Engine Oil Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Global Engine Oil Market is segmented by End-user Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Metallurgy and Metalworking, Chemical Manufacturing​, and Other End-user Industries) and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The report offers market size and forecasts for engine oil in volume (kilo metric tons) for all the segments.

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Engine Oil Industry Overview

Engine Oil Market  Summary
Study Period: 2017-2027
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: > 2 %

Major Players

Engine Oil Market  Major Players

*Disclaimer: Major Players sorted in no particular order

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Engine Oil Market Analysis

The global engine oil market is projected to register a CAGR of over 2% during the forecast period.

The global automotive supply industry was heavily impacted by the COVID-19 crisis, as both the production and sales of motor vehicles came to a sudden halt in most regions. These work stoppages led to a loss in the production of millions of vehicles across the world. The automobile industry has a direct effect on the engine oil market as it is used to improve the overall efficiency of an engine and reduce emissions. However, the market is projected to grow steadily, owing to increased automotive activities after the lifting of restrictions in the second half of 2021, leading to market recovery.

  • Over the medium term, the increasing automotive production and sales​ and the increasing adoption of high-performance lubricants are major factors driving the growth of the market studied.
  • On the other hand, factors limiting the growth of the engine oil market include prolonged engine oil drain intervals and the potential effect of electric vehicles (EVs), which is expected to have a negative influence on the demand for engine oil.
  • However, extended drain intervals​ and the modest impact of electric vehicles (EVs) are key factors anticipated to restrain the growth of the target industry over the forecast period.
  • Nevertheless, the growing automotive industry in Middle East and Africa​, and numerous upcoming construction projects in North America and APAC ​ are likely to create lucrative growth opportunities for the global market soon.
  • Asia-Pacific dominated the market across the world, with the largest consumption coming from the countries such as China and India.

Engine Oil Industry Segments

Engine oil is designed to lubricate the inner components of internal combustion engines and protect them against corrosion and keep them cool while in use. The global engine oil market is segmented by end-user industry and geography. By end-user industry, the market is segmented into power generation, automotive and other transportation, heavy equipment, metallurgy and metalworking, chemical manufacturing​, and other end-user industries. The report also covers the market size and forecasts for the engine oil market in 24 countries across major regions. For each segment, the market sizing and forecasts have been provided on the basis of volume (kilo metric tons).

By End-user Industry
Power Generation
Automotive and Other Transportation
Heavy Equipment
Metallurgy and Metalworking
Chemical Manufacturing
Other End-user Industries
By Geography
Asia-Pacific
China
India
Japan
South Korea
Philippines
Indonesia
Malaysia
Thailand
Vietnam
Rest of Asia-Pacific
North America
United States
Mexico
Canada
Rest of North America
Europe
Germany
United kingdom
France
Italy
Russia
Spain
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Qatar
United Arab Emirates
Rest of Middle East and Africa

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Engine Oil Market Trends

This section covers the major market trends shaping the Engine Oil Market according to our research experts:

The Automotive and Other Transportation Segment Dominated the Market

  • Engine oils are widely used to lubricate internal combustion engines and are composed of 75-90% base oils, and 10-25% additives are mostly used in automotive and other transport segments across the world.
  • The major advantages of using engine oils are wear and tear reduction, corrosion protection, and the engine’s smooth operation. They function by creating a thin film between the moving parts for enhancing heat transfer and reducing tension during the contact of parts.
  • The increasing production and sales of light-duty vehicles are estimated to have a direct impact on engine oil consumption, which, in turn, is anticipated to drive the demand for engine oil during the forecast period.​
  • Global automobile sales were higher in most major regions of the world in the full year of 2021. With sales increased by 6.6% to more than 21 million cars, China remained the world's largest and best-performing major single-country auto market.
  • According to the OICA data, the global production of automotive vehicles in 2021 was 80,145,988 units compared to 77,711,725 units in the first nine months of 2020.
  • Car sales in India expanded at a quicker rate of 30%, although the entire vehicle market remained tiny. In 2021, new passenger car registrations in Japan and Europe were lower, while the market for light vehicles in Russia, the United States, and Brazil grew marginally.
  • As a result, the aforementioned factors are anticipated to have a substantial beneficial influence on the engine oil market in the future years.
Engine Oil Market : Motor Vehicle Production, in Units, Global, 2017-2021

