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Engine Oil Market - Global Outlook and Forecast 2022-2027

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    Report

  • 248 Pages
  • June 2022
  • Region: Global
  • Arizton
  • ID: 5617338
UP TO OFF until Sep 30th 2022
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The primary role of engine oil is to lubricate the engine parts to minimize friction and overheating. It also performs a variety of secondary functions. It aids in the cleaning and cooling of engine parts and the prevention of rust and corrosion accumulation on the piston. The engine oil market is changing as the customers demand good quality and higher performing oil, which would enhance the vehicle's fuel economy with better engine performance. Increasing the shelf life of the engine, reducing carbon footprint, supplying low-viscosity engine oils to improve fuel economy, and meeting changing vehicle emission standards set by various government entities are all examples of continuous innovation and advancements in catering to diverse automotive needs. The increasing use of passenger cars, commercial vehicles, and the rapidly growing transportation industry in the emerging economies have boosted the market.

Glance through the report of 230 pages comprising more than 70 tables and 75 exhibits to develop a deep understanding of the market.

MARKET TRENDS


Drivers: Rapid Infrastructure Development Increasing the Demand for Heavy Equipment


The infrastructure and construction industry is essential for the overall economic growth of the world. Adequate infrastructures such as road and railway transport systems, ports, power, and airports are needed to integrate the country's economy with other world economies. In recent years infrastructure development has grown substantially across the globe, and due to this, the demand for heavy equipment has increased. Generally, heavy equipment refers to heavy-duty vehicles used for construction and mining work; therefore increase in heavy equipment will ultimately increase the demand for engine oil. In addition, emerging countries have taken advantage of foreign direct investment and helped MNCs build various infrastructure and construction projects in multiple countries. Also, new industrial policies implemented by governments of emerging economies helped increase the production capacity of heavy equipment vehicles. The infrastructure and construction industry has shown rapid growth worldwide because of low-cost raw materials, low cost of skilled labor, and increased foreign direct investment (FDI).

Opportunities: Increasing Demand for Good Quality Engine


Oil due to Stringent Emission Regulation


Governments across the globe have been creating awareness about the negative impacts of greenhouse gas emissions; because of that, various environmental agencies are working closely with governments of multiple countries. As a result, various governments worldwide have laid down stringent emission regulations for vehicles to reduce their environmental impact. Therefore, many manufacturers have taken these regulations as an opportunity to invest in R&D so that they can develop products that will follow these emission regulations and deliver the better performance of the engine. In addition, countries like India, China, US, Germany, UK, and France have laid down emission norms that will decrease fuel consumption and offer better performance. All the above points will increase the demand for good quality engine oil. Various automobile manufacturers such as Ford (US), Mazda (Japan), McLaren (UK), Toyota (Japan), and Porsche (Germany) have formed a strategic partnerships with various manufacturers such as Shell PLC (UK), ExxonMobil (US), and Gulf Oil (US) to develop engine oils compatible for modern engines which follows the emission regulations. Also, the developments in engine design, engine assembly, piston design, and crankshaft systems have created an opportunity for engine oil manufacturers to develop high-performing and efficiency-driven engine oils.

Challenges: Constant Fluctuation in Crude Oil Prices


Crude oil is one of the most critical factors influencing international economic development because crude oil products are used in practically every machine. The transportation sector throughout the world is entirely reliant on petroleum products such as gasoline and diesel fuel. Also, different types of lubricants are used for the well functioning of transport vehicles. In addition, many countries also rely extensively on petroleum fuels to heat their homes, cook their food, and generate power. Petroleum products derived from crude oil and other hydrocarbon liquids account for approximately one-third of global energy use. Volatile oil prices have the potential to send shockwaves throughout the global economy. Changes also influence oil prices in supply and demand. Oil is a necessity and is in high demand; market forces primarily determine its price. As crude oil is the primary raw material required to manufacture base oil, engine oil consists of 80% to 90% of base oil, and constant fluctuations in crude oil prices affect engine oil prices.

SEGMENT REVIEW


Automotive engine oil is the most commonly used lubricant in vehicles. The automotive engine oil market occupied almost 75% of the global engine oil market share in 2021.

The automotive engine oil market is projected to grow at a CAGR of more than 5% from 2022 to 2027. Engine oil plays a vital role in engine performance, protecting against wear and tear of moving parts. Engine oil consists of base oils and various additives, giving a broad spectrum of properties. Global engine oil products are broadly used in various industries such as automotive & transportation, heavy equipment, power generation, agriculture, woodworking, textile, and others.

