Code: MTA3647 | Publication Date: May 2025 |
The global automotive engine oil market size has increased substantially in recent years, driven by the growth in the number of vehicles around the world and the customers' necessity for regulated maintenance of their vehicles. New vehicle ownership trends in emerging economies, advancing engine technologies, as well as customer acceptance of synthetic and high-performance oils are also catalysts of this growth.
The increasing emphasis on electric vehicles (EVs) is an important consideration for the engine oil market moving forward. The anticipated growth in EVs prompted by government and consumer initiatives is expected to reduce the overall market for gasoline and diesel engines. The shift away from gasoline and traditional diesel engines will affect the types of engine oils utilized in gasoline and diesel engines.
Due to factors like improved vehicle production, increasing disposable income, and the global push toward energy efficiency, the engine oil market is on a consistent growth trajectory. Emerging economies in Asia-Pacific and Latin America are critical regions for future market growth, and urbanization and automotive demand will continue to drive the demand for engine oils.
Additionally, technological advancements have created new high-performance lubricants as a result of the diversification of engine designs, which will only continue to create more unique market trajectories for each lubricant. The shift towards eco-friendly and sustainable solutions is also influencing consumer choices, creating new opportunities for bio-based and low-emission engine oils.
The engine oil market growth is driven by several factors, including the increasing number of vehicles on the road and the rising consumer awareness of engine maintenance. There has been an increased demand for greater performance from vehicles due to improved fuel economy and performance. This does require specialized lubricants to maintain high performance.
Furthermore, the automotive sectors of emerging economies are contributing more and more as they are urbanizing and developing automotive industries. Oil product synthetic and semi-synthetic product categories are continuing to redefine the market, with easier access to improved technology. As global market participants continue to recognize the serious impacts of climate change, there is an ever-increasing global demand for green finance. Green improvements can be sustainable infrastructure, renewable energy deployment, and the adoption of clean technologies.