Who are the key players in Engine Oil Market?

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

Which is the fastest growing region in Engine Oil Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Engine Oil Market?

In 2024, the Asia Pacific accounts for the largest market share in Engine Oil Market. Read More

What years does this Engine Oil Market cover, and what was the market size in 2023?

In 2023, the Engine Oil Market size was estimated at 21.92 billion liters. The report covers the Engine Oil Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Engine Oil Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Engine Oil Market Size

Market Size of Engine Oil Industry

Study Period	2019 - 2029
Base Year For Estimation	2023
CAGR (2024 - 2029)	3.45 %
Fastest Growing Market	Asia Pacific
Largest Market	Asia Pacific
Market Concentration	Low
Major Players *Disclaimer: Major Players sorted in no particular order

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.

Engine Oil Industry Segmentation

Engine oil is a lubricating system explicitly designed for use in engines. It decreases friction between engine surfaces that come into contact with each other. It reduces energy waste caused by friction and is highly effective in cleaning, cooling, and protecting metal components from corrosion and rust. A good quality engine oil is critical for the proper operation of an engine as it enables smooth engine operations, prevents engine damage, and extends engine life.

The 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 25 countries across major regions. For each segment, the market sizing and forecasts are provided on the basis of volume (liters).

End-user Industry
		Power Generation
		Automotive and Other Transportation
		Heavy Equipment
		Metallurgy and Metalworking
		Chemical Manufacturing
		Other End-user Industries

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 Size Summary

The engine oil market is poised for steady growth over the forecast period, driven by the resurgence of the automotive industry following the disruptions caused by the COVID-19 pandemic. As automotive production and sales increase, the demand for engine oils, which are essential for enhancing engine efficiency and reducing emissions, is expected to rise. The market is also witnessing a shift towards high-performance lubricants, which are gaining traction in the automotive sector. However, challenges such as extended drain intervals and the growing adoption of electric vehicles may temper market expansion. Despite these challenges, regions like the Middle East, Africa, North America, and Asia-Pacific present promising opportunities for market growth, with Asia-Pacific anticipated to lead in both market dominance and growth rate.

Engine oils play a crucial role in the lubrication of internal combustion engines, comprising a significant portion of base oils and additives that ensure smooth engine operation and protection against wear and corrosion. The increasing production and sales of light-duty vehicles are expected to have a direct positive impact on engine oil consumption, thereby driving market demand. The Asia-Pacific region, particularly China and India, is experiencing robust growth in automotive and power generation sectors, further bolstering the engine oil market. The presence of major industry players and ongoing innovations, such as new product launches and expansion projects, are expected to sustain competitive dynamics and support market development in the coming years.

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Engine Oil Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Drivers
  1. 1.1.1 Increasing Automotive Production and Sales
  2. 1.1.2 Increasing Adoption of High-performance Lubricants
2. 1.2 Restraints
  1. 1.2.1 Extended Drain Intervals
  2. 1.2.2 Modest Impact of Electric Vehicles (EVs) in the Future
3. 1.3 Industry Value Chain Analysis
4. 1.4 Porter's Five Forces Analysis
  1. 1.4.1 Bargaining Power of Suppliers
  2. 1.4.2 Bargaining Power of Buyers
  3. 1.4.3 Threat of New Entrants
  4. 1.4.4 Threat of Substitute Products and Services
  5. 1.4.5 Degree of Competition
5. 1.5 Regulatory Policy Analysis
2. MARKET SEGMENTATION (Market Size in Volume)
1. 2.1 End-user Industry
  1. 2.1.1 Power Generation
  2. 2.1.2 Automotive and Other Transportation
  3. 2.1.3 Heavy Equipment
  4. 2.1.4 Metallurgy and Metalworking
  5. 2.1.5 Chemical Manufacturing
  6. 2.1.6 Other End-user Industries
2. 2.2 Geography
  1. 2.2.1 Asia-Pacific
    1. 2.2.1.1 China
    2. 2.2.1.2 India
    3. 2.2.1.3 Japan
    4. 2.2.1.4 South Korea
    5. 2.2.1.5 Philippines
    6. 2.2.1.6 Indonesia
    7. 2.2.1.7 Malaysia
    8. 2.2.1.8 Thailand
    9. 2.2.1.9 Vietnam
    10. 2.2.1.10 Rest of Asia-Pacific
  2. 2.2.2 North America
    1. 2.2.2.1 United States
    2. 2.2.2.2 Mexico
    3. 2.2.2.3 Canada
    4. 2.2.2.4 Rest of North America
  3. 2.2.3 Europe
    1. 2.2.3.1 Germany
    2. 2.2.3.2 United kingdom
    3. 2.2.3.3 France
    4. 2.2.3.4 Italy
    5. 2.2.3.5 Russia
    6. 2.2.3.6 Spain
    7. 2.2.3.7 Rest of Europe
  4. 2.2.4 South America
    1. 2.2.4.1 Brazil
    2. 2.2.4.2 Argentina
    3. 2.2.4.3 Colombia
    4. 2.2.4.4 Rest of South America
  5. 2.2.5 Middle East and Africa
    1. 2.2.5.1 Saudi Arabia
    2. 2.2.5.2 South Africa
    3. 2.2.5.3 Qatar
    4. 2.2.5.4 United Arab Emirates
    5. 2.2.5.5 Rest of Middle East and Africa