Engine Oil Market Size
| Study Period | 2017-2027 |
| Base Year For Estimation | 2021 |
| CAGR | > 2.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Engine Oil Market Analysis
The global engine oil market is projected to register a CAGR of over 2% during the forecast period.
The global automotive supply industry was heavily impacted by the COVID-19 crisis, as both the production and sales of motor vehicles came to a sudden halt in most regions. These work stoppages led to a loss in the production of millions of vehicles across the world. The automobile industry has a direct effect on the engine oil market as it is used to improve the overall efficiency of an engine and reduce emissions. However, the market is projected to grow steadily, owing to increased automotive activities after the lifting of restrictions in the second half of 2021, leading to market recovery.
- Over the medium term, the increasing automotive production and sales and the increasing adoption of high-performance lubricants are major factors driving the growth of the market studied.
- On the other hand, factors limiting the growth of the engine oil market include prolonged engine oil drain intervals and the potential effect of electric vehicles (EVs), which is expected to have a negative influence on the demand for engine oil.
- However, extended drain intervals and the modest impact of electric vehicles (EVs) are key factors anticipated to restrain the growth of the target industry over the forecast period.
- Nevertheless, the growing automotive industry in Middle East and Africa, and numerous upcoming construction projects in North America and APAC are likely to create lucrative growth opportunities for the global market soon.
- Asia-Pacific dominated the market across the world, with the largest consumption coming from the countries such as China and India.
Engine Oil Market Trends
This section covers the major market trends shaping the Engine Oil Market according to our research experts:
The Automotive and Other Transportation Segment Dominated the Market
- Engine oils are widely used to lubricate internal combustion engines and are composed of 75-90% base oils, and 10-25% additives are mostly used in automotive and other transport segments across the world.
- The major advantages of using engine oils are wear and tear reduction, corrosion protection, and the engine’s smooth operation. They function by creating a thin film between the moving parts for enhancing heat transfer and reducing tension during the contact of parts.
- The increasing production and sales of light-duty vehicles are estimated to have a direct impact on engine oil consumption, which, in turn, is anticipated to drive the demand for engine oil during the forecast period.
- Global automobile sales were higher in most major regions of the world in the full year of 2021. With sales increased by 6.6% to more than 21 million cars, China remained the world's largest and best-performing major single-country auto market.
- According to the OICA data, the global production of automotive vehicles in 2021 was 80,145,988 units compared to 77,711,725 units in the first nine months of 2020.
- Car sales in India expanded at a quicker rate of 30%, although the entire vehicle market remained tiny. In 2021, new passenger car registrations in Japan and Europe were lower, while the market for light vehicles in Russia, the United States, and Brazil grew marginally.
- As a result, the aforementioned factors are anticipated to have a substantial beneficial influence on the engine oil market in the future years.
The Asia-Pacific Region to Dominate the Market
- Asia-Pacific dominated the global engine oil market primarily due to the huge growing demand for automotive production and power generation industries.
- According to the German Association of the Automotive Industry, China's annual automobile sales reached 21,090,200 units in 2021, making it the world's largest market.
- According to India Brand Equity Foundation, in the fiscal year 2021, India’s automobile industry reached a total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles of about 1,860,809 units. Also, India’s automobile exports reached 4.13 million vehicles in 2021
- Similarly, in February 2022, 20 carmakers from India, including Tata Motors Ltd, Suzuki Motor Gujarat, Mahindra and Mahindra, Hyundai, and Kia India Pvt. Ltd were selected to receive production-linked incentives (PLI) as part of the government's plan to increase local vehicle manufacturing and attract new investment.
- In 2021, new automobile sales in Indonesia, Thailand, Malaysia, Vietnam, the Philippines, and Singapore reached 2.79 million cars, up 14% from 2020, with Indonesia leading the way with a 67 % increase.
- As a result, the aforementioned factors are projected to have a substantial influence on the engine oil market in the approaching years in the region.
Engine Oil Industry Overview
The global engine oil market is fragmented in nature. The major players include (not in particular order) Total Energies, Exxon Mobile Corporation, BP p.l.c., Shell PLC, and China Petrochemical Corporation.
Engine Oil Market Leaders
Exxon Mobil Corporation
Shell PLC
BP p.l.c
China Petrochemical Corporation
TotalEnergies
*Disclaimer: Major Players sorted in no particular order
Engine Oil Market News
- October 2022: Valvoline Cummins Private Limited launched its new product Valvoline All Fleet Turbo Plus (Haulage Expert), engine oil for heavy use of high HP tractors on the road and other agricultural allied operations. The company has strengthened its product portfolio through innovation.
- September 2022: Chevron announced the completion of an expansion project at its Singapore Manufacturing Plant (SMP). The company produces the majority of components that go into additive packages.
- March 2021: Shell and Maserati extended their technical and commercial collaboration by launching the new Shell Helix Ultra Hybrid oil for Maserati hybrid engines for long-lasting performance and superior protection to car engine lifespan.
