Gasoline Engine Oil Market Size, Share, Growth, and Industry Analysis, By Type (Synthesis Oil and Mineral Oil), By Application (Sedan, SUV and Others), Regional Insights, and Forecast To 2032

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GASOLINE ENGINE OIL MARKET REPORT OVERVIEW

The global gasoline engine oil market size was USD 22.22 billion in 2023 and the market is projected to touch USD 29.96 billion by 2032 at a CAGR of 3.4% during the forecast period.

Frequently referred to as "motor oil," gasoline engine oil is a lubricating fluid created especially for use in gasoline-powered internal combustion engines. These engines are frequently used in a variety of vehicles and pieces of equipment, including cars, trucks, motorbikes, lawnmowers, and others. Petrol engine oil's main function is to lubricate the engine's moving components, including the bearings, crankshaft, camshaft and pistons. It aids in lowering heat production and friction between these parts, which is crucial for the longevity and smooth operation of the engine. It prevents sludge accumulation and maintains engine cleanliness by suspending and removing dirt, debris, and combustion byproducts from the engine. Engine oil helps to regulate temperature by absorbing and dissipating heat produced by the engine.

Different viscosities of petrol engine lubricants are available; these are denoted by numbers like 5W-30 or 10W-40. These figures represent the viscosity of the oil at various temperatures; the "W" stands for "winter." For instance, the designation 5W-30 indicates that the oil is thinner at low temperatures (such as during cold starts) and thicker at high temperatures (such as during regular operating circumstances). The manufacturer's recommendations, climate circumstances, and the design of the engine all influence the oil viscosity selection.

COVID-19 Impact: Reduced Demand to Hinder Market Growth

The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Many nations enacted lockdowns and travel restrictions in the early phases of the epidemic, which significantly decreased the use of vehicles. As a result of fewer people using their automobiles, there was a dramatic drop in demand for petrol engine oil. Pressure on oil producers and distributors resulted from this decline in demand. The demand for petrol engine oil fell significantly, and there was a general decline in oil demand as a result of economic slowdowns. The price of producing engine oil products may increase with lower crude oil prices. The epidemic affected the manufacture and delivery of numerous items, including motor oil, and disrupted worldwide supply networks. Obtaining raw supplies and maintaining production levels presented difficulties for manufacturers.

LATEST TRENDS

"Synthetic and High-Performance Oils to Enhance Market Growth"

The market for gasoline engine oils was expanding. These oils appeal to customers seeking the best engine performance and longevity since they provide superior protection, increased fuel efficiency, and longer drain intervals. The development of engine oils was being influenced by tougher environmental requirements in various areas. Manufacturers were developing formulations to fulfil strict emissions rules while reducing emissions and improving fuel efficiency. The market for petrol engine oil was starting to be impacted by the rising popularity of electric cars (EVs). The market for conventional engine oils may drop as more people transition to electric vehicles. Predictive maintenance programmes and intelligent monitoring systems are two examples of lubrication technology innovations that are gaining popularity.

GASOLINE ENGINE OIL MARKET SEGMENTATION

• By Type

Based on type market is classified as synthesis oil and mineral oil.

• By Application

Based on application market is classified as sedan, SUV and others.

DRIVING FACTORS

"Automotive Industry Growth to Augment Market Growth"

The gasoline engine oil market growth is significantly influenced by the overall expansion of the automobile sector. Engine oil demand rises in direct proportion to the number of vehicles produced and sold. Increased gasoline engine oil consumption is a result of a growing global vehicle fleet that is fuelled by population growth, urbanisation, and rising affluence. Modern engine innovations like direct fuel injection and turbocharging frequently call for specialised engine oils to meet performance and emissions requirements. Market expansion is fuelled by improvements in engine oil compositions that support these technologies. The creation and demand for more ecologically friendly engine oils are influenced by stricter emissions and fuel economy standards, as well as laws governing engine oil formulas.

"Consumer Awareness to Propel Market Growth"

Demand for premium and synthetic oils may increase as consumers become more aware of the value of regular car maintenance and the use of high-quality engine oils. The use of sophisticated engine oils to increase engine longevity and lower running costs is a practise that fleet managers and commercial vehicle owners are increasingly adopting. With more complex electronic systems and improved engine designs, modern automobiles are becoming more complicated. Specialised engine oils that can lubricate and protect these cutting-edge components are frequently needed due to this complexity. Customers now find it simpler to locate and buy the engine oils that best fit their needs thanks to the convenience of buying engine oils online and the availability of product information through digital channels.

RESTRAINING FACTORS

"Electric Vehicle Adoption to Impede Market Expansion"

EVs lack internal combustion engines, the switch to EVs eliminates the requirement for conventional engine oil. The demand for petrol engine oil may decrease as EV adoption rises. The frequency of oil changes may decrease as a result of improvements in engine technology, such as more efficient engines and longer oil change intervals, which may have an effect on the total amount of engine oil used. Stricter emissions rules and an emphasis on minimising the environmental impact of engine lubricants have resulted from increased environmental consciousness and the need for cleaner energy sources. These regulations may raise production costs and place restrictions on some additives used in engine oil compositions. Longer intervals between oil changes are supported by some engine oils, particularly synthetic oils.

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GASOLINE ENGINE OIL MARKET REGIONAL INSIGHTS

"North America to Dominate the Market Due to Well-Established Infrastructure"

Gasoline engine oil market share has historically had a sizable portion in North America, which includes the U.S. and Canada. The region's substantial automotive sector, high rate of vehicle ownership, and well-established infrastructure for car maintenance and oil changes are the key causes of this. The popularity of this sector has also been influenced by consumer demands for high-performance and synthetic engine oils. Rising earnings, rapid urbanisation, and population expansion have all contributed to an increase in automobile ownership. Furthermore, there has been a shift in this area towards synthetic and higher-performance engine oils.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Top Gasoline Engine Oil Companies

• Exxon Mobil (U.S.)
• Shell (Netherlands)
• BP (U.K.)
• Total (France)
• Chevron Corporation (U.S.)
• Valvoline (U.S.)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.