is expected to show steady growth
during the forecast period. These countries have a comparatively higher number
of premium and luxury passenger vehicles, increasing the market for automotive
motor oil.
The expansion of automotive repair shops and service
stations is contributing to a rise in demand for fuel-efficient vehicles, and
rising customer understanding of oil change is expected to increase demand for
automotive motor oil. The Petroleum Quality Institute of America is working
with automotive motor oil manufacturers on the development, quality, and
integrity of lubricants and on reducing the cost of manufacturing advanced
lubricants such as synthetic blends for automotive applications.
Greater China is expected to see a tremendous rise in the
automotive motor oil industry. Increased demand for passenger cars and
commercial vehicles, due to the rapid industrialization of the country,
contributes to the development of the market in the region. The automotive
sector, including the oil industry, is expected to expand rapidly under the
most recent government economic development plans, which call for attention to
the new emission standards. In the past few years, there has been an enormous
rise in passenger cars and commercial vehicles in China, which has contributed
to the government's concern to regulate vehicle emissions.
The Chinese government has set C5 emission standards, which
increase the opportunities for manufacturers to improve automotive motor oil
and several emission technologies to comply with the standards. The Government
has also introduced a variety of policies for the benefit of the automobile and
automotive motor oil manufacturers, including regulations on import
restrictions, export requirements, and subsidies. The automotive industry
continues to develop in China due to increased passenger and commercial
vehicles and hybrid vehicles. The rise in the production of automobiles is
contributing to an increase in the production of automotive motor oil. These
factors are predicted to spur the growth of the market in Greater China during
the forecast period. It is estimated that China will report a CAGR of 7.3%
during the forecast period.
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