Engine Oil Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. EXECUTIVE SUMMARY
3. MARKET DYNAMICS
3.1 Drivers
3.1.1 Increasing Automotive Production and Sales
3.1.2 Increasing Adoption of High-performance Lubricants
3.2 Restraints
3.2.1 Extended Drain Intervals
3.2.2 Modest Impact of Electric Vehicles (EVs) in the Future
3.3 Industry Value Chain Analysis
3.4 Porter's Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Threat of New Entrants
3.4.4 Threat of Substitute Products and Services
3.4.5 Degree of Competition
3.5 Regulatory Policy Analysis
4. MARKET SEGMENTATION (Market Size in Volume)
4.1 By End-user Industry
4.1.1 Power Generation
4.1.2 Automotive and Other Transportation
4.1.3 Heavy Equipment
4.1.4 Metallurgy and Metalworking
4.1.5 Chemical Manufacturing
4.1.6 Other End-user Industries
4.2 By Geography
4.2.1 Asia-Pacific
4.2.1.1 China
4.2.1.2 India
4.2.1.3 Japan
4.2.1.4 South Korea
4.2.1.5 Philippines
4.2.1.6 Indonesia
4.2.1.7 Malaysia
4.2.1.8 Thailand
4.2.1.9 Vietnam
4.2.1.10 Rest of Asia-Pacific
4.2.2 North America
4.2.2.1 United States
4.2.2.2 Mexico
4.2.2.3 Canada
4.2.2.4 Rest of North America
4.2.3 Europe
4.2.3.1 Germany
4.2.3.2 United kingdom
4.2.3.3 France
4.2.3.4 Italy
4.2.3.5 Russia
4.2.3.6 Spain
4.2.3.7 Rest of Europe
4.2.4 South America
4.2.4.1 Brazil
4.2.4.2 Argentina
4.2.4.3 Colombia
4.2.4.4 Rest of South America
4.2.5 Middle East and Africa
4.2.5.1 Saudi Arabia
4.2.5.2 South Africa
4.2.5.3 Qatar
4.2.5.4 United Arab Emirates
4.2.5.5 Rest of Middle East and Africa
5. COMPETITIVE LANDSCAPE
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Market Share Analysis
5.3 Strategies Adopted by Leading Players
5.4 Company Profiles
5.4.1 AMSOIL INC
5.4.2 Bharat Petroleum Corporation Limited
5.4.3 BP p.l.c
5.4.4 Chevron Corporation
5.4.5 China Petrochemical Corporation
5.4.6 Eni SPA
5.4.7 Exxon Mobil Corporation
5.4.8 FUCHS
5.4.9 Gazpromneft - Lubricants, Ltd
5.4.10 Gulf Oil International
5.4.11 Hindustan Petroleum Corporation Limited
5.4.12 Idemitsu Kosan Co.,Ltd
5.4.13 Illinois Tool Works Inc.
5.4.14 Indian Oil Corporation Ltd
5.4.15 JX Nippon Oil & Gas Exploration Corporation
5.4.16 LUKOIL
5.4.17 Motul
5.4.18 Petrobras
5.4.19 PETRONAS Lubricants International
5.4.20 Phillips 66 Company
5.4.21 PT Pertamina Lubricants
5.4.22 Repsol
5.4.23 Shell PLC
5.4.24 SK Enmove CO., Ltd
5.4.25 Tide Water Oil Co. (India) Ltd
5.4.26 TotalEnergies
5.4.27 Valvoline Cummins Pvt. Ltd.
- *List Not Exhaustive
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
6.1 Growing Automotive Industry in Middle East & Africa
6.2 Numerous Upcoming Construction Projects In North America and APAC
Engine Oil Industry Segmentation
Engine oil is designed to lubricate the inner components of internal combustion engines and protect them against corrosion and keep them cool while in use. The global engine oil market is segmented by end-user industry and geography. By end-user industry, the market is segmented into power generation, automotive and other transportation, heavy equipment, metallurgy and metalworking, chemical manufacturing, and other end-user industries. The report also covers the market size and forecasts for the engine oil market in 24 countries across major regions. For each segment, the market sizing and forecasts have been provided on the basis of volume (kilo metric tons).
| By End-user Industry | |
| Power Generation | |
| Automotive and Other Transportation | |
| Heavy Equipment | |
| Metallurgy and Metalworking | |
| Chemical Manufacturing | |
| Other End-user Industries |
| By Geography | ||||||||||||
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Engine Oil Market Research FAQs
What is the current Engine Oil Market size?
The Engine Oil Market is projected to register a CAGR of greater than 2% during the forecast period (2023-2027).
Who are the key players in Engine Oil Market?
Exxon Mobil Corporation, Shell PLC, BP p.l.c, China Petrochemical Corporation and TotalEnergies are the major companies operating in the Engine Oil Market.
Which is the fastest growing region in Engine Oil Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Engine Oil Market?
In 2023, the Asia Pacific accounts for the largest market share in the Engine Oil Market.
Engine Oil Industry Report
Statistics for the 2023 Engine Oil market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Engine Oil analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
