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Engine Oil Market
The global engine oil market is driven by rising auto sales in developing countries, demand for high-mileage vehicles, and the need for low-viscosity motor oil.
WILMINGTON, DE, UNITED STATES, October 17, 2024 /EINPresswire / -- As per the report, the global engine oil market size was pegged at $40.5 billion in 2021, and is expected to reach $55.1 billion by 2030, growing at a CAGR of 3.1% from 2021 to 2030.
Rise in sales of automobiles in developing countries, increase in demand for high mileage vehicles, and growing need for lower viscosity motor oil supplement have boosted the growth of the global engine oil market. However, fluctuating raw material prices and increase in sales of electric vehicles hinder the market growth. On the contrary, demand for synthetic engine oil and trend of new rivals in the engine oil industry would open new opportunities in the future.
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The concept of engine oil is typically attributed to motor oil, which is designed to lubricate the inner components of internal combustion engines and protect them against corrosion and keep them cool while in use. Engine oils are rated by their grade and viscosity. Moreover, it also polishes all the functional components of an electrical motor to protect and prevent rust from rusting in automobile metallic materials. Automotive vehicle sales have witnessed constant growth over the past few years, majorly in Europe and Asia, owing to the rise in population and consumer spending capacity. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total automotive production across the globe increased by 9% in the first nine months of 2021 compared to 2020.
Covid-19 scenario:
1. The Covid-19 pandemic severely affected the automotive sector across the globe, due to drop in automotive sales and insufficiency of raw materials.
2. Several engine oil manufacturers suffered resource bottlenecks in supply chain and logistic chains, which affected the market even more.
3. Lack of raw materials, prolonged lockdown, financial instability in start-ups in the engine oil industry impacted the global market negatively.
By engine type, the diesel segment held the largest share in 2021, contributing to nearly three-fifths of the global engine oil market, due to fact that commercial vehicles require large amount of power & torque for the propulsion of the vehicle. Since, they are loaded with heavy cargo, commercial vehicles require diesel engine as diesel engine leads to smarter transition of the vehicle.
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In addition, development towards the introduction of advanced commercial vehicle creates ample opportunities for the growth of the segment in the global market. However, the gasoline segment is projected to register the highest CAGR of 3.44% during the forecast period, owing to increased production of vehicles that are gasoline-based. In addition, gasoline-based engines offer other advantages such as efficiency in operation and easy of refueling. Moreover, gasoline-based engines are considered cheaper and lighter in weight which makes them a suitable option among customers.
By grade, the fully synthetic segment is estimated to portray the highest CAGR of 3.61% during the forecast period. In addition, the segment held the largest share in 2021, accounting for more than two-fifths of the global engine oil market, owing to the fact that the replacement time period for the oil is increased as compared to other engine oils. Moreover, the introduction of fully synthetic engine oils increases the performance of the vehicle and has excellent flow at low temperatures which makes it a suitable choice for application among vehicles. Such factors supplement the growth of the segment in the global market. The report includes an analysis of the mineral and semi-synthetic.
By sales channel, the aftermarket segment held the largest share in 2021, contributing to nearly three-fourths of the global engine oil market, owing to the replacement of the damaged part in the vehicle or the addition of new components in the existing vehicles. However, the OEM segment is projected to manifest the highest CAGR of 3.55% during the forecast period, due to increased adoption of company-manufactured services to be used in vehicles. Moreover, advancement in technology has enabled customers to choose the company-developed service in the vehicles, which has eventually led to the growth of the global market.
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By vehicle type, the heavy commercial vehicles segment is projected to register the highest CAGR of 6.28% during the forecast period, due to increase in the number of governmental projects, which utilize these vehicles. However, the passenger cars segment held the largest share in 2021, accounting for nearly two-thirds of the global engine oil market, owing to the fact that passenger cars are produced currently by different manufacturers all around the globe.
Major Market Players:
Adolf Würth GmbH & Co. KG
AMSOIL INC.
Ashland
BP p.l.c
Castrol Limited
Chevron Corporation
Exxon Mobil Corporation
Gazpromneft - Lubricants, Ltd.
GS Caltex India
Jiangsu Lopal Tech., Ltd.
Lukoil
RN-Lubricants LLC
Saudi Arabian Oil Co.
Shell
TotalEnergies
Valvoline
Vip Oil Products Ltd.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.