Engine Oil Market By Grade (Mineral, Semi-synthetic, Fully-synthetic), By Sales Channel (OEM, Aftermarket), By Engine Type (Gasoline, Diesel), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Two Wheelers): Global Opportunity Analysis and Industry Forecast, 2021-2031
The report incorporates the study of the global engine oil market that focuses on the type of fuel/lubricant which is used to keep the vehicle's engine components lubricated. The main necessity of engine oil is to protect the engine against wear and corrosion, by keeping the engine clean and yield strength under compression. It is available in different Society of Automotive Engineers (SAE) grades to suit the climate, where it is used. Moreover, it also removes small dust & dirt and other contaminants found in vehicle fuels. At present, consumer demand for fuel-efficient and high-performance vehicles is anticipated to provide lucrative opportunities for manufacturers operating in the industry. For instance, in April 2021, Valvoline launched the Valvoline High Mileage 150k with MaxLifeTM Plus Technology Synthetic Blend engine oil. This oil was specially designed to meet the unique needs of engines with over 150,000 miles. It also featured superior wear protection, increasing engine performance and power. Therefore, advancement in engine oil qualities to improve the mileage of vehicles is expected to drive the market growth in the forecast period.
The factors such as increase in sales of automobiles in developing countries, growing demand for high mileage vehicles, and demand for lower viscosity motor oil supplement the growth of the engine oil market. However, rise in sales of electric vehicles and fluctuating raw material prices are the factors expected to hamper the growth of the engine oil market. In addition, emerging demand for synthetic engine oil and trend of new rivals entering the engine oil industry creates market opportunities for the key players operating in the engine oil market.
For the purpose of analysis, the global engine oil market is segmented on the basis of grade, sales channel, engine type, vehicle type, and region. By grade, the market is divided into mineral, semi-synthetic, and fully synthetic. By sales channel, it is fragmented into OEM and aftermarket. By engine type, it is categorized into gasoline and diesel. By vehicle type, it is further classified into passenger cars, light commercial vehicles, heavy commercial vehicles, and two wheelers. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The leading players operating in the engine oil market are Adolf Würth GmbH & Co. KG, AMSOIL INC., Ashland, BP p.l.c, Castrol Limited, Chevron Corporation, Exxon Mobil Corporation, Gazpromneft - Lubricants, Ltd., GS Caltex India, Jiangsu Lopal Tech.Co., Ltd., Lukoil, RN-Lubricants LLC, Saudi Arabian Oil Co., Shell, TotalEnergies, Valvoline, and Vip Oil Products Ltd.
Key Benefits For Stakeholders
This study presents analytical depiction of the global engine oil market analysis along with current trends and future estimations to depict imminent investment pockets.
The overall engine oil market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the global engine oil market with a detailed impact analysis.
The current engine oil market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Grade
Mineral
Semi-synthetic
Fully-synthetic
By Sales Channel
OEM
Aftermarket
By Engine Type
Gasoline
Diesel
By Vehicle Type
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Two Wheelers
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Russia
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Vietnam
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Adolf Würth GmbH & Co. KG
Amsoil Inc.
Ashland Inc.
BP plc.
Castrol Limited
Chevron Corporation
Exxon Mobil Corporation
Gazpromneft Lubricants, Ltd.
GS Caltex India
Jiangsu Lopal Tech.Co., Ltd.
Lukoil
RN-Lubricants LLC
Saudi Arabian Oil Co.
Shell
TotalEnergies
Valvoline
Vip Oil Products Ltd.
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