THE GLOBAL ENGINE OIL MARKET WAS VALUED AT USD 77.5 BILLION IN 2021 AND IS EXPECTED TO REACH USD 105.5 BILLION BY 2027, GROWING AT A CAGR OF 5.26%.

The Engine Oil Market Size, Share, Trends Analysis

  • End-Use: Automotive & Transportation, Heavy Equipment, Power Generation, and Others
  • Oil Type: Semi-Synthetic, Fully Synthetic, and Mineral
  • Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022-2027

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109 Tables

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76 Charts

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5 Regions

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23 Countries

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25 Companies

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3 Market Segment

ENGINE OIL MARKET REPORT SCOPE

Report Attribute Details
Market Size (2027) USD 105.5 Billion
Market Size (2021) USD 77.5 Billion
MARKET SIZE BY VOLUME 32,525.43 kilotons (2027)
CAGR (2021-2027) 5.26%
Base Year 2021
Forecast Year 2022-2027
Market Segments End-Use, Oil Type, and Geography
Key Vendors Castrol Limited, Chevron Corporation, Exxon Mobil Corporation, Shell PLC, and Total Energies

MARKET OVERVIEW

The global engine oil market was valued at USD 77.5 billion in 2021 and is expected to reach USD 105.5 billion by 2027, growing at a CAGR of 5.26% during the forecast period. The primary role of engine oil is to lubricate the engine parts to minimize friction and overheating. It also performs a variety of secondary functions. It aids in the cleaning and cooling of engine parts and the prevention of rust and corrosion accumulation on the piston. The engine oil market is changing as the customers demand good quality and higher performing oil, which would enhance the vehicle's fuel economy with better engine performance. Increasing the shelf life of the engine, reducing carbon footprint, supplying low-viscosity engine oils to improve fuel economy, and meeting changing vehicle emission standards set by various government entities are all examples of continuous innovation and advancements in catering to diverse automotive needs. The increasing use of passenger cars, commercial vehicles, and the rapidly growing transportation industry in the emerging economies have boosted the market.  

Global Engine Oil Market Size

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MARKET TRENDS

Drivers: Rapid Infrastructure Development Increasing the Demand for Heavy Equipment

The infrastructure and construction industry is essential for the overall economic growth of the world. Adequate infrastructures such as road and railway transport systems, ports, power, and airports are needed to integrate the country's economy with other world economies. In recent years infrastructure development has grown substantially across the globe, and due to this, the demand for heavy equipment has increased. Generally, heavy equipment refers to heavy-duty vehicles used for construction and mining work; therefore increase in heavy equipment will ultimately increase the demand for engine oil. In addition, emerging countries have taken advantage of foreign direct investment and helped MNCs build various infrastructure and construction projects in multiple countries. Also, new industrial policies implemented by governments of emerging economies helped increase the production capacity of heavy equipment vehicles. The infrastructure and construction industry has shown rapid growth worldwide because of low-cost raw materials, low cost of skilled labor, and increased foreign direct investment (FDI).

Opportunities: Increasing Demand for Good Quality Engine Oil due to Stringent Emission Regulation

Governments across the globe have been creating awareness about the negative impacts of greenhouse gas emissions; because of that, various environmental agencies are working closely with governments of multiple countries. As a result, various governments worldwide have laid down stringent emission regulations for vehicles to reduce their environmental impact. Therefore, many manufacturers have taken these regulations as an opportunity to invest in R&D so that they can develop products that will follow these emission regulations and deliver the better performance of the engine. In addition, countries like India, China, US, Germany, UK, and France have laid down emission norms that will decrease fuel consumption and offer better performance. All the above points will increase the demand for good quality engine oil. Various automobile manufacturers such as Ford (US), Mazda (Japan), McLaren (UK), Toyota (Japan), and Porsche (Germany) have formed a strategic partnerships with various manufacturers such as Shell PLC (UK), ExxonMobil (US), and Gulf Oil (US) to develop engine oils compatible for modern engines which follows the emission regulations. Also, the developments in engine design, engine assembly, piston design, and crankshaft systems have created an opportunity for engine oil manufacturers to develop high-performing and efficiency-driven engine oils.

