Spain Automotive Engine Oils Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

Spain Automotive Engine Oils Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

The Spain Automotive Engine Oils Market is at 124.18 million liters in 2021 and is projected to register a CAGR of 2.15% to reach 138.11 million liters in 2026. In 2020, the COVID-19 outbreak led to social restrictions, significantly reducing the usage of existing vehicles. This factor elongated the service intervals for existing vehicles and affected domestic vehicle sales and production in the country, leading to a significant decline in engine oil consumption

Key Highlights

• Largest Segment by Vehicle Type - Commercial Vehicles : In Spain, the large engine sizes of commercial vehicles (CV)s have led to higher engine oil volumes. Thus, CVs form the major lubricant-consuming vehicle type in the country.
• Fastest Segment by Vehicle Type - Passenger Vehicles : The increasing need to travel, adhering to social distancing norms, is likely to boost motorcycle sales since 2021, in turn, boosting engine oil consumption in Spain.

Key Market TrendsLargest Segment By Vehicle Type : Commercial Vehicles

• Prior to 2020, passenger vehicles accounted for the largest share of the automotive lubricant consumption volume among all vehicle types. In Spain, the demand for automotive engine oils increased at a CAGR of 2.14% during 2015-2019.
• In 2020, the COVID-19 outbreak resulted in a major decline in the usage of the existing vehicle fleets in the country, in turn causing a drop in engine oil consumption levels at a rate of 12.50%, compared to 2019.
• During 2021-2026, engine oil consumption is estimated to grow at a lower rate of 2.15%, as compared to other product types. The primary reason for the lower growth rate is engine downsizing, which is further decreasing the average engine oil volumes. Also, an increase in service intervals in the PV and CV segments due to the rising adoption of synthetic lubricants is expected to restrain the volume growth of engine oils in the coming years.

Competitive Landscape

The Spain Automotive Engine Oils Market is fairly consolidated, with the top five companies occupying 71.41%. The major players in this market are BP PLC (Castrol), CEPSA, Repsol, Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
BP PLC (Castrol)
CEPSA
Eni SpA
ExxonMobil Corporation
Galp Energia
Motul
Q8Oils
Repsol
Royal Dutch Shell Plc
TotalEnergies

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