Engine Oil Market to Witness Sale of Over 32k Kilotons by 2027. Eco-Friendly and Sustainable Engine Oils Attracting Investments|Arizton

According to latest research report by Arizton, the engine oil market is expected to grow at a CAGR of 5.26% during the forecast period. Engine oil market is changing as the customers are demanding better performing engine oil which will enhance the fuel economy and deliver better performance. In the past years, engine oils are used to manufactured from mineral oils which is derived from crude oil. Advancements in technology helped engine oil industry to cater to diverse needs such as increasing the shelf life of engine, reducing carbon footprint, improving fuel economy, supplying engine oil with low viscosity, and meeting the increasing vehicle emission standards. Increasing use of passenger cars in the emerging economies is fueling the engine oil market.

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.
Segmentation by End-Use
• Automotive & Transportation
• Heavy Equipment
• Power Generation
• Others
Segmentation by Oil Type
• Semi-Synthetic
• Fully Synthetic
• Mineral
Segmentation by Geography
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Russia
o Rest of Europe
• APAC
o China
o India
o Japan
o Indonesia
o South Korea
• Latin America
o Brazil
o Mexico
o Rest of Latin America
• Middle East & Africa
o South Africa
o Iran
o UAE
o Saudi Arabia
o Rest of MEA

KEY INSIGHTS
• Engine oils are important for smooth functioning of internal combustion engines. Major players in the segment include Castrol Limited (UK), ExxonMobil (US), Shell (UK), Chevron (US), and Total Energies (France) operate through strategies such as expansion, acquisition, new product launch to further their reach in the market.
• Automotive & Transportation is estimated as the largest end-use industry with 74.86% market share in 2021. Companies such as Ford (US), Tata (India), BMW (Germany), and Hyundai (South Korea) have formed contracts with engine oil manufacturers to develop good quality engine oils.
• Passenger car and commercial vehicle market in emerging economies is developing at rapid speed as many automotive manufacturers are taking advantage of foreign direct investment that results in to increase in demand of passenger cars and commercial vehicles, this will drive the engine oil market in upcoming years.
• Engine oils are manufactured from different oil types such as mineral oils and synthetic oils. Semi-synthetic oils derived from mixture of synthetic and mineral oil that offers properties of synthetic oil as well as mineral oil and during forecasted period it will show annual growth of 5.27%.

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This release was published on openPR.