Motor Oil

Motor Oil Market Overview

The global engine oil market is expected to register a CAGR of below 2% during the forecast period. Increasing adoption of high-performance lubricants globally is has been driving the market over the recent past and is expected to continue over the study period.

Modest impact of electric vehicles (EVs) in the future is likely to hinder the market’s growth.

 Numerous upcoming construction projects in North America and APAC is projected to act as an opportunity for the market in future.

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 smooth operation of the engine internals. 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 reduction in oil-burn offs. Most light and heavy vehicle diesel and gasoline engines use 10W40 and 15W40 viscosity grade oils, globally.

Technological advancements are imposing a threat to the growth of engine oils, owing to the increased engine oil change intervals.

The increasing production and sales of light-duty vehicles is estimated to have a direct impact on engine oil consumption, which, in turn, is anticipated to drive the demand for engine oil during the forecast period.