Market Size of Engine Oil Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 22.70 Billion liters |
| Market Volume (2029) | 26.89 Billion liters |
| CAGR (2024 - 2029) | 3.45 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Engine Oil Market Analysis
The Engine Oil Market size is estimated at 22.70 Billion liters in 2024, and is expected to reach 26.89 Billion liters by 2029, growing at a CAGR of 3.45% during the forecast period (2024-2029).
The COVID-19 crisis impacted the global automotive industry, 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 growth picked up 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 significant factors driving the growth of the market studied.
- 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 the 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 region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
