Dublin, July 29, 2022 (GLOBE NEWSWIRE) — Motor Oil Market – Global Outlook and Forecast 2022-2027 Report. was added to ResearchAndMarkets.com’s proposal.
The motor oil market is presented for the forecast years 2022 to 2027 and the base year 2021. The market is segmented based on end use, oil type and geography for the years under review. The report presents a holistic approach to the Motor Oils market to enable clients to analyze the market effectively.
The primary role of engine oil is to lubricate engine parts to minimize friction and overheating. It also performs various additional functions. This helps clean and cool the engine parts and prevent rust and corrosion from building up on the piston.
The motor oil market is changing as customers demand better quality oil with higher performance that would increase vehicle fuel economy with better engine performance. Extending engine life, reducing carbon emissions, supplying low viscosity motor oils for improved fuel economy, and meeting changing vehicle emission standards set by various government organizations are all examples of constant innovation and progress in meeting a variety of automotive needs. The growing use of passenger and commercial vehicles and the fast-growing transportation industry in emerging economies have fueled the market.
Drivers: Rapid infrastructure development increasing demand for heavy equipment
Infrastructure and the construction industry are essential to the overall economic growth of the world. To integrate a country’s economy with the economies of other countries in the world, appropriate infrastructure such as road and rail systems, ports, electricity and airports is needed.
In recent years, infrastructure development has increased significantly across the world, and with this, the demand for heavy equipment has increased. Generally, heavy equipment refers to heavy-duty vehicles used for construction and mining; therefore, an increase in heavy equipment will eventually increase the demand for motor oil.
In addition, developing countries have benefited from foreign direct investment and helped MNCs build various infrastructure and construction projects in different countries. In addition, new industrial policies implemented by the governments of emerging economies have helped increase the production capacity of heavy vehicles.
The infrastructure and construction industry has shown rapid growth worldwide due to low raw material cost, low cost of skilled labor and increased foreign direct investment (FDI).
Opportunities: There is a growing demand for a quality engine Oil due to strict emission regulations
Governments around the world are explaining the negative effects of greenhouse gas emissions; because of this, different environmental agencies work closely with the governments of different countries. As a result, governments around the world have set strict regulations on vehicle emissions to reduce their impact on the environment.
Therefore, many manufacturers have taken these regulations as an opportunity to invest in research and development so that they can develop products that will meet these emission regulations and provide better engine performance. Also, countries like India, China, USA, Germany, UK and France have set emission norms that will reduce fuel consumption and offer better performance.
All of the above points will increase the demand for high-quality motor oil. Various car manufacturers such as Ford (US), Mazda (Japan), McLaren (UK), Toyota (Japan) and Porsche (Germany) have formed strategic partnerships with various manufacturers such as Shell PLC (UK), ExxonMobil (US) , and Gulf Oil (USA) to develop motor oils compatible with today’s emission-compliant engines.
In addition, developments in engine design, engine assembly, piston design, and crankshaft systems have created an opportunity for motor oil manufacturers to develop highly efficient and effective motor oils.
Challenges: Constant fluctuations in crude oil prices
Crude oil is one of the most important factors affecting international economic development because crude oil products are used in almost every machine. The transportation sector around the world is completely dependent on petroleum products such as gasoline and diesel.
Different types of lubricants are also used for the good operation of vehicles. In addition, many countries also depend heavily on petroleum fuels for heating their homes, cooking and generating energy. Petroleum products, derived from crude oil and other hydrocarbon liquids, account for approximately one-third of global energy use. Volatile oil prices can shock the entire world economy.
Changes in supply and demand also affect oil prices. Oil is a necessity and in great demand; market forces primarily determine its value. Since crude oil is the primary raw material needed to produce base oil, motor oil is composed of 80% to 90% base oil, and constant fluctuations in crude oil prices affect motor oil prices.
OVERVIEW OF THE SEGMENTS
Automotive motor oil is the most commonly used lubricant in automobiles. In 2021, the automotive motor oil market accounted for nearly 75% of the global motor oil market.
