The global automotive engine oil market is anticipated to witness significant growth from 2016 to 2020 on account of the growing automotive industry. Automotive engine oil helps minimize friction and thus reduces the damage to automotive parts.
The increase of the automobile service industry is also a major driver fueling the demand for the automotive engine oil.
The factors driving the automotive engine oil market are increasing middle-class population, infrastructural development, increasing mobility on account of urbanization and development of township projects, megacities, and satellite towns, increasing disposable income, growing aspiration of possessing a vehicle, and the demand for goods carrier from small and medium-sized enterprises.
North America is expected to occupy the largest market for automotive engine oil on account of the growing number of automobiles in the region. It is followed by the Asia-Pacific and Europe. The automotive engine oil market in North America is projected to grow by the number of vehicles the population owns.
The Asia Pacific is expected to witness the highest growth rate in automotive engine oil market from 2016 to 2024 on account of increasing infrastructural development activities and increase in the number of passenger cars, especially in China. India, Malaysia, Thailand, and the Philippines are anticipated to occupy a significant market share in the small car segment over the forecast period.
The growing automotive market in Europe and North America and improved standard of living in the Asia Pacific is anticipated to drive further the growth of this market.
Increasing demand for car-care products from vehicle owners and growing number of automobile servicing facilities are projected boost the automotive engine market.
The automotive engine oil market growth is expected to be hampered by the increasing supply of counterfeit motor oil products.
Engine oil manufacturers spend huge amounts on building their brand identity; this brand identity is in turn used by counterfeiters to sell fake products.
The growing supply of counterfeit goods in the market hampers the brand image and the revenue of authentic engine oil manufacturers.
The automotive engine oil market is governed by stringent rules and regulations concerned with the disposal of used oil.
Used automotive engine oil market poses serious environmental threats due to the presence of petroleum base stocks that are toxic and difficult to dispose of after use.
Major players in the automotive engine oil market are Total S.A, Saudi Arabian Oil Co., LUKOIL Oil Company, Royal Dutch Shell plc, Exxon Mobil Corporation, Gazprom, BP, Statoil, Chevron Corporation., Amsoil Inc., Pennzoil, Citgo Petroleum Corporation, Sinopec Lubricant Company, Castrol Limited, Jiangsu Lopal Company Limited, and Ashland Inc.