Engine Oil Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The engine oil market was valued at around 21,000 million liters in 2021, and the market is projected to register a CAGR of greater than 2% during the forecast period (2022-2027).
The market witnessed positive growth in 2021. Engine oils are mainly used for lubrication against wear and tear in engines that are exposed to different temperatures and pressures. Engine oils are used in various industries such as automotive, industrial usage, and heavy-duty equipment. According to the OICA, the total automotive production across the globe increased by 9% in the first nine months of 2021 compared to 2020.
Key HighlightsThe engine oil market is highly fragmented in nature. Key players in the market include Total Energies, Exxon Mobile Corporation, BP PLC, Shell PLC, and China National Petroleum Corporation.
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