Engine Oil Market Size, Share, Trends, Growth Outlook

Global Engine Oil Market Size is valued at $38.4 Billion in 2024 and is forecast to register a growth rate (CAGR) of 3.6% to reach $51 Billion by 2032.

The global Engine Oil Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By End-User (Power Generation, Automotive, Heavy Equipment, Metallurgy and Metalworking, Chemical Manufacturing, Others).

An Introduction to Engine Oil Market in 2024

The engine oil market is witnessing steady growth in 2024, driven by the increasing demand for lubricants with superior performance, durability, and environmental sustainability in automotive, industrial, marine, and aviation applications. Engine oil, also known as motor oil or lubricating oil, is a specially formulated fluid designed to lubricate, cool, and protect internal combustion engines by reducing friction, wear, and corrosion on engine components. It serves as a critical component for maintaining engine performance, reliability, and longevity under various operating conditions and temperatures. In the automotive industry, engine oil is used for lubricating gasoline and diesel engines in passenger cars, trucks, and motorcycles, providing essential protection against engine wear, deposits, and oxidation. Further, in the industrial sector, engine oil is employed for lubricating machinery, equipment, and hydraulic systems in manufacturing, mining, and construction applications to minimize downtime and maintenance costs. Additionally, in the marine and aviation industries, specialized engine oils are used for lubricating marine engines, aircraft engines, and gas turbines to withstand high temperatures, pressures, and speeds encountered in marine and aerospace operations. Furthermore, advancements in engine oil technology, such as synthetic base oils, additive packages, and low-viscosity formulations, are driving the development of lubricants with improved fuel efficiency, extended drain intervals, and reduced environmental impact. As industries strive for efficiency, reliability, and sustainability in their operations, the demand for high-quality engine oil is expected to growing, stimulating market expansion and fostering innovation in lubricant chemistry and engineering.

Engine Oil Market Competitive Landscape

The market report analyses the leading companies in the industry including AMSOIL INC, Bharat Petroleum Corp Ltd, BP Plc, Chevron Corp, China Petrochemical Corp, Eni SPA, Exxon Mobil Corp, FUCHS, Gazpromneft - Lubricants Ltd, Gulf Oil International, Hindustan Petroleum Corp Ltd, Illinois Tool Works Inc, Indian Oil Corp Ltd, JX Nippon Oil & Gas Exploration Corp, LUKOIL, PETRONAS Lubricants International, Phillips 66 Company, PT Pertamina Lubricants, Repsol S.A., Royal Dutch Shell plc, Tide Water Oil Co. Ltd, TotalEnergies SE, Valvoline Cummins Pvt. Ltd, and others.

Engine Oil Market Dynamics

Market Trend: Shift Towards Synthetic and High-performance Engine Oils

A prominent trend in the engine oil market is the shift towards synthetic and high-performance engine oils. With advancements in automotive technology and engine design, there is a growing demand for engine oils that offer superior protection, performance, and fuel efficiency. Synthetic engine oils, formulated from high-quality base oils and advanced additives, provide enhanced lubrication properties, extended drain intervals, and improved resistance to thermal breakdown and oxidation compared to conventional mineral oils. Additionally, there is an increasing focus on meeting regulatory requirements for emissions reduction and fuel economy improvement, driving the adoption of low-viscosity synthetic oils and friction-modified formulations. The trend towards synthetic and high-performance engine oils is reshaping the market landscape, driving product innovation, and influencing consumer preferences towards premium lubricants that deliver optimal engine performance and longevity.

Market Driver: Growth in Automotive Vehicle Ownership and Maintenance

The driver for the engine oil market is the growth in automotive vehicle ownership and maintenance. As the global population grows, urbanization increases, and disposable incomes rise, there is a rising demand for passenger cars, commercial vehicles, and motorcycles worldwide. With more vehicles on the road, there is a corresponding increase in demand for engine oils for routine maintenance, oil changes, and engine repairs. Moreover, the trend towards longer vehicle lifespans and extended service intervals is driving demand for high-quality engine oils that can provide long-lasting protection and performance under various driving conditions. Additionally, the aftermarket segment, comprising automotive service centers, quick lube shops, and retail outlets, plays a crucial role in driving engine oil sales through oil change services and maintenance programs. The growth in automotive vehicle ownership and maintenance activities is a key driver for the engine oil market, fueling demand for a wide range of lubricants and aftermarket services.

Market Opportunity: Expansion into Emerging Markets and Applications

A potential opportunity for the engine oil market lies in the expansion into emerging markets and applications. While the automotive sector remains the primary end-use industry for engine oils, there are opportunities to diversify into new applications and industries that require lubrication solutions. For example, the industrial sector, including manufacturing, construction, agriculture, and marine applications, requires specialized lubricants for machinery, equipment, and power systems. By developing engine oils tailored to meet the unique requirements of industrial applications, such as extreme temperatures, heavy loads, and harsh operating conditions, lubricant manufacturers can expand their market reach and customer base beyond the automotive sector. Moreover, there is an opportunity to tap into emerging markets in developing countries, where rising industrialization, infrastructure development, and transportation networks drive demand for lubricants to support economic growth and industrial expansion. By strategically expanding into emerging markets and applications, engine oil suppliers can unlock new opportunities for growth and market expansion in the global lubricants industry.