Engine oil is generally available in three oil types: fully synthetic, semi-synthetic, and mineral oil. All three oil types have some advantages, but semi-synthetic engine oil is the largest oil type segment in the market. Semi-synthetic oils are a mixture of mineral oils and fully synthetic lubricants. Semi-synthetic oil is more expensive than mineral oil but less expensive than fully synthetic oil, which helps consumers to get premium quality engine oil at an economical price. Semi-synthetic oils offer similar properties to fully synthetic, such as increased engine performance, excellent parts protection, and optimized performance.

Segmentation by End-Use

  • Automotive & Transportation
  • Heavy Equipment
  • Power Generation
  • Others

Segmentation by Oil Type

  • Semi-Synthetic
  • Fully Synthetic
  • Mineral
The global engine oil market is diverse. APAC is the leading market for engine oil because of the low cost of labor and abundant availability of raw materials. APAC will dominate the market through the forecast period. However, there are many countries with a high scope for expansion that will challenge the dominance of APAC.

Segmentation by Geography

  • North America
  • US
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
  • APAC
  • China
  • India
  • Japan
  • Indonesia
  • South Korea
  • Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • South Africa
  • Iran
  • UAE
  • Saudi Arabia
  • Rest of MEA

COMPANY AND STRATEGIES


The key players have undertaken various strategies to grow in the engine oil market. Companies in the industry compete strategically. The growth in sustainable processes and initiative has been a challenge for all companies globally. Investments in R&D, technological advancement, and environmental and economic difficulties drive the demand for innovative and sustainable engine oil products.

Some major players in the market include Exxon Mobil Corporation (US), British Petroleum (UK), Shell (UK), Gulf Oil (US), Idemitsu (Japan), Castrol (US), Fuchs (Germany), and Chevron Corporation (US). These players have adopted strategies such as expansion, acquisitions, new product development, joint ventures, and others to increase their revenues in the engine oil market.

The engine oil market is provided for the forecast years 2022 to 2027 and the base year of 2021. The market is segmented as per End Use, Oil Type, and Geography for the years considered. The report provides a holistic approach to the engine oil market to enable customers to analyze the market efficiently.

Key Vendors

  • Castrol Limited
  • Chevron Corporation
  • ExxonMobil
  • Shell PLC
  • Total Energies

Other Prominent Vendors

  • Bharat Petroleum Corporation Limited
  • BP PLC
  • FUCHS
  • Gazpromneft - Lubricants Ltd
  • GS Caltex Corporation
  • Gulf Oil International limited
  • Hindustan Petroleum Corporation Limited
  • Idemitsu Kosan Co., Ltd.
  • Indian Oil Corporation Limited
  • Kuwait Dana Lubes Company
  • Liqui Moly
  • Motul
  • Pennzoil
  • Petro Canada Lubricants Inc.
  • Petroliam Nasional Berhad (PETRONAS)
  • Phillips 66
  • Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
  • Repsol
  • SINOPEC
  • Valvoline Inc.

KEY QUESTIONS ANSWERED


1. WHAT IS THE FORECASTED SIZE OF THE GLOBAL ENGINE OIL MARKET BY 2027?
2. WHO ARE THE KEY VENDORS IN THE MARKET?
3. WHAT ARE THE FACTORS DRIVING THE ENGINE OIL MARKET GROWTH?
4. WHICH REGION WILL HAVE THE HIGHEST SHARE BY 2027?

