Singapore Automotive Engine Oils Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The Singapore Automotive Engine Oils Market stood at 11.57 million liters in 2021 and is projected to register a CAGR of 2.49% to reach 13.09 million liters in 2026.

Key Highlights

• Largest Segment by Vehicle Type - Passenger Vehicles: High usage rates of passenger vehicles and the frequency of service needs have led to the segment being the largest among all vehicle types, in terms of lubricant demand.
• Fastest Segment by Vehicle Type - Motorcycles: The anticipated robust rebound in motorcycle usage and sales in Singapore, starting in 2021, is expected to boost motorcycle engine oil consumption over the forecast period.

Key Market Trends

Largest Segment By Vehicle Type: Passenger Vehicles

• In Singapore, engine oils accounted for about 88.51% of automotive lubricants in 2020. During 2015-2019, engine oil consumption in the country recorded a 4.52% drop. The increasing maintenance costs of vehicles are hindering their usage and their engine oil consumption in the country.
• In 2020, the COVID-19 outbreak led to a massive decline in the usage rate of the existing vehicle fleets in the country, which led to a 17.38% dip in engine oil consumption. The passenger vehicle (PV) segment recorded the largest decline of 17.56% in engine oil consumption during 2020.
• Between 2021-2026, the motorcycles segment is expected to register the highest growth of about 4.67% in engine oil consumption, followed by the PV segment (2.58%). The growth is likely to be driven by strong demand for mopeds and motorcycles in the country over the next five years.

Competitive Landscape

The Singapore Automotive Engine Oils Market is moderately consolidated, with the top five companies occupying 48.61%. The major players in this market are BP Plc (Castrol), Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).

Additional Benefits:

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