What is Global Engine Oil Market?
The Global Engine Oil Market is a vast and dynamic sector that plays a crucial role in the global economy. It refers to the worldwide market for engine oils, which are essential lubricants used in various types of engines to reduce friction, protect against wear, and improve efficiency. Engine oils are typically made from petroleum-based and non-petroleum-synthesized chemical compounds. The market encompasses the production, distribution, and sale of these oils on a global scale. The value of this market is determined by the demand for engine oils in various sectors, including automotive, industrial, and others. In 2022, the global Engine Oil market was valued at a whopping US$ 31820 million. This market is not static but is expected to grow over time. By 2029, it is anticipated to reach a value of US$ 35110 million. This represents a Compound Annual Growth Rate (CAGR) of 1.4% during the forecast period from 2023 to 2029.
Mineral Oil, Synthesis Oil in the Global Engine Oil Market:
The Global Engine Oil Market is segmented based on the type of oil, which includes Mineral Oil and Synthesis Oil. Mineral Oil is a distillate of petroleum, while Synthesis Oil, also known as synthetic oil, is a lubricant consisting of chemical compounds that are artificially made. Shell, a major player in the market, is the largest manufacturer of these oils, holding a significant share of 15%. The demand for these oils is driven by their various applications in different types of engines, including those in commercial vehicles, passenger cars, and motorcycles. The choice between Mineral Oil and Synthesis Oil depends on various factors, including the type of engine, operating conditions, and personal preference.
Commercial Vehicle, Passenger Car, Motorcycle in the Global Engine Oil Market:
The usage of engine oils from the Global Engine Oil Market is widespread and varies based on the type of vehicle. In Commercial Vehicles, engine oil is used to lubricate the engine parts, reduce friction, and enhance the vehicle's performance. The oil also helps to cool the engine by transferring heat away from the combustion cycle. In Passenger Cars, engine oil plays a similar role. However, the requirements might be different based on the car's make, model, and driving conditions. For Motorcycles, engine oil is crucial for the smooth operation of the engine and the transmission. The oil also helps to clean the engine by removing dirt, debris, and combustion byproducts.
Global Engine Oil Market Outlook:
The global Engine Oil market's outlook is promising, with steady growth anticipated in the coming years. In 2022, the market was valued at US$ 31820 million. This value is expected to increase to US$ 35110 million by 2029, indicating a Compound Annual Growth Rate (CAGR) of 1.4% during the forecast period from 2023 to 2029. Shell, a leading player in the market, is the largest manufacturer of engine oils, holding a significant market share of 15%. This data underscores the market's potential and the opportunities it presents for manufacturers, distributors, and other stakeholders.
| Report Metric | Details |
| Report Name | Engine Oil Market |
| Accounted market size in 2023 | US$ 32300 million |
| Forecasted market size in 2029 | US$ 35110 million |
| CAGR | 1.4 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Shell, Exxon Mobil, BP, Total, Chevron Corporation, Lukoil, Sinopec Lubricant, Valvoline, CNPC, Petronas, SK Lubricants, FUCHS |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
