India Synthetic Automotive Engine Oil Market to Reach $1,106.8 Million by 2034 | Hybrid Vehicle Growth & Regulatory Standards Drive Demand

The integration of Industry 4.0 practices in manufacturing and supply chain processes to boost the industry growth, says Fact.MR in its new market research report.

The India synthetic automotive engine oil industry is expected to grow at a 4.1% CAGR between 2024 and 2034, according to Fact.MR. By 2034, the Indian ecosystem for these products is expected to reach US$ 1,106.8 million. According to Fact MR, a provider of market research and competitive intelligence, the India synthetic automotive engine oil ecosystem is rapidly growing and is expected to continue its growth trajectory in the coming years.

Automotive manufacturers are focusing on developing more fuel-efficient and cleaner engines, with the implementation of stringent emission norms. Synthetic engine oils are known for their ability to enhance engine efficiency and meet these regulatory standards.Government initiatives promoting sustainable and energy efficient transportation solutions may indirectly influence the lubricants industry. Policies that encourage cleaner and more efficient vehicles can shape the demand for advanced lubricants.

Synthetic engine oils are increasingly being recognized for their role in improving fuel economy, with a growing emphasis on fuel efficiency and reduced carbon emissions. The trend is likely to drive the demand for synthetic oils. The increasing popularity of hybrid vehicles, which combine internal combustion engines with electric power, is anticipated to create a niche landscape for synthetic engine oils specifically formulated for hybrid systems.

Lubricant manufacturers may explore partnerships with original equipment manufacturers to develop custom synthetic engine oil formulations that meet the specific requirements of modern engines.

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Key Takeaways from the Industry Study:

• In 2024, the India synthetic automotive engine oil landscape is estimated to have an industry size of US$ 654.3 million.
• The full synthetic engine oil is expected to dominate the industry, with a share of 22.1% in 2034.
• The group III base oil category is expected to hold a share of 23.7% in 2024.
• West India is predicted to acquire 29.9% of the Indian industry share in 2024.
• South India is expected to account for a CAGR of 6.2% by 2034.

“Collaboration between lubricant manufacturers and automotive companies to develop custom solutions can lead to the introduction of high performance synthetic engine oils tailored for specific vehicles,” says a Fact.MR analyst.

Competitive Landscape

The India synthetic automotive engine oil industry is shaped by pricing, distribution channels, customer service, and regulatory compliance to gain a competitive edge. Adapting to the ecosystem dynamics and staying abreast of technological advancements are essential for sustained success in this dynamic industry.

Recent Development:

1. In 2023, McLaren Automotive, a renowned luxury supercar company, declared the extension of its collaboration with Gulf Oil International, reaffirming their association as the official lubricant and fuel partner for 2023.
2. In 2022, ExxonMobil was structured into three business lines, including ExxonMobil Upstream Company, ExxonMobil Product Solutions, and ExxonMobil Low Carbon Solutions. The business lines were complemented by a unified technology organization, ExxonMobil Technology and Engineering, along with other centralized service delivery groups offering similar capabilities. The organizational framework was built upon the successful consolidation of major projects across the corporation in 2019.

Leading Players Driving Innovation in the Synthetic Automotive Engine Oil Industry Analysis in India:

Key industry participants like Indian Oil Corporation Limited; HPCL; BPCL; Castrol Ltd.; Savita Oil; Shell PLC; Valvoline Inc.; Amsoil Inc.; Gulf Oil International; ExxonMobil Corporation etc. are driving the synthetic automotive engine oil industry analysis in india.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the India synthetic automotive engine oil industry, presenting historical analysis from 2019 to 2023 and forecast statistics for the period of 2024 to 2034.

The study reveals essential insights based on India synthetic automotive engine oil industry analysis by product type (full synthetic engine oil, synthetic blend engine oil, high mileage synthetic engine oil, racing synthetic engine oil, others), base oil type (group III base oil, group IV base oil, group V base oil), and by region (North India, South India, East India and West India).

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