Challenges: Constant Fluctuation in Crude Oil Prices

Crude oil is one of the most critical factors influencing international economic development because crude oil products are used in practically every machine. The transportation sector throughout the world is entirely reliant on petroleum products such as gasoline and diesel fuel. Also, different types of lubricants are used for the well functioning of transport vehicles. In addition, many countries also rely extensively on petroleum fuels to heat their homes, cook their food, and generate power. Petroleum products derived from crude oil and other hydrocarbon liquids account for approximately one-third of global energy use. Volatile oil prices have the potential to send shockwaves throughout the global economy. Changes also influence oil prices in supply and demand. Oil is a necessity and is in high demand; market forces primarily determine its price. As crude oil is the primary raw material required to manufacture base oil, engine oil consists of 80% to 90% of base oil, and constant fluctuations in crude oil prices affect engine oil prices.

SEGMENT REVIEW

Automotive engine oil is the most commonly used lubricant in vehicles. The automotive engine oil market occupied almost 75% of the global engine oil market share in 2021. The automotive engine oil market is projected to grow at a CAGR of more than 5% from 2022 to 2027. Engine oil plays a vital role in engine performance, protecting against wear and tear of moving parts. Engine oil consists of base oils and various additives, giving a broad spectrum of properties. Global engine oil products are broadly used in various industries such as automotive & transportation, heavy equipment, power generation, agriculture, woodworking, textile, and others.

Engine oil is generally available in three oil types: fully synthetic, semi-synthetic, and mineral oil. All three oil types have some advantages, but semi-synthetic engine oil is the largest oil type segment in 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 fully synthetic oil, which helps consumers to get premium quality engine oil at an economical price. Semi-synthetic oils offer similar properties to fully synthetic, such as increased engine performance, excellent parts protection, and optimized performance.

The global engine oil market is diverse. APAC is the leading market for engine oil because of the low cost of labor and abundant availability of raw materials. APAC will dominate the market through the forecast period. However, there are many countries with a high scope for expansion that will challenge the dominance of APAC.

COMPANY AND STRATEGIES

The key players have undertaken various strategies to grow in the engine oil market. Companies in the industry compete strategically. The growth in sustainable processes and initiative has been a challenge for all companies globally. Investments in R&D, technological advancement, and environmental and economic difficulties drive the demand for innovative and sustainable engine oil products.

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 expansion, acquisitions, new product development, joint ventures, and others to increase their revenues in the engine oil market.

The engine oil market is provided for the forecast years 2022 to 2027 and the base year of 2021. The market is segmented as per End Use, Oil Type, and Geography for the years considered. The report provides a holistic approach to the engine oil market to enable customers to analyze the market efficiently.

"For further information and clarification on the market, analyst discussion can also be arranged at the feasibility of the client."

Frequently Asked Questions

What is the forecasted size of the global engine oil market by 2027?

The global engine oil market is expected to reach USD 105.5 billion by 2027.

Who are the key vendors in the market?

Castrol Limited, Chevron Corporation, ExxonMobil, Shell PL, and Total Energies are the key vendors in the industry.

What are the factors driving the engine oil market growth?

Increasing demand for passenger cars in emerging economies and increasing demand for good quality engine oil due to stringent emission regulations are driving the growth of the market.

Which region will have the highest share by 2027?

APAC will have the highest share by 2027.

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The global engine oil market was valued at USD 77.5 billion in 2021 and is expected to reach USD 105.5 billion by 2027, growing at a CAGR of 5.26%.

The following factors will drive the global engine oil market growth during the forecast period:

  • Increasing Demand for Passenger Cars in Emerging Economies
  • Rapid Infrastructure Development Increasing the Demand for Heavy Equipment
  • Increasing Demand for Good Quality Engine Oil Due to Stringent Emission Regulations

Base Year: 2021

Forecast Year: 2022-2027

The study considers a detailed scenario of the present global engine oil market and its dynamics for the forecasted period. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the industry. 

Key Vendors

  • Castrol Limited
    • Business Overview
    • Product Offerings
    • Key Strategies
    • Key Strengths
    • Key Opportunities
  • Chevron Corporation
  • ExxonMobil
  • Shell PLC
  • Total Energies

Other Prominent Vendors

  • Bharat Petroleum Corporation Limited
    • Business Overview
    • Product Offerings
  • BP PLC
  • FUCHS
  • Gazpromneft - Lubricants Ltd
  • GS Caltex Corporation
  • Gulf Oil International limited
  • Hindustan Petroleum Corporation Limited
  • Idemitsu Kosan Co., Ltd.
  • Indian Oil Corporation Limited
  • Kuwait Dana Lubes Company
  • Liqui Moly
  • Motul
  • Pennzoil
  • Petro Canada Lubricants Inc.
  • Petroliam Nasional Berhad (PETRONAS)
  • Phillips 66
  • Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
  • Repsol
  • SINOPEC
  • Valvoline Inc.

