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

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

The United States Automotive Engine Oils Market is at 2.57 billion liters in 2021 and is projected to register a CAGR of 2.99% to reach 2.97 billion liters in 2026. In 2020, the significant decline in the miles traveled during the year due to the pandemic outbreak and restricted commute have affected the engine oil consumption in the country severely.

Key Highlights

• Largest Segment by Vehicle Type - Passenger Vehicles : The highest proportion of passenger vehicle population in the United States is attributed to the highest engine oil consumption in the passenger vehicles segment.
• Fastest Segment by Vehicle Type - Passenger Vehicles : As the social distancing measures are being slowly eased in the country, the usage of passenger vehicles is likely to increase, thereby boosting their engine oil consumption.

Key Market TrendsLargest Segment By Vehicle Type : Passenger Vehicles

• During 2015-2020, the engine oil consumption in the country witnessed a fluctuating trend and recorded a negative CAGR of 3.95%.
• Most of the engine oils used in the United States meet the latest standards set by the International Lubricant Specification Advisory Committee (ILSAC) and the American Petroleum Institute (API). Although these synthetic grades have higher profit margins per gallon, they also support higher drain intervals. Hence, higher penetration of synthetic engine oils significantly restrained the growth of this product type, in terms of volume, during 2015-2020.
• Post the COVID-19 outbreak, the engine oil change requirements of vehicles further declined. The usage of the existing automotive fleet is gradually boosting the engine oil volume consumption, which is likely to recover at a CAGR of 2.99% during the forecast period.

Competitive Landscape

The United States Automotive Engine Oils Market is fairly consolidated, with the top five companies occupying 74.66%. The major players in this market are BP PLC (Castrol), ExxonMobil Corporation, Phillips 66 Lubricants, Royal Dutch Shell Plc and Valvoline Inc. (sorted alphabetically).

Additional Benefits:

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

Companies Mentioned
 
BP PLC (Castrol)
Chevron Corporation
CITGO
ExxonMobil Corporation
MOTOREX
Motul
Phillips 66 Lubricants
Royal Dutch Shell Plc
TotalEnergies
Valvoline Inc.

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