Table of Contents

1 Research Methodology2 Research Objectives3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
8 Executive Insights
8.1 Engine Oil Market - Global Forecast (2021-2027)
8.2 Market Synopsis
8.2.1 Market Trends
8.2.2 Segment Review
8.2.3 Companies & Strategies
9 Market Opportunities & Trends
9.1 Demand for Passenger Cars in Emerging Economies
9.2 Demand for Heavy Equipment
10 Market Growth Enablers
10.1 Demand for High-Quality Engine Oil
10.2 Industrialization of Emerging Economies
11 Market Restraints
11.1 High Demand & Production of Electric Vehicles
11.2 Fluctuations in Crude Oil Prices
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 End-Use
13.1 Market Snapshot & Growth Engine (Value)
13.2 Market Snapshot & Growth Engine (Volume)
13.3 Market Overview
13.4 Automotive & Transportation
13.4.1 Market Overview
13.4.2 Market Size & Forecast (Value & Volume)
13.4.3 Market by Geography
13.5 Heavy Equipment
13.5.1 Market Overview
13.5.2 Market Size & Forecast (Value & Volume)
13.5.3 Market by Geography
13.6 Power Generation
13.6.1 Market Overview
13.6.2 Market Size & Forecast (Value & Volume)
13.6.3 Market by Geography
13.7 Others
13.7.1 Market Overview
13.7.2 Market Size & Forecast (Value & Volume)
13.7.3 Market by Geography
14 Oil Type
14.1 Market Snapshot & Growth Engine (Value)
14.2 Market Snapshot & Growth Engine (Volume)
14.3 Market Overview
14.4 Semi Synthetic
14.4.1 Market Overview
14.4.2 Market Size & Forecast (Value & Volume)
14.4.3 Market by Geography
14.5 Fully Synthetic
14.5.1 Market Overview
14.5.2 Market Size & Forecast (Value & Volume)
14.5.3 Market by Geography
14.6 Mineral
14.6.1 Market Overview
14.6.2 Market Size & Forecast (Value & Volume)
14.6.3 Market by Geography
15 Geography
15.1 Market Snapshot & Growth Engine (Value)
15.2 Market Snapshot & Growth Engine (Volume)
15.3 Geographic Overview
16 North America
16.1 Market Overview
16.2 Market Size & Forecast
16.2.1 Value
16.2.2 Volume
16.3 Oil Type
16.3.1 Market Size & Forecast
16.4 End-Use
16.4.1 Market Size & Forecast
16.5 Key Countries
16.6 US
16.6.1 Market Size & Forecast
16.7 Canada
16.7.1 Market Size & Forecast
17 Latin America
17.1 Market Overview
17.2 Market Size & Forecast
17.2.1 Value
17.2.2 Volume
17.3 Oil Type
17.3.1 Market Size & Forecast
17.4 End-Use
17.4.1 Market Size & Forecast
17.5 Key Countries
17.6 Brazil
17.6.1 Market Size & Forecast
17.7 Mexico
17.7.1 Market Size & Forecast
17.8 Rest of Latin America
17.8.1 Market Size & Forecast
18 Middle East & Africa
18.1 Market Overview
18.2 Market Size & Forecast
18.2.1 Value
18.2.2 Volume
18.3 Oil Type
18.3.1 Market Size & Forecast
18.4 End-Use
18.4.1 Market Size & Forecast
18.5 Key Countries
18.6 South Africa
18.6.1 Market Size & Forecast
18.7 Iran
18.7.1 Market Size & Forecast
18.8 Uae
18.8.1 Market Size & Forecast
18.9 Saudi Arabia
18.9.1 Market Size & Forecast
18.10 Rest of Mea
18.10.1 Market Size & Forecast
19 Europe
19.1 Market Overview
19.2 Market Size & Forecast
19.2.1 Value
19.2.2 Volume
19.3 Oil Type
19.3.1 Market Size & Forecast
19.4 End-Use
19.4.1 Market Size & Forecast
19.5 Key Countries
19.6 Germany
19.6.1 Market Size & Forecast
19.7 France
19.7.1 Market Size & Forecast
19.8 UK
19.8.1 Market Size & Forecast
19.9 Italy
19.9.1 Market Size & Forecast
19.10 Spain
19.10.1 Market Size & Forecast
19.11 Russia
19.11.1 Market Size & Forecast
19.12 Rest of Europe
19.12.1 Market Size & Forecast
20 Apac
20.1 Market Overview
20.2 Market Size & Forecast
20.2.1 Value
20.2.2 Volume
20.3 Oil Type
20.3.1 Market Size & Forecast
20.4 End-Use
20.4.1 Market Size & Forecast
20.5 Key Countries
20.6 China
20.6.1 Market Size & Forecast
20.7 India
20.7.1 Market Size & Forecast
20.8 Japan
20.8.1 Market Size & Forecast
20.9 Indonesia
20.9.1 Market Size & Forecast
20.10 South Korea
20.10.1 Market Size & Forecast
20.11 Rest of Apac
20.11.1 Market Size & Forecast
21 Competitive Landscape
21.1 Competition Overview
22 Key Company Profiles
22.1 Castrol Limited
22.1.1 Business Overview
22.1.2 Castrol Limited in Global Engine Oil Market
22.1.3 Product Offerings
22.1.4 Key Strategies
22.1.5 Key Strengths
