September 12, 2022 08:00 ET | Source: Allied Market Research Allied Market Research
Portland, OR, Sept. 12, 2022 (GLOBE NEWSWIRE) -- 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.
Major determinants of the market growth
Rise in sales of automobiles in developing countries, increase in demand for high mileage vehicles, and growing need for lower viscosity motor oil supplement have boosted the growth of the global engine oil market. However, fluctuating raw material prices and increase in sales of electric vehicles hinder the market growth. On the contrary, demand for synthetic engine oil and trend of new rivals in the engine oil industry would open new opportunities in the future.
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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.
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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.
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.
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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.
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