Engine Oil Market Share Analysis: Automotive segment generated the highest revenue in 2024

The Automotive segment stands out as the largest segment in the Engine Oil market due to the sheer size and growth of the global automotive industry. With the proliferation of passenger cars, commercial vehicles, and two-wheelers worldwide, the demand for engine oil for automotive applications has witnessed significant growth. Engine oil is essential for lubricating internal combustion engines, reducing friction, dissipating heat, and preventing wear and tear, thus ensuring optimal engine performance and longevity. As the number of vehicles on the roads continues to rise, particularly in emerging economies experiencing rapid urbanization and income growth, the demand for engine oil in the automotive sector remains robust. Additionally, stringent emissions regulations and the push towards fuel efficiency have necessitated the use of high-quality engine oils that meet specific performance standards, further driving the demand within this segment. Over the forecast period, the Automotive segment's dominance in the Engine Oil market is underpinned by the ongoing expansion of the global vehicle fleet and the critical role engine oil plays in maintaining automotive engine health and efficiency.

Engine Oil Market

By End-User
Power Generation
Automotive
Heavy Equipment
Metallurgy and Metalworking
Chemical Manufacturing
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)

Engine Oil Companies Profiled in the Study

AMSOIL INC
Bharat Petroleum Corp Ltd
BP Plc
Chevron Corp
China Petrochemical Corp
Eni SPA
Exxon Mobil Corp
FUCHS
Gazpromneft - Lubricants Ltd
Gulf Oil International
Hindustan Petroleum Corp Ltd
Illinois Tool Works Inc
Indian Oil Corp Ltd
JX Nippon Oil & Gas Exploration Corp
LUKOIL
PETRONAS Lubricants International
Phillips 66 Company
PT Pertamina Lubricants
Repsol S.A.
Royal Dutch Shell plc
Tide Water Oil Co. Ltd
TotalEnergies SE
Valvoline Cummins Pvt. Ltd
*- List Not Exhaustive

TABLE OF CONTENTS

1 Introduction to 2024 Engine Oil Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Engine Oil Market Size Outlook, $ Million, 2021 to 2032
3.2 Engine Oil Market Outlook by Type, $ Million, 2021 to 2032
3.3 Engine Oil Market Outlook by Product, $ Million, 2021 to 2032
3.4 Engine Oil Market Outlook by Application, $ Million, 2021 to 2032
3.5 Engine Oil Market Outlook by Key Countries, $ Million, 2021 to 2032

4 Market Dynamics
4.1 Key Driving Forces of Engine Oil Industry
4.2 Key Market Trends in Engine Oil Industry
4.3 Potential Opportunities in Engine Oil Industry
4.4 Key Challenges in Engine Oil Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Engine Oil Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Engine Oil Market Outlook by Segments
7.1 Engine Oil Market Outlook by Segments, $ Million, 2021- 2032
By End-User
Power Generation
Automotive
Heavy Equipment
Metallurgy and Metalworking
Chemical Manufacturing
Others

8 North America Engine Oil Market Analysis and Outlook To 2032
8.1 Introduction to North America Engine Oil Markets in 2024
8.2 North America Engine Oil Market Size Outlook by Country, 2021-2032
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Engine Oil Market size Outlook by Segments, 2021-2032
By End-User
Power Generation
Automotive
Heavy Equipment
Metallurgy and Metalworking
Chemical Manufacturing
Others

9 Europe Engine Oil Market Analysis and Outlook To 2032
9.1 Introduction to Europe Engine Oil Markets in 2024
9.2 Europe Engine Oil Market Size Outlook by Country, 2021-2032
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Engine Oil Market Size Outlook by Segments, 2021-2032
By End-User
Power Generation
Automotive
Heavy Equipment
Metallurgy and Metalworking
Chemical Manufacturing
Others

10 Asia Pacific Engine Oil Market Analysis and Outlook To 2032
10.1 Introduction to Asia Pacific Engine Oil Markets in 2024
10.2 Asia Pacific Engine Oil Market Size Outlook by Country, 2021-2032
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Engine Oil Market size Outlook by Segments, 2021-2032
By End-User
Power Generation
Automotive
Heavy Equipment
Metallurgy and Metalworking
Chemical Manufacturing
Others

11 South America Engine Oil Market Analysis and Outlook To 2032
11.1 Introduction to South America Engine Oil Markets in 2024
11.2 South America Engine Oil Market Size Outlook by Country, 2021-2032
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Engine Oil Market size Outlook by Segments, 2021-2032
By End-User
Power Generation
Automotive
Heavy Equipment
Metallurgy and Metalworking
Chemical Manufacturing
Others

12 Middle East and Africa Engine Oil Market Analysis and Outlook To 2032
12.1 Introduction to Middle East and Africa Engine Oil Markets in 2024
12.2 Middle East and Africa Engine Oil Market Size Outlook by Country, 2021-2032
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Engine Oil Market size Outlook by Segments, 2021-2032
By End-User
Power Generation
Automotive
Heavy Equipment
Metallurgy and Metalworking
Chemical Manufacturing
Others

13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
AMSOIL INC
Bharat Petroleum Corp Ltd
BP Plc
Chevron Corp
China Petrochemical Corp
Eni SPA
Exxon Mobil Corp
FUCHS
Gazpromneft - Lubricants Ltd
Gulf Oil International
Hindustan Petroleum Corp Ltd
Illinois Tool Works Inc
Indian Oil Corp Ltd
JX Nippon Oil & Gas Exploration Corp
LUKOIL
PETRONAS Lubricants International
Phillips 66 Company
PT Pertamina Lubricants
Repsol S.A.
Royal Dutch Shell plc
Tide Water Oil Co. Ltd
TotalEnergies SE
Valvoline Cummins Pvt. Ltd

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By End-User
Power Generation
Automotive
Heavy Equipment
Metallurgy and Metalworking
Chemical Manufacturing
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)