Allied Market Research recently published a report, titled, “Engine Oil Market by Grade (Mineral, Semi-synthetic, Fully-synthetic), by Sales Channel (OEM, Aftermarket), by Engine Type (Gasoline, Diesel), by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Two Wheelers): Global Opportunity Analysis and Industry Forecast, 2021-2031”. As per the report, the global engine oil industry 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.
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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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By sales channel, the aftermarket segment held the largest share in 2021, contributing to nearlythree-fourths of the global engine oil market, owing to 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 the 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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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.Co., Ltd.
- Lukoil
- RN-Lubricants LLC
- Saudi Arabian Oil Co.
- Shell
- TotalEnergies
- Valvoline
- Vip Oil Products Ltd.
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By region, the global engine oil market across Asia-Pacific held the largest share in 2021, accounting for around half of the market, due to presence of a large consumer base and increasing production & consumption of the product in countries like China. Product formulators such as TotalEnergies are increasingly investing in the Asia-Pacific region to tap the growing potential. Furthermore, considerable awareness among the people in this region is expected the market up during the forecast period. However, the market across LAMEA is expected to register the highest CAGR of 4.63% during the forecast period, owing to significant demand for cars and stringent environment regulations & emission norms are expected to witness a surge in the engine oil market in this region.
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