The global engine oil market revenue was around US$ 41.7 billion in 2022 and is estimated to reach US$ 54.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 3.1% during the forecast period from 2023 to 2031.
Engine oil is a lubricant that consists of additives and base stock. It is made from synthetic chemicals, petroleum, or a mixture of both. It is also prepared by the addition of substances, such as antioxidants, viscosity index improvers, metal detergents, and others. In an automobile, friction is one of the main sources of engine heat, which creates more wear and deforms moving engine components.
Market Driving Factors
The surge in sales of automobiles in developing nations drives the market growth. The automotive industry is running toward a new world by raising sustainability, altering customer behavior, connected cars, encompassing electric vehicles, mobility fleet sharing, and enhancing lifestyles. Furthermore, developing nations such as China, India, and Brazil are the most promising nations for the automotive sector. Additionally, an increase in competition among automotive manufacturers (such as Volkswagen, Ford Motors, Daimler, and others) owing to elements such as innovation and growth time, fuel economy, reliability, safety, and pricing has made competition among the market players operating in the engine oil industry.
There is a growing trend in the automotive industry toward utilizing lower-viscosity engine oils. Meanwhile, the original equipment manufacturers (OEMs) recommend these oils to increase vehicle performance and transform their factory and service fill needs to low-viscosity grade products. Furthermore, lower viscosity fluids may enhance the fuel economy of the vehicles owing to their enhanced permeability, thinner lubricating films, and lower churning losses. Therefore, the increasing trend of enhanced vehicle performance leads to the demand for lower-viscosity motor oil in the automotive industry, which is expected to boost market growth.
Emerging demand for synthetic engine oil is predicted to drive the market growth. Synthetic engine oil has the benefit of improving fuel efficiency, reducing oil consumption, and expanding the time between oil changes. Short-chain hydrocarbon molecules, alpha-olefins are converted into long-chain hydrocarbon polymers, polyalpha-olefins to create synthetic engine oils. Furthermore, they are highly sought after in developed nations such as North America and Europe, due to their chemical resemblance to mineral oils that are processed from crude oil.
An increase in sales of electric vehicles and fluctuating raw material costs are the elements predicted to hinder the market growth.
Regional Analysis
Europe dominated the market in terms of the largest shares and is estimated to maintain its dominance. This can be majorly attributed to the Industrial Revolution, which developed Europe in terms of per capita income, standard of living, advancements in production, and adoption of new technology. Moreover, the region's world-class construction, automotive, transportation, and agriculture industries propelled the demand for engine oils.
Asia-Pacific is estimated to dominate the market in terms of revenue. This is due to the various factors such as immediate urbanization, disposable income, and industrialization that drive the growth of the automotive, cosmetics, food processing, and textile industries and raise the demand for engine oils. Furthermore, the requirement for engine oil in the region is high owing to demand from the transportation and automotive, manufacturing, mining, and machinery sectors.
Segmentation Insights
Grade Insight
The semi-synthetic segment is estimated to market in terms of the growth rate. Mineral and fully synthetic oils are mixed to create semi-synthetic oil. Semi-synthetic engine oils enable consumers to obtain superior engine oils at reasonable prices because they are more costly than mineral oils but less costly than fully synthetic oils. Furthermore, semi-synthetic oils provide properties comparable to fully synthetic oils, such as a surge in engine performance, superior parts protection, and optimized performance.
The fully synthetic segment is predicted to dominate the market in terms of the largest shares. This is because fully synthetic oils are chemical compounds modified by combining numerous synthetic components. Furthermore, heat is generated owing to friction when engine components move at high speeds causing engine components to break down and wear out. As a result, fully synthetic engine oils protect these parts at excessive temperatures. Thus, fully synthetic oils are a good alternative to mineral oils. Fully synthetic engine oils offer better performance and protection than traditional engine oils. Moreover, fully synthetic engine oils are specially formulated with additives to offer additional performance advantages, such as sludge deposit and wear deduction.
Prominent Companies
Segmentation Outline
The global engine oil market segmentation focuses on the Grade, Sales Channel, Engine Type, Vehicle Type, and Region.
By Grade
By Sales Channel
By Engine Type
By Vehicle Type
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL ENGINE OIL MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ENGINE OIL MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ENGINE OIL MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ENGINE OIL MARKET, BY GRADE
5.1 OVERVIEW
5.2 MINERAL
5.3 SEMI-SYNTHETIC
5.4 FULLY-SYNTHETIC
6 GLOBAL ENGINE OIL MARKET, BY SALES CHANNEL
6.1 OVERVIEW
6.2 OEM
6.3 AFTERMARKET
7 GLOBAL ENGINE OIL MARKET, BY ENGINE TYPE
7.1 OVERVIEW
7.2 GASOLINE
7.3 DIESEL
8 GLOBAL ENGINE OIL MARKET, BY VEHICLE TYPE
8.1 OVERVIEW
8.2 PASSENGER CARS
8.3 LIGHT COMMERCIAL VEHICLES
8.4 HEAVY COMMERCIAL VEHICLES
8.5 TWO WHEELERS
9 GLOBAL ENGINE OIL MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL ENGINE OIL MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 TOTALENERGIES
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 SHELL
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 CHEVRON CORPORATION
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 SAUDI ARABIAN OIL CO.
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 RN-LUBRICANTS LLC
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 GS CALTEX INDIA
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 VIP OIL PRODUCTS LTD.
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 ASHLAND INC.
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 BP PLC.
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 GAZPROMNEFT LUBRICANTS LTD
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 ADOLF WÜRTH GMBH & CO. KG
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 JIANGSU LOPAL TECH. CO. LTD
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 EXXON MOBIL CORPORATION
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 LUKOIL
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 CASTROL LIMITED
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 VALVOLINE
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.17 AMSOIL INC.
11.17.1 OVERVIEW
11.17.2 FINANCIAL PERFORMANCE
11.17.3 PRODUCT OUTLOOK
11.17.4 KEY DEVELOPMENTS
11.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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