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.
Download Report (PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/2095
Covid-19 scenario:
- The Covid-19 pandemic severely affected the automotive sector across the globe, due to drop in automotive sales and insufficiency of raw materials.
- Several engine oil manufacturers suffered resource bottleneck in supply chain and logistic chains, which affected the market even more.
- Lack of raw materials, prolonged lockdown, financial instability in start-ups in the engine oil industry impacted the global market negatively.
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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 replacement time period for the oil is increased as compared to other engine oils. Moreover, introduction of fully synthetic engine oils increases the performance of the vehicle and has excellent flow at low temperature which makes it a suitable choice for the application among vehicles. Such factors supplement the growth of the segment in the global market. The report includes analysis of the mineral and semi-synthetic.
Asia-Pacific held the lion’s share
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.
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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https://www.alliedmarketresearch.com/engine-oil-market
Similar Reports We Have on Automotive Industry:
Oil Filter Market by Product Type (Base gasket, Canister, Anti-drain black seal and Base plate), Vehicle Type (Compact passenger cars, Mid-sized passenger cars, Premium passenger cars and Luxury passenger cars), Sale Channel (Original equipment manufacturer (OEM), Original equipment supplier (OES) and Independent aftermarket (IAM)), and Filter Media (Cellulose, Synthetic and Others): Global Opportunity Analysis and Industry Forecast, 2021–2031.
Aviation Lubricants Market by Type (Hydraulic Fluid, Engine Oil, Grease, and Special Lubricants & Additives), Technology (Mineral Based, and Synthetic), End User (OEM, and Aftermarket), Application (Hydraulic Systems, Engine, Landing Gear, Airframe, and Others), and by Platform (Commercial Aviation, Military Aviation, and Business & General Aviation): Global Opportunity Analysis and Industry Forecast, 2020–2030.
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