|
Jul 11, 2023
|
The Automotive Oil Market is forecast to expand at 2.6% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 53,523.0 million in 2023.
Throughout the automotive industry, demand for engine vehicles with supreme level performance and excellent fuel efficiency is increasing. As a consequence, manufacturers have commenced using turbochargers for engines that spike the engine temperature. Such change in dynamics has fueled the demand for synthetic oil that smoothly functions even at high temperatures. Thus, augmenting the automotive oil industry.
For the downstream industries, motor oil is an extremely profitable business. The industry offers superabound opportunities for firms aiming to expand in the market. Additionally, new entrants are also seeking a gateway in the market. The acquisition of Andeavor Logistics by Marathon Petroleum Corporation for a total of US$ 23 billion is a good case in point.
Evaluate market trends and devise winning strategies with an industry overview. Download our sample now and propel your business forward! https://www.futuremarketinsights.com/reports/sample/rep-gb-15429
Surging demand for high-mileage vehicles is helping the automotive oil industry to progress further on. In addition, the upgradation of bolt-on and engine hardware technologies like turbochargers and gasoline to reduce emissions and enhance fuel economy is also playing a critical role in the demand for motor oil.
Elevated demand for synthetic automotive oil in developed regions like Europe and North America due to its fuel economy, less oil consumption, and prolonged oil change intervals is fueling the market growth.
Top Highlights from the FMI’s Analysis of the Automotive Oil Market:
• The United States automotive oil industry is expected to obtain a sizable share of the market, accounting for 15.6% of the overall market in 2023.
• The German economy is witnessing healthy growth in the automotive oil industry. In the year 2023, the market is set to account for 7.2% market share in the global market.
• The Japanese automotive oil industry is expected to foresee representation of 8.1% market share in the global sphere.
• Australia is going to account for 0.4% of the entire market in 2023.
• India is going to be the most robustly advancing economy in the forecast period, observing a CAGR of 3.2%.
• China is assessed to expand at a CAGR of 2.8% over the estimated period.
• The United Kingdom is forecast to register a CAGR of 2% over the forecast period.
• By engine type, diesel is expected to acquire a market share of 56.6% in 2023.
• Based on vehicle type, the passenger cars segment is projected to acquire 39.4% in 2023.
New in Key Developments of Automotive Oil
• Aramco, the Saudi Arabian oil company, in August 2022 declared that it is signing a contract to obtain Valvoline Inc.’s global products business for a total of US$ 2.65 billion.
• ExxonMobil created Mobilgard 540 AC, which is a premium 40BN marine cylinder oil, in April 2022. The product is deployed in higher 2-stroke and Mark 9 marine engine designs.
• In September 2019, Aramco acquired Shell Saudi Arabia (Refining) Limited’s stake in SASREF joint venture for US$ 631 million. This acquisition aims to boost the capacity and complexity of its refineries, with the motive of progressing in its long-term downstream growth strategy.
• Valvoline Inc. entirely acquired Great Canadian Oil Change Franchising Ltd. in July 2018. This acquisition is projected to expand the quick-lube network of Valvoline to more than 1,200 franchised and company-owned locations in Canada and the United States.
Key Players in the Market are
Dutch Shell
Valvoline
BP
EAutomotive OilonMobil
Total
Fuchs Petrolub
Petronas
Chevron Corporation
Ebi Gmbh
Castrol India
Philips 66
Others
Automotive Oil Market Outlook by Category
By Grade:
Mineral
Synthetic
Semi-Synthetic
By Engine Type:
Diesel
Petrol
Alternative Fuel
By Application:
Passenger Vehicle
Heavy Commercial Vehicle
Light Commercial Vehicle
Two Wheelers
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa
