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The engine oil market size is projected to reach US$ 114.81 billion by 2031 from US$ 81.57 billion in 2024. The market is expected to register a CAGR of 5.2% during 2025–2031.
Engine Oil Market AnalysisIndustrialization and a rising number of vehicles are leading to an increasing need for high-performance engine oils, which provide better protection, fuel economy, and a long drain period. The trends toward small-volume turbocharged engines, tougher emissions controls, and hybrid/electric engines have increased the adoption of low-viscosity synthetic and semi-synthetic oils with better additive packages. Expanding automotive manufacturing, fleet renewal, and building infrastructure drive growth. Due to OEM requirements and consumer concerns about durability, compliance, and total cost of ownership, premium engine oils remain the preferred choice. They are widely used in automotive, heavy-duty, and industrial applications across diverse operating conditions.
Engine Oil Market OverviewThe current gasoline, diesel, and hybrid engine oils are marketed due to the necessity to use advanced lubrication that will guarantee engine longevity, fuel efficiency, and compliance with regulations on emissions. Synthetic and semi-synthetic oils with low viscosity, excellent thermal stability, and strong wear protection dominate the market, while mineral oils continue to maintain a share in cost-sensitive segments. The steady growth is promoted by increasing car ownership, industrial development, tougher regulations (Euro 7, China VI-b), and fluid demand in electric vehicles. North America and Europe are mature markets driven by OEM approvals and fleet needs, whilst Asia Pacific is the most rapidly growing region, driven by huge automotive manufacturing, urbanization, infrastructure, and the rising two-wheelers and commercial-vehicle population in China, India, and Southeast Asia.
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Engine Oil Market: Strategic Insights
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Engine Oil Market Drivers and OpportunitiesCustomize Research To Suit Your Requirement
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Engine Oil Market: Strategic Insights
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Market Drivers:
- Increasing Global Vehicle Parc and Industrial Process: The huge growth of passenger cars, two-wheelers, and commercial vehicles, particularly in the Asia Pacific and Africa, contributes to the demand for lubricants.
- Tighter Emissions and Fuel-Economy Rules: Euro 7, China VI-b, CAFE, and EPA regulations are forcing the use of low-viscosity and low-SAPS synthetic oils.
- Growing Demand for Extended Drain Intervals: Fleet operators and consumers increasingly prefer oils that reduce service frequency and lower overall ownership costs.
Market Opportunities:
- Rapid Growth of EV and Hybrid Thermal Fluids: Specially designed low-conductivity, high-thermal-conductivity battery and e-axle fluids are expected to grow at the fastest rate.
- Bio-Based and Re-Refined Lubricants: The growing emphasis on ESG creates opportunities for sustainable base stocks containing 50–70% recycled or renewable content.
- Premium Synthetic Penetration in the Emerging Markets: Growing incomes in India, Southeast Asia, and Latin America will drive the replacement of mineral-grade oils with synthetic or semi-synthetic grades.
The engine oil market is divided into different segments to give a clearer view of its growth potential and the latest trends. Below is the standard segmentation approach used in industry reports:
By Type:
- Mineral Oil: Low-cost traditional base oil; commonly used in older models, high-mileage, and low-end fleets that need a basic low-cost covering in moderate running environments.
- Synthetic Oil: Top quality full-synthetic (PAO/Group III+) formulation; provides better thermal stability, wear resistance, and fuel economy in the current turbocharged, direct-injection, and high-performance motors.
- Bio-based Oil: High biodegradability, renewable or re-refined base oils; expected to meet growing ESG requirements while delivering performance comparable to conventional synthetics in passenger cars and light-duty transit.
By End-Use Industry:
- Automotive
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
- Building and Construction
- Power Generation
- Mining and Metallurgy
- Oil and Gas
- Marine
- Aviation
- Others
By Geography:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
Rising vehicle ownership, rapid urbanization, and industrial expansion across the Asia Pacific are fueling strong demand for engine oils, driven by growing production and robust aftermarket networks. Meanwhile, South and Central America, the Middle East, and Africa present significant growth potential, supported by increasing incomes, infrastructure development, and expanding mining and commercial fleets. These markets are seeing greater adoption of both mineral and synthetic lubricants across various stages of automotive and off-highway applications.
The engine oil market growth varies regionally due to economic development and regulatory stringency. Below is a summary of market share and trends by region:
1. North America
- Market Share: Holds a significant share of the global market.
- Key Drivers:
- High demand for synthetic and low-viscosity oil in passenger cars and heavy-duty fleets.
- Stringent EPA emissions and fuel economy regulations.
- Proven OEM requirements and long drain requirements.
- Trends: Rapid shift to 0W-20/0W-16 grades and EV thermal-management fluids.
2. Europe
- Market Share: Significant market driven by mature consumption.
- Key Drivers:
- Strict Euro 7 and CO2 regulations.
- Emphasis on the high usage of downsized turbocharger engines.
- High OEM control over the specifications of lubricants.
- Trends: Low-SAPS ACEA C5/ C6 adoption and sustainable bio-based formulations.