Segmentation by End-Use

  • Automotive & Transportation
  • Heavy Equipment
  • Power Generation
  • Others

Segmentation by Oil Type

  • Semi-Synthetic
  • Fully Synthetic
  • Mineral

Segmentation by Geography

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • APAC
    • China
    • India
    • Japan
    • Indonesia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • South Africa
    • Iran
    • UAE
    • Saudi Arabia
    • Rest of MEA

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

 

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION

4.1.1 INCLUSIONS

4.1.2 EXCLUSIONS

4.1.3 MARKET ESTIMATION CAVEATS

4.2 BASE YEAR

4.3 SCOPE OF THE STUDY

4.3.1 MARKET SEGMENTATION BY GEOGRAPHY

 

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS

5.2 CURRENCY CONVERSION

5.3 MARKET DERIVATION

 

6 MARKET AT A GLANCE

7 INTRODUCTION

7.1 OVERVIEW

 

8 EXECUTIVE INSIGHTS

8.1 ENGINE OIL MARKET – GLOBAL FORECAST (2021–2027)

8.2 MARKET SYNOPSIS

8.2.1 MARKET TRENDS

8.2.2 SEGMENT REVIEW

8.2.3 COMPANIES & STRATEGIES

 

9 MARKET OPPORTUNITIES & TRENDS

9.1 DEMAND FOR PASSENGER CARS IN EMERGING ECONOMIES

9.2 DEMAND FOR HEAVY EQUIPMENT

 

10 MARKET GROWTH ENABLERS

10.1 DEMAND FOR HIGH-QUALITY ENGINE OIL

10.2 INDUSTRIALIZATION OF EMERGING ECONOMIES

 

11 MARKET RESTRAINTS

11.1 HIGH DEMAND & PRODUCTION OF ELECTRIC VEHICLES

11.2 FLUCTUATIONS IN CRUDE OIL PRICES

 

12 MARKET LANDSCAPE

12.1 MARKET OVERVIEW

12.2 MARKET SIZE & FORECAST

12.3 FIVE FORCES ANALYSIS

12.3.1 THREAT OF NEW ENTRANTS

12.3.2 BARGAINING POWER OF SUPPLIERS

12.3.3 BARGAINING POWER OF BUYERS

12.3.4 THREAT OF SUBSTITUTES

12.3.5 COMPETITIVE RIVALRY

 

13 END-USE

13.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

13.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

13.3 MARKET OVERVIEW

13.4 AUTOMOTIVE & TRANSPORTATION

13.4.1 MARKET OVERVIEW

13.4.2 MARKET SIZE & FORECAST (VALUE & VOLUME)

13.4.3 MARKET BY GEOGRAPHY

13.5 HEAVY EQUIPMENT

13.5.1 MARKET OVERVIEW

13.5.2 MARKET SIZE & FORECAST (VALUE & VOLUME)

13.5.3 MARKET BY GEOGRAPHY

13.6 POWER GENERATION

13.6.1 MARKET OVERVIEW

13.6.2 MARKET SIZE & FORECAST (VALUE & VOLUME)

13.6.3 MARKET BY GEOGRAPHY

13.7 OTHERS

13.7.1 MARKET OVERVIEW

13.7.2 MARKET SIZE & FORECAST (VALUE & VOLUME)

13.7.3 MARKET BY GEOGRAPHY

 

14 OIL TYPE

14.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

14.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

14.3 MARKET OVERVIEW

14.4 SEMI SYNTHETIC

14.4.1 MARKET OVERVIEW

14.4.2 MARKET SIZE & FORECAST (VALUE & VOLUME)

14.4.3 MARKET BY GEOGRAPHY

14.5 FULLY SYNTHETIC

14.5.1 MARKET OVERVIEW

14.5.2 MARKET SIZE & FORECAST (VALUE & VOLUME)

14.5.3 MARKET BY GEOGRAPHY

14.6 MINERAL

14.6.1 MARKET OVERVIEW

14.6.2 MARKET SIZE & FORECAST (VALUE & VOLUME)

14.6.3 MARKET BY GEOGRAPHY

15 GEOGRAPHY

15.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

15.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

15.3 GEOGRAPHIC OVERVIEW

 

16 NORTH AMERICA

16.1 MARKET OVERVIEW

16.2 MARKET SIZE & FORECAST

16.2.1 VALUE

16.2.2 VOLUME

16.3 OIL TYPE

16.3.1 MARKET SIZE & FORECAST

16.4 END-USE

16.4.1 MARKET SIZE & FORECAST

16.5 KEY COUNTRIES

16.6 US

16.6.1 MARKET SIZE & FORECAST

16.7 CANADA

16.7.1 MARKET SIZE & FORECAST

 