The Asia-Pacific Region to Dominate the Market

  • Asia-Pacific dominated the global engine oil market primarily due to the huge growing demand for automotive production and power generation industries.
  • According to the German Association of the Automotive Industry, China's annual automobile sales reached 21,090,200 units in 2021, making it the world's largest market.
  • According to India Brand Equity Foundation, in the fiscal year 2021, India’s automobile industry reached a total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles of about 1,860,809 units. Also, India’s automobile exports reached 4.13 million vehicles in 2021
  • Similarly, in February 2022, 20 carmakers from India, including Tata Motors Ltd, Suzuki Motor Gujarat, Mahindra and Mahindra, Hyundai, and Kia India Pvt. Ltd were selected to receive production-linked incentives (PLI) as part of the government's plan to increase local vehicle manufacturing and attract new investment.
  • In 2021, new automobile sales in Indonesia, Thailand, Malaysia, Vietnam, the Philippines, and Singapore reached 2.79 million cars, up 14% from 2020, with Indonesia leading the way with a 67 % increase.
  • As a result, the aforementioned factors are projected to have a substantial influence on the engine oil market in the approaching years in the region.
Engine Oil Market - Growth Rate by Region, 2022-2027

Engine Oil Market Competitor Analysis

The global engine oil market is fragmented in nature. The major players include (not in particular order) Total Energies, Exxon Mobile Corporation, BP p.l.c., Shell PLC, and China Petrochemical Corporation.

Engine Oil Market Top Players

  1. Exxon Mobil Corporation

  2. Shell PLC

  3. BP p.l.c

  4. China Petrochemical Corporation

  5. TotalEnergies

*Disclaimer: Major Players sorted in no particular order

Engine Oil Market Concentration

Engine Oil Market Recent Developments

  • October 2022: Valvoline Cummins Private Limited launched its new product Valvoline All Fleet Turbo Plus (Haulage Expert), engine oil for heavy use of high HP tractors on the road and other agricultural allied operations. The company has strengthened its product portfolio through innovation.
  • September 2022: Chevron announced the completion of an expansion project at its Singapore Manufacturing Plant (SMP). The company produces the majority of components that go into additive packages.
  • March 2021: Shell and Maserati extended their technical and commercial collaboration by launching the new Shell Helix Ultra Hybrid oil for Maserati hybrid engines for long-lasting performance and superior protection to car engine lifespan.

Engine Oil Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. EXECUTIVE SUMMARY

  3. 3. MARKET DYNAMICS

    1. 3.1 Drivers

      1. 3.1.1 Increasing Automotive Production and Sales

      2. 3.1.2 Increasing Adoption of High-performance Lubricants

    2. 3.2 Restraints

      1. 3.2.1 Extended Drain Intervals

      2. 3.2.2 Modest Impact of Electric Vehicles (EVs) in the Future

    3. 3.3 Industry Value Chain Analysis

    4. 3.4 Porter's Five Forces Analysis

      1. 3.4.1 Bargaining Power of Suppliers

      2. 3.4.2 Bargaining Power of Buyers

      3. 3.4.3 Threat of New Entrants

      4. 3.4.4 Threat of Substitute Products and Services

      5. 3.4.5 Degree of Competition

    5. 3.5 Regulatory Policy Analysis

  4. 4. MARKET SEGMENTATION (Market Size in Volume)