3. Asia Pacific
- Market Share: The fastest-growing region with a rapidly increasing market share
- Key Drivers:
- Increase in the number of vehicles manufactured and owned.
- Growth in the industrial, construction, and two-wheeler segments.
- Rise in demand for high-quality synthetic oils by the middle class.
- Trends: Increasing use of high-performance multilayer engine oil
4. Middle East and Africa
- Market Share: A steadily growing market
- Key Drivers:
- Increasing commercial vehicle and off-highway equipment.
- Mining, oil and gas, and logistics development
- Trends: There is an increasing demand for heavy-duty diesel engine oils
5. South and Central America
- Market Share: Smaller market share, growing at a rapid pace
- Key Drivers:
- Growing demand for agricultural machinery and expanding commercial transportation.
- Developing motor and vehicle industries.
- Trends: Using API and synthetic blends in contemporary engines
High Market Density and Competition
Competition is intense due to the presence of established players such as Amsoil Inc., Arabol Lubricants, BP PLC, and Chevron Corporation.
This high level of competition urges companies to stand out by:
- Creating advanced low-viscosity synthetic oils designed to meet the demands of modern turbocharged and hybrid engines that deliver superior fuel economy, extended drain intervals, and enhanced wear protection.
- Developing high-performance upgraded Group III and polyalphaolefin-based formulations with lower levels of sulfated ash, phosphorus, and sulfur, and retaining excellent anti-wear and detergency properties.
- Achieving sustainability objectives and appealing to fleet- and consumer-focused environmental priorities by using bio-based, re-refined, and low-carbon-footprint base stocks.
Opportunities and Strategic Moves
- Introducing product lines using the recent approvals of the American Petroleum Institute and the International Lubricant Standardization and Approval Committee.
- Designing special-purpose electric and hybrid vehicle thermal fluids as well as electric-axle fluids.
- Developing 0W-8 and 0W-16 grades with viscosity indices below 100 to support the next generation of internal-combustion and hybrid engines.
- Collaborating with vehicle manufacturers to meet factory-fill and service-fill specifications.
- Working along with fleet operators and quick-lube chains to provide custom high-mileage and predictive-maintenance lubricant services.
- Amsoil Inc
- Arabol Lubricants
- BP PLC
- Chevron Corporation
- China Petrochemical Corp
- ExxonMobil Corporation
- Lukoil Company
- Royal Dutch Shell
- Sinolec Lubricant Company
- Valvoline Inc
Disclaimer: The companies listed above are not ranked in any particular order.
Other companies analyzed during research:- TotalEnergies SE
- Fuchs SE
- Motul SA
- Repsol
- Phillips 66
- Shell launches upgraded Helix Ultra motor oil, meets 2025 API SQ standard. Shell India has introduced the upgraded Helix Ultra motor oil, which complies with the 2025 API SQ Standard, featuring new packaging and a global promotional campaign supported by Ferrari.
- Strategic Partnership Between GEK TERNA, Motor Oil. GEK Terna and Motor Oil have signed a binding agreement to merge their operations in electricity and natural gas supply, as well as electricity generation from natural gas-fired units, marking a significant development with implications extending beyond Greece.
The "Engine Oil Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering the following areas:
- Engine oil market size and forecast at global, regional, and country levels for all market segments covered under the scope
- Engine oil market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter's five forces analysis and SWOT analysis
- Engine oil market analysis covering market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the engine oil market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The market size is projected to reach US$ 114.81 billion by 2031.
Amsoil Inc., Arabol Lubricants, BP PLC, Chevron Corporation, China Petrochemical Corp, ExxonMobil Corporation, Lukoil Company, Royal Dutch Shell, and Sinolec Lubricant Company are among the key players operating in the market.
Asia Pacific dominated the engine oil market in 2024.
Shift toward synthetic and low-viscosity oils, growth in eco-friendly and low-emission lubricants, and rising demand from EV-related fluids are likely to emerge as key trends in the engine oil market in the future.
Increasing global vehicle parc and industrial processes, tighter emissions and fuel-economy rules, and growing demand for long drain intervals are major factors driving the growth of the engine oil market.
- PetroChina Company Limited
- Sinopec Group
- Fuchs Petrolub SE
- Petroliam Nasional Berhad (Petronas Lubricants International)
- Indian Oil Corporation Limited
- Idemitsu Kosan Co. Ltd.
- Phillips 66 Company
- Motul SA
- Bharat Petroleum Corporation Limited
- Hindustan Petroleum Corporation Limited
- Gazpromneft-Lubricants Ltd
- Saudi Arabian Oil Company (Aramco)
- ENEOS Corporation
- SK Lubricants Co. Ltd.
- PTT Public Company Limited
- PT Pertamina
- Liqui Moly GmbH
- Lucas Oil Products Inc.
- Red Line Synthetic Oil Corporation
- Klüber Lubrication (Freudenberg Group)
- WD-40 Company
- Suncor Energy Inc.
- Pentagon Lubricants
- Eni SpA
- Continental Oils Group (Hinduja Group)
- Lubrication Engineers Inc.
- Torco International Corp
- Addinol Lube Oil GmbH
- Calumet Branded Products LLC
- Wolf Oil Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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