Global Demand Fuels Engine Oil Market Growth to $55.1 Billion by 2031

Allied Market Research recently published a report, titled, "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". As per the report, the global engine oil industry was pegged at $40.5 billion in 2021, and is expected to reach $55.1 billion by 2030, growing at a CAGR of 3.1% from 2021 to 2030.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/2095

The concept of engine oil is typically attributed to motor oil, which is designed to lubricate the inner components of internal combustion engines and protect them against corrosion and keep them cool while in use. Engine oils are rated by their grade and viscosity. Moreover, it also polishes all the functional components of an electrical motor to protect and prevent rust from rusting in automobile metallic materials. Automotive vehicle sales have witnessed constant growth over the past few years, majorly in Europe and Asia, owing to the rise in population and consumer spending capacity. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total automotive production across the globe increased by 9% in the first nine months of 2021 compared to 2020.

𝐓𝐡𝐞 𝐟𝐮𝐥𝐥𝐲-𝐬𝐲𝐧𝐭𝐡𝐞𝐭𝐢𝐜 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐧𝐢𝐟𝐞𝐬𝐭 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐂𝐀𝐆𝐑 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝟐𝟎𝟑𝟏

By grade, the fully-synthetic segment is estimated to portray the highest CAGR of 3.61% during the forecast period. In addition, the segment held the largest share in 2021, accounting for more than two-fifths of the global engine oil market, owing to the fact that replacement time period for the oil is increased as compared to other engine oils. Moreover, introduction of fully synthetic engine oils increases the performance of the vehicle and has excellent flow at low temperature which makes it a suitable choice for the application among vehicles. Such factors supplement the growth of the segment in the global market. The report includes analysis of the mineral and semi-synthetic.

𝐓𝐡𝐞 𝐚𝐟𝐭𝐞𝐫𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞𝐝 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭

By sales channel, the aftermarket segment held the largest share in 2021, contributing to nearlythree-fourths of the global engine oil market, owing to replacement of the damaged part in the vehicle or the addition of new components in the existing vehicles. However, the OEM segment is projected to manifest the highest CAGR of 3.55% during the forecast period, due to increased adoption of company manufactured services to be used in vehicles. Moreover, advancement in technology has enabled the customers to choose the company developed service in the vehicles, which has eventually led to the growth of the global market.

🔰 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/engine-oil-market/purchase-options

𝐓𝐡𝐞 𝐝𝐢𝐞𝐬𝐞𝐥 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐡𝐞𝐥𝐝 𝐭𝐡𝐞 𝐥𝐚𝐫𝐠𝐞𝐬𝐭 𝐬𝐡𝐚𝐫𝐞

By engine type, the diesel segment held the largest share in 2021, contributing to nearly three-fifths of the global engine oil market, due to fact that commercial vehicles require large amount of power & torque for the propulsion of the vehicle. Since, they are loaded with heavy cargo, commercial vehicles require diesel engine as diesel engine leads to smarter transition of the vehicle. In addition, development towards the introduction of advanced commercial vehicle creates ample opportunities for the growth of the segment in the global market. However, the gasoline segment is projected to register the highest CAGR of 3.44% during the forecast period, owing to increased production of vehicles which are gasoline based. In addition, the gasoline-based engines offer other advantages such as efficiency in operation and easy to refuel. Moreover, gasoline-based engines are considered cheaper and lighter in weight which makes them a suitable option among customers.

𝐓𝐡𝐞 𝐡𝐞𝐚𝐯𝐲 𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐯𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐧𝐢𝐟𝐞𝐬𝐭 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐂𝐀𝐆𝐑 𝐛𝐲 𝟐𝟎𝟑𝟏

By vehicle type, the heavy commercial vehicles segment is projected to register the highest CAGR of 6.28% during the forecast period, due to increase in the number of governmental projects, which utilize these vehicles. However, the passenger cars segment held the largest share in 2021, accounting for nearly two-thirds of the global engine oil market, owing to the fact that passenger cars are produced currently by different manufacturers all around the globe.

𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐡𝐞𝐥𝐝 𝐭𝐡𝐞 𝐥𝐢𝐨𝐧'𝐬 𝐬𝐡𝐚𝐫𝐞

By region, the global engine oil market across Asia-Pacific held the largest share in 2021, accounting for around half of the market, due to presence of a large consumer base and increasing production & consumption of the product in countries like China. Product formulators such as TotalEnergies are increasingly investing in the Asia-Pacific region to tap the growing potential. Furthermore, considerable awareness among the people in this region is expected the market up during the forecast period. However, the market across LAMEA is expected to register the highest CAGR of 4.63% during the forecast period, owing to significant demand for cars and stringent environment regulations & emission norms are expected to witness a surge in the engine oil market in this region.

🔰 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/2095

𝐌𝐚𝐣𝐨𝐫 𝐦𝐚𝐫𝐤𝐞𝐭 𝐩𝐥𝐚𝐲𝐞𝐫𝐬

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
Vip Oil Products Ltd.

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 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.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:
David Correa
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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

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