Engine Oil Market Size (2024 - 2029)

Engine Oil Market Analysis

The Engine Oil Market size is estimated at 22.70 Billion liters in 2024, and is expected to reach 26.89 Billion liters by 2029, growing at a CAGR of 3.45% during the forecast period (2024-2029).

The COVID-19 crisis impacted the global automotive industry, as both the production and sales of motor vehicles came to a sudden halt in most regions. These work stoppages led to a loss in the production of millions of vehicles across the world. The automobile industry has a direct effect on the engine oil market as it is used to improve the overall efficiency of an engine and reduce emissions. However, the market growth picked up steadily, owing to increased automotive activities after the lifting of restrictions in the second half of 2021, leading to market recovery.

• Over the medium term, the increasing automotive production and sales and the increasing adoption of high-performance lubricants are significant factors driving the growth of the market studied.
• However, extended drain intervals and the modest impact of electric vehicles (EVs) are key factors anticipated to restrain the growth of the target industry over the forecast period.
• Nevertheless, the growing automotive industry in the Middle East and Africa and numerous upcoming construction projects in North America and APAC are likely to create lucrative growth opportunities for the global market soon.
• Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Engine Oil Industry Segmentation

Engine oil is a lubricating system explicitly designed for use in engines. It decreases friction between engine surfaces that come into contact with each other. It reduces energy waste caused by friction and is highly effective in cleaning, cooling, and protecting metal components from corrosion and rust. A good quality engine oil is critical for the proper operation of an engine as it enables smooth engine operations, prevents engine damage, and extends engine life.

The engine oil market is segmented by end-user industry and geography. By end-user industry, the market is segmented into power generation, automotive and other transportation, heavy equipment, metallurgy and metalworking, chemical manufacturing, and other end-user industries. The report also covers the market size and forecasts for the engine oil market in 25 countries across major regions. For each segment, the market sizing and forecasts are provided on the basis of volume (liters).