The automotive engine oil market is projected to grow at a CAGR of more than 5% from 2022 to 2027. Engine oil plays an important role in engine performance by protecting moving parts from wear. Engine oil consists of base oils and various additives that provide a wide range of properties. Global motor oils are widely used in various industries such as automotive and transportation, heavy equipment, energy, agriculture, woodworking, textile, and others.
Motor oil usually comes in three types: fully synthetic, semi-synthetic, and mineral. All three types of oils have some advantages, but semi-synthetic motor oils are the largest segment of oils on the market. Semi-synthetic oils are a mixture of mineral oils and fully synthetic lubricants. Semi-synthetic oil is more expensive than mineral oil, but less expensive than full synthetic oil, helping consumers to get the highest quality motor oil at an economical price. Semi-synthetic oils have the same properties as fully synthetic, such as increased engine performance, excellent protection of parts and optimized performance.
The global motor oil market is diverse. APAC is the leading market for motor oil due to low labor cost and abundant raw materials. APAC will dominate the market during the forecast period. However, there are many countries with great expansion opportunities that will challenge APAC’s dominance.
CAMPAIGN AND STRATEGIES
Key players have embarked on various growth strategies in the motor oil market. Companies in an industry compete strategically. The growth of sustainable processes and initiatives has been a challenge for all companies worldwide. Investments in research and development, technological advancements, and environmental and economic challenges are driving the demand for innovative and sustainable motor oils.
Some major players in the market include Exxon Mobil Corporation (US), British Petroleum (UK), Shell (UK), Gulf Oil (US), Idemitsu (Japan), Castrol (US), Fuchs (Germany), and Chevron Corporation (US) . These players have adopted strategies such as expansions, acquisitions, new product developments, joint ventures, and others to increase their revenues in the Motor Oil market.
- Castrol Limited Company
- Chevron Corporation
- ExxonMobil Company
- Shell PLC
- Total energy
Other famous sellers
- Bharat Petroleum Corporation Limited
- Company BP PLC
- Gazpromnefta – Lubricating materials LLC
- GS Caltex Corporation
- Gulf Oil International Limited
- Hindustan Petroleum Corporation Limited
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corporation Limited
- Kuwait Dana Lubes Company
- Liquid Molly
- Petro Canada Lubricants Inc.
- Petroliam Nasional Berhad (PETRONAS)
- Phillips 66
- Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
- Valvoline Inc.
Main topics covered:
1 Research methodology
2 Objectives of the study
3 Research process
4 Scope and coverage
4.1 Market definition
4.2 Base Year
4.3 Scope of the study
5 Assumptions and caveats in the report
5.1 General precautions
5.2 Currency Conversion
5.3 Market Conclusion
6 Brief overview of the market
8 Executive ideas
8.1 Motor Oil Market – Global Forecast (2021-2027)
8.2 Market Summary
8.2.1 Market trends
8.2.2 Segment overview
8.2.3 Campaigns and Strategies
9 market opportunities and trends
9.1 Demand for passenger cars in developing economies
9.2 Demand for heavy equipment
10 factors of market growth
10.1 Demand for high-quality motor oil
10.2. Industrialization of developing countries
11 Market Restrictions
11.1 High demand and production of electric vehicles
11.2 Crude Oil Price Fluctuations
12 Market landscape
12.1 Market overview
12.2 Market Size and Forecast
12.3 Five Forces Analysis
13 End Use
13.1 Market Snapshot and Growth Mechanism (Value)
13.2 Market Snapshot and Growth Mechanism (Volume)
13.3 Market Overview
13.4 Automotive Industry and Transportation
13.5 Heavy Equipment
13.6 Energy Production
14 Type of oil
14.1 Market Snapshot and Growth Mechanism (Value)
14.2 Market Snapshot and Growth Mechanism (Volume)
14.3 Market Overview
14.5 Fully synthetic
15.1 Market Snapshot and Growth Mechanism (Value)
15.2 Market Snapshot and Growth Mechanism (Volume)
15.3 Geographical overview
For more information on this report, visit https://www.researchandmarkets.com/r/9haccm