17 LATIN AMERICA

17.1 MARKET OVERVIEW

17.2 MARKET SIZE & FORECAST

17.2.1 VALUE

17.2.2 VOLUME

17.3 OIL TYPE

17.3.1 MARKET SIZE & FORECAST

17.4 END-USE

17.4.1 MARKET SIZE & FORECAST

17.5 KEY COUNTRIES

17.6 BRAZIL

17.6.1 MARKET SIZE & FORECAST

17.7 MEXICO

17.7.1 MARKET SIZE & FORECAST

17.8 REST OF LATIN AMERICA

17.8.1 MARKET SIZE & FORECAST

 

18 MIDDLE EAST & AFRICA

18.1 MARKET OVERVIEW

18.2 MARKET SIZE & FORECAST

18.2.1 VALUE

18.2.2 VOLUME

18.3 OIL TYPE

18.3.1 MARKET SIZE & FORECAST

18.4 END-USE

18.4.1 MARKET SIZE & FORECAST

18.5 KEY COUNTRIES

18.6 SOUTH AFRICA

18.6.1 MARKET SIZE & FORECAST

18.7 IRAN

18.7.1 MARKET SIZE & FORECAST

18.8 UAE

18.8.1 MARKET SIZE & FORECAST

18.9 SAUDI ARABIA

18.9.1 MARKET SIZE & FORECAST

18.10 REST OF MEA

18.10.1 MARKET SIZE & FORECAST

 

19 EUROPE

19.1 MARKET OVERVIEW

19.2 MARKET SIZE & FORECAST

19.2.1 VALUE

19.2.2 VOLUME

19.3 OIL TYPE

19.3.1 MARKET SIZE & FORECAST

19.4 END-USE

19.4.1 MARKET SIZE & FORECAST

19.5 KEY COUNTRIES

19.6 GERMANY

19.6.1 MARKET SIZE & FORECAST

19.7 FRANCE

19.7.1 MARKET SIZE & FORECAST

19.8 UK

19.8.1 MARKET SIZE & FORECAST

19.9 ITALY

19.9.1 MARKET SIZE & FORECAST

19.10 SPAIN

19.10.1 MARKET SIZE & FORECAST

19.11 RUSSIA

19.11.1 MARKET SIZE & FORECAST

19.12 REST OF EUROPE

19.12.1 MARKET SIZE & FORECAST

 

20 APAC

20.1 MARKET OVERVIEW

20.2 MARKET SIZE & FORECAST

20.2.1 VALUE

20.2.2 VOLUME

20.3 OIL TYPE

20.3.1 MARKET SIZE & FORECAST

20.4 END-USE

20.4.1 MARKET SIZE & FORECAST

20.5 KEY COUNTRIES

20.6 CHINA

20.6.1 MARKET SIZE & FORECAST

20.7 INDIA

20.7.1 MARKET SIZE & FORECAST

20.8 JAPAN

20.8.1 MARKET SIZE & FORECAST

20.9 INDONESIA

20.9.1 MARKET SIZE & FORECAST

20.10 SOUTH KOREA

20.10.1 MARKET SIZE & FORECAST

20.11 REST OF APAC

20.11.1 MARKET SIZE & FORECAST

 

21 COMPETITIVE LANDSCAPE

21.1 COMPETITION OVERVIEW

 

