Automotive Motor Oil Market: Innovation, Growing Demand And Business Opportunities By 2030
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.
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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).
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.
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.
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.
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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