The Global Engine Oil Market size is projected to grow at a CAGR of 3.4% by 2028 and reach $95.2 billion in value terms. The passenger car engine oils segment is expected to account for the largest share of this market with over 50% share by 2028 due to its increasing demand across the globe as well as its high usage rate relative to other segments such as heavy-duty engines and motorcycles.
The primary function of engine oil is to reduce friction and heat between moving parts within an internal combustion engine. Engine oils also provide some level of protection for those parts from corrosion, especially if the vehicle operates in extreme environments such as on a farm or off-road. The type of engine oil varies depending on whether it is intended primarily for gasoline engines (petroleum base) or diesel engines (detergent/dispersant additive). Oil may be either "fully" synthetic, semi-synthetic, petroleum-based mineral oil with detergents and antifoams added.
On the basis of Type, the market is segmented into Passenger Car Engine Oils, Heavy Duty Engine Oil.
Passenger car engine oils are the most common type of engine oil used in vehicles today. They have been designed to meet all requirements when it comes to protecting against wear and ensuring a clean, smooth-running engine that is free from corrosion. Passenger Car Engine Oils come with different viscosity levels ranging from heavy-duty up to lightweight for better fuel economy which helps lower emissions as well as save on gas mileage. These types of fluids also work best at low temperatures without any additives whereas other synthetic grades require certain polymer compounds or antifoams be mixed into them before use so they run smoothly under cold conditions too.
The heavy-duty segment dominates the market for Engine Oil with a share of over 50%. This is primarily on account of their presence in commercial vehicles and heavy machinery which are heavily used globally. The Heavy Duty engines need high viscosity to maintain their function while being exposed to higher operating temperatures too. More additives like detergents or dispersants are also generally present in these types of oils as they’re designed for use during tough conditions such as when dealing with large diesel equipment packages that run hotter or colder than passenger cars per se. These products offer excellent protection against wear caused by friction between metal parts allowing them an extended period of service life.
On the basis of Application, the market is segmented as Passenger Cars, Commercial Vehicles, and Motorcycles. The commercial vehicle segment is expected to dominate the market with a share of around 39% in terms of revenue. The Passenger Car segment is expected to account for 36%. The Motorcycle segment accounted for only about 11% and hence it will be a slow-growing segment during the forecast period 2021-2028.
On basis of Region, the market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market in the North American region is estimated to account for the largest share of around 38% while the smallest segment will be that of Asia-Pacific with a revenue contribution of 18%.
The engine oils market is projected to witness significant growth during the forecast period owing to various factors such as a rising focus on environmental concerns, positive outlook for this industry due to improving economic conditions globally, stringent emission norms set forth by regulators across various regions in order to reduce air pollution levels. The key players within the engine oil market include Exxon Mobil Corporation (US), BP plc. (UK), Royal Dutch Shell plc., Total S.A., Chevron Corp., etc. These companies are continuously investing in new research and development activities in order to introduce enhanced lubricants that would provide better performance with reduced maintenance costs which will further propel demand over the next decade.
Up Market Research published a new report titled “Engine Oil Market research report which is segmented by Types (Passenger car engine oils, Heavy Duty engine oils, Motorcycle oils, Green Oils), By Applications (Passenger Car, Commercial Vehicle, Motorcycle), By Players/Companies Total, Royal Dutch Shell, Exxon Mobil, Bp, Fuchs Lubricants, Chevron Lubricants, China Petroleum And Chemicals, Lukoil Lubricants, Citgo Petroleum, Amsoil”.
|Report Attributes||Report Details|
|Report Title||Engine Oil Market Research Report|
|By Type||Passenger car engine oils, Heavy Duty engine oils, Motorcycle oils, Green Oils|
|By Application||Passenger Car, Commercial Vehicle, Motorcycle|
|By Companies||Total, Royal Dutch Shell, Exxon Mobil, Bp, Fuchs Lubricants, Chevron Lubricants, China Petroleum And Chemicals, Lukoil Lubricants, Citgo Petroleum, Amsoil|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||218|
|Number of Tables & Figures||153|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Passenger car engine oils, Heavy Duty engine oils, Motorcycle oils, Green Oils and By Application Passenger Car, Commercial Vehicle, Motorcycle.
Some of the companies that are profiled in this report are:
Engine Oil Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Engine Oil Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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