22 KEY COMPANY PROFILES

22.1 CASTROL LIMITED

22.1.1 BUSINESS OVERVIEW

22.1.2 CASTROL LIMITED IN GLOBAL ENGINE OIL MARKET

22.1.3 PRODUCT OFFERINGS

22.1.4 KEY STRATEGIES

22.1.5 KEY STRENGTHS

22.1.6 KEY OPPORTUNITIES

22.2 CHEVRON CORPORATION

22.2.1 BUSINESS OVERVIEW

22.2.2 CHEVRON CORPORATION IN GLOBAL ENGINE OIL MARKET

22.2.3 PRODUCT OFFERINGS

22.2.4 KEY STRATEGIES

22.2.5 KEY STRENGTHS

22.2.6 KEY OPPORTUNITIES

22.3 EXXON MOBIL CORPORATION

22.3.1 BUSINESS OVERVIEW

22.3.2 EXXON MOBIL CORPORATION IN GLOBAL ENGINE OIL MARKET

22.3.3 PRODUCT OFFERINGS

22.3.4 KEY STRATEGIES

22.3.5 KEY STRENGTHS

22.3.6 KEY OPPORTUNITIES

22.4 SHELL PLC

22.4.1 BUSINESS OVERVIEW

22.4.2 SHELL PLC IN GLOBAL ENGINE OIL MARKET

22.4.3 PRODUCT OFFERINGS

22.4.4 KEY STRATEGIES

22.4.5 KEY STRENGTHS

22.4.6 KEY OPPORTUNITIES

22.5 TOTALENERGIES SE

22.5.1 BUSINESS OVERVIEW

22.5.2 TOTALENERGIES IN GLOBAL ENGINE OIL MARKET

22.5.3 PRODUCT OFFERINGS

22.5.4 KEY STRATEGIES

22.5.5 KEY STRENGTHS

22.5.6 KEY OPPORTUNITIES

23 OTHER PROMINENT VENDORS

23.1 BHARAT PETROLEUM CORPORATION LIMITED

23.1.1 BUSINESS OVERVIEW

23.1.2 PRODUCT OFFERINGS

23.2 BP PLC

23.2.1 BUSINESS OVERVIEW

23.2.2 PRODUCT OFFERINGS

23.3 FUCHS PETROLUB SE

23.3.1 BUSINESS OVERVIEW

23.3.2 PRODUCT OFFERINGS

23.4 GAZPROMNEFT - LUBRICANTS LTD.

23.4.1 BUSINESS OVERVIEW

23.4.2 PRODUCT OFFERINGS

23.5 GS CALTEX CORPORATION

23.5.1 BUSINESS OVERVIEW

23.5.2 PRODUCT OFFERINGS

23.6 GULF OIL INTERNATIONAL LIMITED

23.6.1 BUSINESS OVERVIEW

23.6.2 PRODUCT OFFERINGS

23.7 HINDUSTAN PETROLEUM CORPORATION LIMITED

23.7.1 BUSINESS OVERVIEW

23.7.2 PRODUCT OFFERINGS

23.8 IDEMITSU KOSAN CO., LTD.

23.8.1 BUSINESS OVERVIEW

23.8.2 PRODUCT OFFERINGS

23.9 INDIAN OIL CORPORATION LIMITED

23.9.1 BUSINESS OVERVIEW

23.9.2 PRODUCT OFFERINGS

23.10 KUWAIT DANA LUBES COMPANY

23.10.1 BUSINESS OVERVIEW

23.10.2 PRODUCT OFFERINGS

23.11 LIQUI MOLY

23.11.1 BUSINESS OVERVIEW

23.11.2 PRODUCT OFFERINGS

23.12 MOTUL

23.12.1 BUSINESS OVERVIEW

23.12.2 PRODUCT OFFERINGS

23.13 PENNZOIL

23.13.1 BUSINESS OVERVIEW

23.13.2 PRODUCT OFFERINGS

23.14 PETRO-CANADA LUBRICANTS INC.

23.14.1 BUSINESS OVERVIEW

23.14.2 PRODUCT OFFERINGS

23.15 PETROLIAM NASIONAL BERHAD (PETRONAS)

23.15.1 BUSINESS OVERVIEW

23.15.2 PRODUCT OFFERINGS

23.16 PHILLIPS 66 COMPANY

23.16.1 BUSINESS OVERVIEW

23.16.2 PRODUCT OFFERINGS

23.17 RAVENSBERGER SCHMIERSTOFFVERTRIEB GMBH (RAVENOL)

23.17.1 BUSINESS OVERVIEW

23.17.2 PRODUCT OFFERINGS

23.18 REPSOL

23.18.1 BUSINESS OVERVIEW

23.18.2 PRODUCT OFFERINGS

23.19 CHINA PETROCHEMICAL CORPORATION (SINOPEC)

23.19.1 BUSINESS OVERVIEW

23.19.2 PRODUCT OFFERINGS

23.20 VALVOLINE INC.

23.20.1 BUSINESS OVERVIEW

23.20.2 PRODUCT OFFERINGS

 

24 REPORT SUMMARY

24.1 KEY TAKEAWAYS

24.2 STRATEGIC RECOMMENDATIONS

 

25 QUANTITATIVE SUMMARY

25.1 OIL TYPE

25.1.1 SEMI SYNTHETIC (VALUE & VOLUME)

25.1.2 FULLY SYNTHETIC (VALUE & VOLUME)

25.1.3 MINERAL (VALUE & VOLUME)

25.2 END-USE

25.2.1 AUTOMOTIVE & TRANSPORTATION (VALUE & VOLUME)

25.2.2 HEAVY EQUIPMENT (VALUE & VOLUME)

25.2.3 POWER GENERATION (VALUE & VOLUME)

25.2.4 OTHERS (VALUE & VOLUME)

 

