Automotive Motor Oil Market 2021: COVID-19 Impact Opportunities, Share, Industry Forecast by Type, Price, Regions, Top Players, Trends and Demands
Overview
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.
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Competitive
Analysis
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.
Segmental
Analysis
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.
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Regional
Analysis
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.
In 2018, the
Americas held the second largest market share in the automotive motor oil
market. The region has substantial growth and is expected to exhibit consistent
growth during the forecast period. The countries in the region have a large
number of premium and luxury passenger cars, which increases the demand for
automotive motor oil. The Petroleum Quality Institute of America is working
with automotive motor oil manufacturers for the development, quality, and
integrity of lubricants and working to reduce the cost of manufacturing
advanced lubricants such as synthetic blend for automotive applications.
The growing number of automotive repair shops and service stations leads
to an increase in demand for fuel-efficient vehicles, and the growing consumer
awareness regarding oil change is expected to increase the demand for
automotive motor oil.
The scope of
the automotive motor oil is expected to grow in the Americas with an increase
in demand for automobiles, primarily in the US. The US union has amended
several norms regarding fuel efficiency standards in this country. In 2018, the
regional market was valued at USD 6.04 million metric tons, which is expected
to reach USD 7.22 million metric tons by 2026 with
a 2.3% CAGR during the forecast period.
The market
Asia-Pacific (excluding China) is one of the significant markets for global
automotive motor oil owing to the presence of emerging economies. The
government regulations and increase in fuel efficiency standards of these
countries are expected to play a vital role in the development of automotive motor
oil market. The region achieves substantial growth in automotive motor oil
market due to the growing number of service stations, growing aftermarket
activities, and growing automotive sales. Furthermore, strong economic growth
in these countries along with an increase in construction and automotive
industry further increases the demand for automotive motor oil. Major trends
that are expected to trigger the growth of the automotive motor oil industry in
the region include the continually shifting market dynamics, technological
improvements, changing OEM needs, and the evolving regulatory and trade
environment. The regional automotive motor oil market is expected to be valued
at USD 5.91 Million metric tons by 2026 at a CAGR
of 4.4% during the forecast period.
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