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Markoorsig

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The global engine oil market had a valuation of USD 77.5 billion in 2021 and is projected to reach USD 105.5 billion by 2027, with a compound annual growth rate (CAGR) van 5.26% gedurende die voorspellingsperiode. Customers in the market are seeking engine oils that can improve fuel economy and enhance vehicle performance. Traditional engine oils derived from mineral oils have become inadequate to meet the requirements of new engines. As a result, there is a high demand for synthetic engine oils and additives. Technological advancements have facilitated the development of engine oils with extended shelf life, reduced carbon emissions, improved fuel efficiency, and low viscosity. The increasing usage of passenger cars in emerging economies is also driving the growth of the global engine oil market.

The infrastructure and construction industry play a crucial role in global economic development. Adequate infrastructure, including transportation systems, ports, power supply, and airports, is essential for integrating national economies with the rest of the world. In recent years, infrastructure development has seen significant growth worldwide, leading to an increased demand for heavy equipment. Heavy equipment refers to robust vehicles used in construction and mining activities, and this rise in demand for heavy equipment translates into higher demand for engine oil. Bowendien, emerging countries have attracted foreign direct investment (FDI) and facilitated the construction of infrastructure projects, creating opportunities for multinational corporations (MNCs). Governments in these emerging economies have also implemented industrial policies to boost the production capacity of heavy equipment vehicles. The infrastructure and construction industry’s rapid growth can be attributed to factors such as low-cost raw materials, affordable skilled labor, and increased FDI.

Global governments have been actively raising awareness about the negative environmental impacts of greenhouse gas emissions. Environmental agencies are collaborating closely with governments worldwide to address this issue. gevolglik, governments have implemented stringent emission regulations for vehicles to reduce their environmental footprint. This has prompted many manufacturers to invest in research and development (R&D) to develop engine products that comply with these regulations while delivering superior performance. Countries such as India, Sjina, the United States, Duitsland, the United Kingdom, and France have established emission norms aimed at reducing fuel consumption and improving engine performance. All these factors contribute to the increased demand for high-quality engine oil. Automobile manufacturers like Ford (US), Mazda (Japan), McLaren (UK), Toyota (Japan), and Porsche (Duitsland) have formed strategic partnerships with companies like Shell PLC (UK), ExxonMobil (US), and Gulf Oil (US) to develop engine oils suitable for modern engines that adhere to emission regulations. Furthermore, advancements in engine design, assembly, piston design, and crankshaft systems have opened up opportunities for engine oil manufacturers to create high-performance and efficiency-driven products.

Crude oil is a critical factor influencing global economic development as its products are utilized in almost every machine. The transportation sector heavily relies on petroleum products such as gasoline and diesel fuel worldwide. Lubricants of various types are also essential for the proper functioning of transportation vehicles. Daarbenewens, many countries rely on petroleum fuels for heating, cooking, and power generation. Petroleum products, including crude oil and other hydrocarbon liquids, account for approximately one-third of global energy consumption. Volatile oil prices have the potential to impact the global economy significantly. Changes in supply and demand affect oil prices, as it is a necessary commodity in high demand. As crude oil serves as the primary raw material for base oil production, which constitutes 80% aan 90% of engine oil, fluctuations in crude oil prices directly influence engine oil prices.

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Marksegmentasie

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The market is segmented based on various factors, including end-use, oil type, and geography.

Segmentation by End-Use
Automotive & Transportation
Heavy Equipment
Power Generation
Ander

Segmentation by Oil Type
Semi-Synthetic
Fully Synthetic
Mineral

Segmentation by Geography
Noord-Amerika – US, Kanada
Europa – Duitsland, Frankryk, UK, Italië, Spanje, Rusland, Rest of Europe
APAC – Sjina, Japan, Indië, South Korea, Indonesië
Latyns-Amerika – Brasilië, Mexiko, Rest of Latin America
Middle East & Africa – Suid-Afrika, Saoedi-Arabië, Iran, UAE, Rest of MEA

Automotive engine oil, serving as the predominant lubricant in vehicles, commands a significant market share, accounting for nearly 75% of the global engine oil market in 2021. Forecasts indicate that the automotive engine oil market will experience a compound annual growth rate (CAGR) exceeding 5% van 2022 aan 2027. Engine oil plays a crucial role in maintaining engine performance and safeguarding against wear and tear of moving components. Comprising base oils and various additives, engine oil exhibits a wide range of properties. Its applications extend across multiple industries, including automotive and transportation, heavy equipment, power generation, agriculture, woodworking, textile, among others.

Engine oil is typically available in three types: fully synthetic, semi-synthetic, and mineral oil. Although each type bears its own advantages, the semi-synthetic segment dominates the market. Semi-synthetic oil blends mineral oil with fully synthetic lubricants. While being more expensive than mineral oil, semi-synthetic oil presents a cost-effective solution, offering consumers premium quality at an economical price. Notably, semi-synthetic oils deliver comparable benefits to fully synthetic oil, including enhanced engine performance, superior protection for components, and optimized overall performance.

The global engine oil market exhibits diversity, with the Asia-Pacific (APAC) region leading the way. APAC’s market dominance can be attributed to its low labor costs and abundant availability of raw materials. Throughout the projected period, APAC is expected to maintain its stronghold in the market. Nevertheless, there are numerous countries with considerable opportunities for expansion, which may challenge APAC’s dominance in the future.

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Mededingende landskap

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The key industry players have implemented various strategies to foster growth in the engine oil market. Companies within the sector engage in strategic competition. The pursuit of sustainable practices and initiatives has presented a challenge for all global companies. Investments in research and development, technological advancements, as well as environmental and economic constraints, contribute to the demand for innovative and sustainable engine oil products.

Prominent participants in the market include Exxon Mobil Corporation (US), British Petroleum (UK), Shell (UK), Gulf Oil (US), Idemitsu (Japan), Castrol (US), Fuchs (Duitsland), and Chevron Corporation (US). These entities have embraced strategies such as expansion, acquisitions, new product development, joint ventures, among others, to enhance their revenue streams within the engine oil market.

Key companies profiled in this report include Castrol Limited, Chevron Corporation, ExxonMobil, Shell PLC, Total Energies, Bharat Petroleum Corporation Limited, BP PLC, FUCHS, Gazpromneft – Lubricants Ltd, GS Caltex Corporation, Gulf Oil International limited, Hindustan Petroleum Corporation Limited, Idemitsu Kosan Co., Bpk., 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.

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Key Questions Answered

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What is the projected size of the global engine oil market by 2027?

The projected size of the global engine oil market is expected to reach USD 105.5 billion by 2027.

Who are the key vendors in the global engine oil market?

The key vendors in the global engine oil market include Castrol Limited, Chevron Corporation, ExxonMobil, Shell PL, and Total Energies.

What are the factors driving the growth of the engine oil market?

The growth of the engine oil market is primarily driven by factors such as increasing demand for passenger cars in emerging economies and the rising need for high-quality engine oil due to stringent emission regulations.

Which region will have the highest market share in the engine oil market by 2027?

By 2027, the Asia-Pacific (APAC) region is expected to have the highest market share in the engine oil market.