26 GEOGRAPHY

26.1 NORTH AMERICA

26.1.1 END-USE (VALUE & VOLUME)

26.1.2 OIL TYPE (VALUE & VOLUME)

26.2 EUROPE

26.2.1 END-USE (VALUE & VOLUME)

26.2.2 OIL TYPE (VALUE & VOLUME)

26.3 APAC

26.3.1 END-USE (VALUE & VOLUME)

26.3.2 OIL TYPE (VALUE & VOLUME)

26.4 LATIN AMERICA

26.4.1 END-USE (VALUE & VOLUME)

26.4.2 OIL TYPE (VALUE & VOLUME)

26.5 MIDDLE EAST & AFRICA

26.5.1 END-USE (VALUE & VOLUME)

26.5.2 OIL TYPE (VALUE & VOLUME)

 

27 APPENDIX

27.1 ABBREVIATIONS

LIST OF EXHIBITS

EXHIBIT 1 SEGMENTATION OF GLOBAL ENGINE OIL MARKET

EXHIBIT 2 MARKET SIZE CALCULATION APPROACH 2021

EXHIBIT 3 IMPACT OF DEMAND FOR PASSENGER CARS IN EMERGING ECONOMIES

EXHIBIT 4 IMPACT OF DEMAND FOR HEAVY EQUIPMENT

EXHIBIT 5 IMPACT OF INCREASING DEMAND FOR HIGH-QUALITY ENGINE OIL

EXHIBIT 6 EMISSION REGULATIONS IN DIFFERENT COUNTRIES

EXHIBIT 7 IMPACT OF INDUSTRIALIZATION OF EMERGING ECONOMIES

EXHIBIT 8 IMPACT OF HIGH DEMAND & PRODUCTION OF ELECTRIC VEHICLES

EXHIBIT 9 IMPACT OF FLUCTUATIONS IN CRUDE OIL PRICES

EXHIBIT 10 GLOBAL ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 11 GLOBAL ENGINE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 12 FIVE FORCES ANALYSIS 2021

EXHIBIT 13 INCREMENTAL GROWTH BY END-USE 2021 & 2027

EXHIBIT 14 INCREMENTAL GROWTH BY END-USE 2021 & 2027

EXHIBIT 15 END-USERS OF ENGINE OIL

EXHIBIT 16 GLOBAL VEHICLE SALES 2020–2021

EXHIBIT 17 GLOBAL ENGINE OIL MARKET BY AUTOMOTIVE & TRANSPORTATION 2021–2027 ($ MILLION)

EXHIBIT 18 GLOBAL ENGINE OIL MARKET BY AUTOMOTIVE & TRANSPORTATION 2021–2027 (KILOTONS)

EXHIBIT 19 GLOBAL ENGINE OIL MARKET BY HEAVY EQUIPMENT 2021–2027 ($ MILLION)

EXHIBIT 20 GLOBAL ENGINE OIL MARKET BY HEAVY EQUIPMENT 2021–2027 (KILOTONS)

EXHIBIT 21 END-USERS OF ENGINE GENSETS

EXHIBIT 22 GLOBAL ENGINE OIL MARKET BY POWER GENERATION 2021–2027 ($ MILLION)

EXHIBIT 23 GLOBAL ENGINE OIL MARKET BY POWER GENERATION 2021–2027 (KILOTONS)

EXHIBIT 24 GLOBAL OTHERS ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 25 GLOBAL OTHERS ENGINE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 26 GLOBAL OTHERS ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (KILOTONS)

EXHIBIT 27 INCREMENTAL GROWTH BY OIL TYPE 2021 & 2027

EXHIBIT 28 INCREMENTAL GROWTH BY OIL TYPE 2021 & 2027

EXHIBIT 29 OIL TYPES

EXHIBIT 30 GLOBAL SEMI-SYNTHETIC ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 31 GLOBAL SEMI-SYNTHETIC ENGINE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 32 COMPOSITION OF FULLY SYNTHETIC OIL

EXHIBIT 33 GLOBAL FULLY SYNTHETIC ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 34 GLOBAL FULLY-SYNTHETIC ENGINE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 35 GLOBAL MINERAL ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 36 GLOBAL MINERAL ENGINE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 37 INCREMENTAL GROWTH BY GEOGRAPHY 2021 & 2027

