The Global Automotive Motor Oil Market is expected to be valued at USD 28.30 Million metric tons by 2026, with a CAGR of 3.80% during the forecast period (2019–2026).
The report covers segmentation and drivers for a better glimpse of the market in the coming years. The automotive motor oil is used to reduce metal-to-metal contact in order to minimize overall friction and reduce damage. The main advantage of motor oil is to protect and improve the overall functioning of engines in passenger car and heavy-duty commercial vehicles. Moreover, the passenger car motor oils are made from a combination of base oils that are obtained from petroleum-based hydrocarbons. Such oils prevent the occurrence of corrosion and rust as well as obstruct the formation of deposits in the engine. There are four types of automotive motor oil which includes conventional motor oil, high-mileage motor oil, synthetic blend motor oil, and full synthetic motor oil.
Some of the Key Industry Participants of the Global Automotive Motor Oil Market are Chevron Corporation (US), BP PLC (UK), Total (France), China Petroleum & Chemical Corporation (China), Petro‐Canada Lubricants Inc. (Canada), GP Petroleums Ltd (India), Caltex Australia (Australia), Petromin Corporation (Saudi Arabia), China National Petroleum Corporation (China).
Exxon Mobil aims to increase its share in the global automotive motor oil market and expand its revenue by investing in proprietary technologies. It is focused on product development and acquisitions for catering to the changing requirements of the automotive industry. For instance, in June 2018, the company acquired PT Federal Karyatama for strengthening its market position in Indonesia.
Shell is working in collaboration with customers, governments, business partners, investors, and other stakeholders for strengthening its position in the global market. It is focused on producing low-carbon emission automotive motor oil to cater to the changing needs of the automotive industry. It aims to increase its production capacity by acquiring new production sites and expanding its production base by increasing its capital investments, which is expected to reach USD 30 billion by 2020.
The global market for automotive motor oil market is segmented based on type, sales channel, and vehicle type. By type, the global automotive motor oil market is segmented into conventional, synthetic blend, full synthetic, and high mileage. The synthetic blend segment held the largest market share in 2018. The synthetic blend is also called semi-synthetic oil, which is manufactured from conventional and synthetic oil. This oil is manufactured to derive the benefits of both synthetic and conventional oil, while reducing their drawbacks. The synthetic blend provides much better protection and performance.
By sales channel, the market is segmented as Quick Lube, Independent Workshop, Maintenance/Repair Shop, FWS/OEM dealership Service Station, Truck Stop. The Quick Lube segment held the largest market share in 2018. Quick lube service center provides quick, easy, and trusted services to customers to maintain their vehicles. The quick lube service center is primarily focused on the optimization of service quality, employee training and linking the manufacturers, dealers, and repair shops with each other.
By vehicle type, the passenger car (PCMO) segment is expected to dominate the market. The increase in demand for passenger cars is primarily driven by the emerging-middle and upper-middle income groups. As the sale of the passenger cars is rapidly increasing, with growing economy of developing regions, the expected global increase in spending capacity all over the world, and the focus on reducing fuel consumption, vehicular pollution, and overall vehicle maintenance and operating cost are expected to raise the demand for automotive motor oil.
Geographic analysis of the global automotive motor oil market spans across Europe, Americas, Greater China, Asia-Pacific.
In 2018, Europe dominated with a value of USD 6.31 million metric tons. The regional market value is expected to reach USD 7.47 million metric tons by 2026 with 2.1%CAGR during the forecast period. Europe is one of the prominent markets in the global automotive motor oil market. . The region strategically focuses to achieve a 20% reduction of emission by 2020. The European Union has set several standards for CO2 (carbon dioxide) and CO (carbon monoxide) emissions, which boost the demand for automotive motor oil. Also, manufacturers strategically make investments in the development of automotive motor oil to meet the standard specification regarding emissions. Considering the growing transport sector in Europe, the government agreed to target an emission reduction and set a sustainability-criteria to control fuel emission.The presence of major automotive companies, stringent government norms regarding emission control, and increased investment in the development of automotive motor oil will boost the revenue of Europe/AME during the forecast period. According to the International Trade Centre Statistics of 2018, there has been an increase in the export volume of diesel engines across Europe, which is expected to increase the demand for automotive motor oil. Furthermore, the growing number of service station and distribution facilities along with online sales of motor oil further increases the demand for automotive motor oil in these countries. The UK, Germany, and France are expected to witness steady growth in automotive motor oil market due to the presence of major automotive motor oil manufacturers, increased awareness regarding the replacement of oil to enhance vehicle performance and reduce emission, and the growing demand for fuel-efficient vehicles.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
Market Research Future
Office No. 524/528, Amanora Chambers
Magarpatta Road, Hadapsar
Pune – 411028
+1 646 845 9312
Email: [email protected]