22.1.6 Key Opportunities
22.2 Chevron Corporation
22.2.1 Business Overview
22.2.2 Chevron Corporation in Global Engine Oil Market
22.2.3 Product Offerings
22.2.4 Key Strategies
22.2.5 Key Strengths
22.2.6 Key Opportunities
22.3 Exxon Mobil Corporation
22.3.1 Business Overview
22.3.2 Exxon Mobil Corporation in Global Engine Oil Market
22.3.3 Product Offerings
22.3.4 Key Strategies
22.3.5 Key Strengths
22.3.6 Key Opportunities
22.4 Shell plc
22.4.1 Business Overview
22.4.2 Shell plc in Global Engine Oil Market
22.4.3 Product Offerings
22.4.4 Key Strategies
22.4.5 Key Strengths
22.4.6 Key Opportunities
22.5 Totalenergies Se
22.5.1 Business Overview
22.5.2 Totalenergies in Global Engine Oil Market
22.5.3 Product Offerings
22.5.4 Key Strategies
22.5.5 Key Strengths
22.5.6 Key Opportunities
23 Other Prominent Vendors
23.1 Bharat Petroleum Corporation Limited
23.1.1 Business Overview
23.1.2 Product Offerings
23.2 Bp plc
23.2.1 Business Overview
23.2.2 Product Offerings
23.3 Fuchs Petrolub Se
23.3.1 Business Overview
23.3.2 Product Offerings
23.4 Gazpromneft - Lubricants Ltd.
23.4.1 Business Overview
23.4.2 Product Offerings
23.5 Gs Caltex Corporation
23.5.1 Business Overview
23.5.2 Product Offerings
23.6 Gulf Oil International Limited
23.6.1 Business Overview
23.6.2 Product Offerings
23.7 Hindustan Petroleum Corporation Limited
23.7.1 Business Overview
23.7.2 Product Offerings
23.8 Idemitsu Kosan Co. Ltd.
23.8.1 Business Overview
23.8.2 Product Offerings
23.9 Indian Oil Corporation Limited
23.9.1 Business Overview
23.9.2 Product Offerings
23.10 Kuwait Dana Lubes Company
23.10.1 Business Overview
23.10.2 Product Offerings
23.11 Liqui Moly
23.11.1 Business Overview
23.11.2 Product Offerings
23.12 Motul
23.12.1 Business Overview
23.12.2 Product Offerings
23.13 Pennzoil
23.13.1 Business Overview
23.13.2 Product Offerings
23.14 Petro-Canada Lubricants Inc.
23.14.1 Business Overview
23.14.2 Product Offerings
23.15 Petroliam Nasional Berhad (Petronas)
23.15.1 Business Overview
23.15.2 Product Offerings
23.16 Phillips 66 Company
23.16.1 Business Overview
23.16.2 Product Offerings
23.17 Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
23.17.1 Business Overview
23.17.2 Product Offerings
23.18 Repsol
23.18.1 Business Overview
23.18.2 Product Offerings
23.19 China Petrochemical Corporation (Sinopec)
23.19.1 Business Overview
23.19.2 Product Offerings
23.20 Valvoline Inc.
23.20.1 Business Overview
23.20.2 Product Offerings
24 Report Summary
24.1 Key Takeaways
24.2 Strategic Recommendations
25 Quantitative Summary
25.1 Oil Type
25.1.1 Semi Synthetic (Value & Volume)
25.1.2 Fully Synthetic (Value & Volume)
25.1.3 Mineral (Value & Volume)
25.2 End-Use
25.2.1 Automotive & Transportation (Value & Volume)
25.2.2 Heavy Equipment (Value & Volume)
25.2.3 Power Generation (Value & Volume)
25.2.4 Others (Value & Volume)
26 Geography
26.1 North America
26.1.1 End-Use (Value & Volume)
26.1.2 Oil Type (Value & Volume)
26.2 Europe
26.2.1 End-Use (Value & Volume)
26.2.2 Oil Type (Value & Volume)
26.3 Apac
26.3.1 End-Use (Value & Volume)
26.3.2 Oil Type (Value & Volume)
26.4 Latin America
26.4.1 End-Use (Value & Volume)
26.4.2 Oil Type (Value & Volume)
26.5 Middle East & Africa
26.5.1 End-Use (Value & Volume)
26.5.2 Oil Type (Value & Volume)
27 Appendix
27.1 Abbreviations

Companies Mentioned

  • Castrol Limited
  • Chevron Corporation
  • ExxonMobil
  • Shell PLC
  • Total Energies
  • Bharat Petroleum Corporation Limited
  • BP PLC
  • FUCHS
  • Gazpromneft - Lubricants Ltd
  • GS Caltex Corporation
  • Gulf Oil International limited
  • Hindustan Petroleum Corporation Limited
  • Idemitsu Kosan Co., Ltd.
  • Indian Oil Corporation Limited
  • Kuwait Dana Lubes Company
  • Liqui Moly
  • Motul
  • Pennzoil
  • Petro Canada Lubricants Inc.
  • Petroliam Nasional Berhad (PETRONAS)
  • Phillips 66
  • Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
  • Repsol
  • SINOPEC
  • Valvoline Inc.

Methodology


Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.

Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.



 

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