EXHIBIT 38 INCREMENTAL GROWTH BY GEOGRAPHY 2021 & 2027

EXHIBIT 39 NORTH AMERICA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 40 NORTH AMERICA ENGINE OIL MARKET IN 2021–2027 (KILOTONS)

EXHIBIT 41 INCREMENTAL GROWTH IN NORTH AMERICA 2021 & 2027

EXHIBIT 42 US ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 43 CANADA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 44 LATIN AMERICA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 45 LATIN AMERICA ENGINE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 46 INCREMENTAL GROWTH IN LATIN AMERICA 2021 & 2027

EXHIBIT 47 BRAZIL ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 48 MEXICO ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 49 REST OF LATIN AMERICA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 50 MEA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 51 MEA ENGINE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 52 INCREMENTAL GROWTH IN MEA 2021 & 2027

EXHIBIT 53 SOUTH AFRICA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 54 IRAN ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 55 UAE ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 56 SAUDI ARABIA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 57 REST OF MEA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 58 EUROPE ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 59 EUROPE ENGINE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 60 INCREMENTAL GROWTH IN EUROPE 2021 & 2027

EXHIBIT 61 GERMANY ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 62 FRANCE ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 63 UK ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 64 ITALY ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 65 SPAIN ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 66 RUSSIA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 67 REST OF EUROPE ENGINE OIL MARKET IN 2021–2027 ($ MILLION)

EXHIBIT 68 APAC ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 69 APAC ENGINE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 70 INCREMENTAL GROWTH IN APAC 2021 & 2027

EXHIBIT 71 CHINA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 72 INDIA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 73 JAPAN ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 74 INDONESIA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 75 SOUTH KOREA ENGINE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 76 REST OF APAC ENGINE OIL MARKET 2021–2027 ($ MILLION)

LIST OF TABLES

TABLE 1 KEY CAVEATS

TABLE 2 CURRENCY CONVERSION 2015–2021

TABLE 3 VEHICLE SALES DATA

TABLE 4 GLOBAL ENGINE OIL MARKET IN AUTOMOTIVE & TRANSPORTATION BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 5 GLOBAL ENGINE OIL MARKET IN AUTOMOTIVE & TRANSPORTATION BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 6 GLOBAL ENGINE OIL MARKET IN HEAVY EQUIPMENT BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 7 GLOBAL ENGINE OIL MARKET IN HEAVY EQUIPMENT BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 8 GLOBAL ENGINE OIL MARKET IN POWER GENERATION BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 9 GLOBAL ENGINE OIL MARKET IN POWER GENERATION BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 10 GLOBAL OTHERS ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 11 GLOBAL SEMI-SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 12 GLOBAL SEMI-SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 13 GLOBAL FULLY SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 14 GLOBAL FULLY-SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 15 GLOBAL MINERAL ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 16 GLOBAL MINERAL ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 17 NORTH AMERICA ENGINE OIL MARKET BY OIL TYPE 2021–2027 ($ MILLION)

TABLE 18 NORTH AMERICA ENGINE OIL MARKET BY OIL TYPE 2021–2027 (KILOTONS)

TABLE 19 NORTH AMERICA ENGINE OIL MARKET BY END-USE 2021–2027 ($ MILLION)

TABLE 20 NORTH AMERICA ENGINE OIL MARKET BY END-USE 2021–2027 (KILOTONS)

TABLE 21 LATIN AMERICA ENGINE OIL MARKET BY OIL TYPE 2021–2027 ($ MILLION)

TABLE 22 LATIN AMERICA ENGINE OIL MARKET BY OIL TYPE 2021–2027 (KILOTONS)

TABLE 23 LATIN AMERICA ENGINE OIL MARKET BY END-USE 2021–2027 ($ MILLION)

TABLE 24 LATIN AMERICA ENGINE OIL MARKET BY END-USE 2021–2027 (KILOTONS)

TABLE 25 MEA ENGINE OIL MARKET BY OIL TYPE 2021–2027 ($ MILLION)

TABLE 26 MEA ENGINE OIL MARKET BY OIL TYPE 2021–2027 (KILOTONS)

TABLE 27 MEA ENGINE OIL MARKET BY END-USE 2021–2027 ($ MILLION)

TABLE 28 MEA ENGINE OIL MARKET BY END-USE 2021–2027 (KILOTONS)

TABLE 29 EUROPE ENGINE OIL MARKET BY OIL TYPE 2021–2027 ($ MILLION)

TABLE 30 EUROPE ENGINE OIL MARKET BY OIL TYPE 2021–2027 (KILOTONS)

