Engine Oil Industry Demand-Supply Analysis and Production Trends

Motor oil, commonly known as engine oil or engine lubricant, is a vital substance used for the lubrication of internal combustion engines. It consists of base oils enhanced with various additives such as antiwear agents, detergents, dispersants, and viscosity index improvers. The primary function of motor oil is to reduce friction and wear on moving parts, clean the engine from sludge and varnish, neutralize acids, improve the sealing of piston rings, and cool the engine by carrying away heat from moving parts. As the automotive industry continues to grow, the demand for engine oil is expected to rise, driving the global Engine Oil market.
Market Growth
The global Engine Oil market is projected to reach a value of US$ million by 2028, witnessing a significant growth from an estimated US$ million in 2022. This growth is expected to occur at a CAGR of % between 2024 and 2029. The increasing number of vehicles on the road and the growing demand for high-performance engines are key factors contributing to the market's growth.
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