Chicago, June 22, 2022 (GLOBE NEWSWIRE) -- According to latest research report by Arizton, the engine oil market is expected to grow at a CAGR of 5.26% during the forecast period. Engine oil market is changing as the customers are demanding better performing engine oil which will enhance the fuel economy and deliver better performance. In the past years, engine oils are used to manufactured from mineral oils which is derived from crude oil. Advancements in technology helped engine oil industry to cater to diverse needs such as increasing the shelf life of engine, reducing carbon footprint, improving fuel economy, supplying engine oil with low viscosity, and meeting the increasing vehicle emission standards. Increasing use of passenger cars in the emerging economies is fueling the engine oil market.
Engine Oil Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2027) | $105.5 Billion | |
| MARKET SIZE (2021) | $77.5 Billion | |
| CAGR (2021-2027) | 5.26% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| LARGEST MARKET | North America | |
| MARKET SEGMENTS | End-Use, Oil Type, and Geography | |
| GEOGRAPHIC ANALYSIS | North America, Europe, APAC, Latin America, and Middle East & Africa | |
| KEY VENDORS | Castrol Limited, Chevron Corporation, Exxon Mobil Corporation, Shell PLC, and Total Energies | |
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Rapid Infrastructure Development Increasing the Demand for Heavy Equipment
In recent years infrastructure development has grown substantially across the globe and due to this the demand for heavy equipment has increased. Generally, heavy equipment refers to heavy-duty vehicles used for construction and mining work therefore increase in heavy equipment will ultimately increase the demand for engine oil. For instance, According to Volvo CE, the South American market increased by 12% and China was up by 28%. In 2020, demand for heavy equipment increased in Europe by 20% but fell in North America by 18% compared to 2019. In Asia demand for heavy equipment increased by 39% compared to 2019 due to government motivation in China, as well as improvements in other markets.
Key Insights
- Engine oils are important for smooth functioning of internal combustion engines. Major players in the segment include Castrol Limited (UK), ExxonMobil (US), Shell (UK), Chevron (US), and Total Energies (France) operate through strategies such as expansion, acquisition, new product launch to further their reach in the market.
- Automotive & Transportation is estimated as the largest end-use industry with 74.86% market share in 2021. Companies such as Ford (US), Tata (India), BMW (Germany), and Hyundai (South Korea) have formed contracts with engine oil manufacturers to develop good quality engine oils.
- Passenger car and commercial vehicle market in emerging economies is developing at rapid speed as many automotive manufacturers are taking advantage of foreign direct investment that results in to increase in demand of passenger cars and commercial vehicles, this will drive the engine oil market in upcoming years.
- Engine oils are manufactured from different oil types such as mineral oils and synthetic oils. Semi-synthetic oils derived from mixture of synthetic and mineral oil that offers properties of synthetic oil as well as mineral oil and during forecasted period it will show annual growth of 5.27%.
- The stringent emission regulation laid down by various government have impacted the engine oil market. Automotive manufacturers have invested large amount to develop hybrid powertrain vehicles which will mitigate the impact of emission of vehicle. Therefore, many lubricant manufacturers have developed engine oils compatible for hybrid powertrain vehicles which are eco-friendly and sustainable that resulted in huge investment in R&D.
- In future, advanced technologies such as engine oils for hybrid engines, innovative engine designs, weight reduction techniques of used engine parts, and next-generation vehicle design will further drive the market by enabling advantages such as higher efficiency, longer lifespan, and reduced operational costs.
- Emerging economies such as India, China, Indonesia, Malaysia, Thailand, Brazil, Argentina, and others are the major markets for engine oil. Growing population, developing infrastructure, rising disposable incomes, growing middle class, and growing prevalence of chronic diseases are major factors for growth in the region.
Key Vendors
- Castrol Limited
- Chevron Corporation
- ExxonMobil
- Shell PLC
- Total Energies
Other Prominent Vendors
- Bharat Petroleum Corporation Limited
- BP PLC
- FUCHS
- Gazpromneft - Lubricants Ltd
- GS Caltex Corporation
- Gulf Oil International limited
- Hindustan Petroleum Corporation Limited
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corporation Limited
- Kuwait Dana Lubes Company
- Liqui Moly
- Motul
- Pennzoil
- Petro Canada Lubricants Inc.
- Petroliam Nasional Berhad (PETRONAS)
- Phillips 66
- Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
- Repsol
- SINOPEC
- Valvoline Inc.
Segmentation by End-Use
- Automotive & Transportation
- Heavy Equipment
- Power Generation
- Others
Segmentation by Oil Type
- Semi-Synthetic
- Fully Synthetic
- Mineral
Segmentation by Geography
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- APAC
- China
- India
- Japan
- Indonesia
- South Korea
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Iran
- UAE
- Saudi Arabia
- Rest of MEA
Explore our chemicals materials profile to know more about the industry.
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