    1. 4.1 By End-user Industry

      1. 4.1.1 Power Generation

      2. 4.1.2 Automotive and Other Transportation

      3. 4.1.3 Heavy Equipment

      4. 4.1.4 Metallurgy and Metalworking

      5. 4.1.5 Chemical Manufacturing

      6. 4.1.6 Other End-user Industries

    2. 4.2 By Geography

      1. 4.2.1 Asia-Pacific

        1. 4.2.1.1 China

        2. 4.2.1.2 India

        3. 4.2.1.3 Japan

        4. 4.2.1.4 South Korea

        5. 4.2.1.5 Philippines

        6. 4.2.1.6 Indonesia

        7. 4.2.1.7 Malaysia

        8. 4.2.1.8 Thailand

        9. 4.2.1.9 Vietnam

        10. 4.2.1.10 Rest of Asia-Pacific

      2. 4.2.2 North America

        1. 4.2.2.1 United States

        2. 4.2.2.2 Mexico

        3. 4.2.2.3 Canada

        4. 4.2.2.4 Rest of North America

      3. 4.2.3 Europe

        1. 4.2.3.1 Germany

        2. 4.2.3.2 United kingdom

        3. 4.2.3.3 France

        4. 4.2.3.4 Italy

        5. 4.2.3.5 Russia

        6. 4.2.3.6 Spain

        7. 4.2.3.7 Rest of Europe

      4. 4.2.4 South America

        1. 4.2.4.1 Brazil

        2. 4.2.4.2 Argentina

        3. 4.2.4.3 Colombia

        4. 4.2.4.4 Rest of South America

      5. 4.2.5 Middle East and Africa

        1. 4.2.5.1 Saudi Arabia

        2. 4.2.5.2 South Africa

        3. 4.2.5.3 Qatar

        4. 4.2.5.4 United Arab Emirates

        5. 4.2.5.5 Rest of Middle East and Africa

  5. 5. COMPETITIVE LANDSCAPE

    1. 5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 5.2 Market Share Analysis

    3. 5.3 Strategies Adopted by Leading Players

    4. 5.4 Company Profiles

      1. 5.4.1 AMSOIL INC

      2. 5.4.2 Bharat Petroleum Corporation Limited

      3. 5.4.3 BP p.l.c

      4. 5.4.4 Chevron Corporation

      5. 5.4.5 China Petrochemical Corporation

      6. 5.4.6 Eni SPA

      7. 5.4.7 Exxon Mobil Corporation

      8. 5.4.8 FUCHS

      9. 5.4.9 Gazpromneft - Lubricants, Ltd

      10. 5.4.10 Gulf Oil International

      11. 5.4.11 Hindustan Petroleum Corporation Limited

      12. 5.4.12 Idemitsu Kosan Co.,Ltd

      13. 5.4.13 Illinois Tool Works Inc.

      14. 5.4.14 Indian Oil Corporation Ltd

      15. 5.4.15 JX Nippon Oil & Gas Exploration Corporation

      16. 5.4.16 LUKOIL

      17. 5.4.17 Motul

      18. 5.4.18 Petrobras

      19. 5.4.19 PETRONAS Lubricants International

      20. 5.4.20 Phillips 66 Company

      21. 5.4.21 PT Pertamina Lubricants

      22. 5.4.22 Repsol

      23. 5.4.23 Shell PLC

      24. 5.4.24 SK Enmove CO., Ltd

      25. 5.4.25 Tide Water Oil Co. (India) Ltd

      26. 5.4.26 TotalEnergies

      27. 5.4.27 Valvoline Cummins Pvt. Ltd.

    5. *List Not Exhaustive
  6. 6. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 6.1 Growing Automotive Industry in Middle East & Africa

    2. 6.2 Numerous Upcoming Construction Projects In North America and APAC

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Engine Oil Market Research FAQs

The Engine Oil Market market is studied from 2017 - 2027.

The Engine Oil Market is growing at a CAGR of >2% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Exxon Mobil Corporation, Shell PLC, BP p.l.c, China Petrochemical Corporation, TotalEnergies are the major companies operating in Engine Oil Market.

Engine Oil Industry Reports

In-depth industry statistics and market share insights of the Engine Oil sector for 2020, 2021, and 2022. The Engine Oil research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Engine Oil report PDF.

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