May 21, 2021   SOURCE: BusinessWire

Global Engine Oil Market (2021 to 2026) - Growth, Trends, COVID-19 Impact and Forecasts - ResearchAndMarkets.com

The "Engine Oil Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Global Engine Oil market was valued at around 22,000 Kilotons in 2020 and the market is projected to register a CAGR of greater than 2% during the forecast period (2021-2026).

Companies Mentioned

  • Bharat Petroleum Corporation Limited
  • BP p.l.c.
  • Caltex Australia Group
  • Chevron Corporation
  • China National Petroleum Corporation
  • China Petrochemical Corporation
  • Exxon Mobil Corporation
  • FUCHS
  • Gazpromneft - Lubricants Ltd
  • Gulf Oil Lubricants India Ltd
  • HPCL
  • Idemitsu Kosan Co.,Ltd.
  • Indian Oil Corporation Ltd
  • ENEOS Corporation
  • LUKOIL
  • Motul
  • Petrobras
  • PETRONAS Lubricants International
  • Phillips 66 Company
  • PT Pertamina Lubricants
  • Repsol
  • Royal Dutch Shell plc
  • SK Lubricants Co. Ltd
  • Veedol International Limited
  • Total
  • Valvoline LLC

Key Market Trends

Automotive and Other Transportation Segment Dominated the Market

  • The automotive & other transportation segment was the highest consumer of engine oil. Engine oils are widely used to lubricate internal combustion engines and are composed of 75-90% base oils and 10-25% additives.
  • They are typically used for applications, such as wear reduction, corrosion protection, and engine internals' smooth operation. They function by creating a thin film between the moving parts for enhancing heat transfer and reducing tension during the contact of parts.
  • High-mileage engine oils are in demand, owing to properties that help in oil leak prevention and reduce oil-burn offs. Most light and heavy vehicle diesel and gasoline engines use 10W40 and 15W40 viscosity grade oils globally.
  • Due to the global economic slowdown after 2018, new vehicle car sales have witnessed a growth slowdown. Vehicle sales registered a decline of 13.8%, from 90.423 million in 2019 to 77.97 million in 2020.
  • Technological advancements are imposing a threat to engine oils' growth, owing to the increased engine oil change intervals.
  • Additionally, the global sales of electric vehicles in 2020 increased by 39% year on year to reach 3.1 million units, where the total passenger car sales declined by 15.9 % from 63.73 million units in 2019 to 53.59 million units in 2020, which is expected to hinder the market growth for engine oil.
  • Therefore, the aforementioned factors are expected to impact the engine oil market in the coming years significantly.

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific region dominated the global market share. With the increasing investments in the automotive industry in the countries such as Malaysia, India, and Thailand. For instance, the British-brand MG, owned by China's SAIC Motors and developed in collaboration with Thailand's Charoen Pokphand Group, is targeting Thailand with its first-ever pickup truck, the "Extender" which is further likely to stimulate the demand for engine oil in the region during the latter part of the forecast period.
  • China is the largest engine oil consumer in the region, as well as globally. However, there is a declining trend in the demand and production of vehicles in the country, and the country is expected to witness a growth slowdown till the mid forecast period due to factors like market saturation and global economic slowdown.
  • China is the world's largest automotive producer. However, as of 2020 OICA sales statistics, China had witnessed a decline of 1.9% in sales to reach 25.31 million units in 2020 from 25.79 million units in 2019 due to the COVID-19 pandemic, which in turn negatively impacted the demand for the regional engine oil market.
  • Car sales in China jumped 365 percent year-on-year to 1.455 million in February of 2021, the eleventh straight month of increases, as the automobile industry's recovered further from the coronavirus crisis. Considering the first two months of the year, car sales totaled 3.958 million units, up 76.9 percent year-on-year. For 2021, the China Association of Automobile Manufacturers expects car sales to rise by around 4 percent relative to 2020.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers

4.1.1 Increasing Adoption of High-performance Lubricants

4.1.2 Other Drivers

4.2 Restraints

4.2.1 Extended Drain Intervals

4.2.2 Modest Impact of Electric Vehicles (EVs) in the Future

4.2.3 Impact of COVID-19 Pandemic

4.3 Industry Value-Chain Analysis

4.4 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 End-user Industry

5.2 Geography

5.2.1 Asia-Pacific

5.2.2 North America

5.2.3 Europe

5.2.4 South America

5.2.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers & Acquisitions, Joint Ventures, Colaborations and Agreements

6.2 Market Ranking Analysis

6.3 Strategies Adopted by Leading Players

6.4 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

7.1 Numerous Upcoming Construction Projects in North America and Asia-Pacific

For more information about this report visit https://www.researchandmarkets.com/r/v0y5nk