TABLE 31 EUROPE ENGINE OIL MARKET BY END-USE 2021–2027 ($ MILLION)

TABLE 32 EUROPE ENGINE OIL MARKET BY END-USE 2021–2027 (KILOTONS)

TABLE 33 APAC ENGINE OIL MARKET BY OIL TYPE 2021–2027 ($ MILLION)

TABLE 34 APAC ENGINE OIL MARKET BY OIL TYPE 2021–2027 (KILOTONS)

TABLE 35 APAC ENGINE OIL MARKET BY END-USE 2021–2027 ($ MILLION)

TABLE 36 APAC ENGINE OIL MARKET BY END-USE 2021–2027 (KILOTONS)

TABLE 37 CASTROL LIMITED: MAJOR PRODUCT OFFERINGS

TABLE 38 CHEVRON CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 39 EXXON MOBIL CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 40 SHELL PLC: MAJOR PRODUCT OFFERINGS

TABLE 41 TOTAL ENERGIES: MAJOR PRODUCT OFFERINGS

TABLE 42 BHARAT PETROLEUM CORPORATION LIMITED: MAJOR PRODUCT OFFERINGS

TABLE 43 BP PLC: MAJOR PRODUCT OFFERINGS

TABLE 44 FUCHS PETROLUB SE: MAJOR PRODUCT OFFERINGS

TABLE 45 GAZPROMNEFT – LUBRICANTS LTD.: MAJOR PRODUCT OFFERINGS

TABLE 46 GS CALTEX CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 47 GULF OIL INTERNATIONAL LIMITED: MAJOR PRODUCT OFFERINGS

TABLE 48 HINDUSTAN PETROLEUM CORPORATION LIMITED: MAJOR PRODUCT OFFERINGS

TABLE 49 IDEMITSU KOSAN CO., LTD.: MAJOR PRODUCT OFFERINGS

TABLE 50 INDIAN OIL CORPORATION LIMITED: MAJOR PRODUCT OFFERINGS

TABLE 51 KUWAIT DANA LUBES COMPANY: MAJOR PRODUCT OFFERINGS

TABLE 52 LIQUI MOLY.: MAJOR PRODUCT OFFERINGS

TABLE 53 MOTUL: MAJOR PRODUCT OFFERINGS

TABLE 54 PENNZOIL: MAJOR PRODUCT OFFERINGS

TABLE 55 PETRO-CANADA LUBRICANT INC.: MAJOR PRODUCT OFFERINGS

TABLE 56 PETROLIAM NASIONAL BERHAD (PETRONAS): MAJOR PRODUCT OFFERINGS

TABLE 57 PHILLIPS 66 COMPANY: MAJOR PRODUCT OFFERINGS

TABLE 58 RAVENOL: MAJOR PRODUCT OFFERINGS

TABLE 59 REPSOL: MAJOR PRODUCT OFFERINGS

TABLE 60 SINOPEC: MAJOR PRODUCT OFFERINGS

TABLE 61 VALVOLINE INC.: MAJOR PRODUCT OFFERINGS

TABLE 62 GLOBAL SEMI-SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 63 GLOBAL SEMI-SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VALUE)

TABLE 64 GLOBAL SEMI-SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 65 GLOBAL SEMI-SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VOLUME)

TABLE 66 GLOBAL FULLY SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 67 GLOBAL FULLY SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VALUE)

TABLE 68 GLOBAL FULLY SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 69 GLOBAL FULLY SYNTHETIC ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VOLUME)

TABLE 70 GLOBAL MINERAL ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 71 GLOBAL MINERAL ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VALUE)

TABLE 72 GLOBAL MINERAL ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 73 GLOBAL MINERAL ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VOLUME)

TABLE 74 GLOBAL AUTOMOTIVE & TRANSPORTATION ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 75 GLOBAL AUTOMOTIVE & TRANSPORTATION ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VALUE)

TABLE 76 GLOBAL AUTOMOTIVE & TRANSPORTATION ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 77 GLOBAL AUTOMOTIVE & TRANSPORTATION ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VOLUME)

TABLE 78 GLOBAL HEAVY EQUIPMENT ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 79 GLOBAL HEAVY EQUIPMENT ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VALUE)

TABLE 80 GLOBAL HEAVY EQUIPMENT ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 81 GLOBAL HEAVY EQUIPMENT ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VOLUME)

TABLE 82 GLOBAL POWER GENERATION ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 83 GLOBAL POWER GENERATION ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VALUE)

TABLE 84 GLOBAL POWER GENERATION ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 85 GLOBAL POWER GENERATION ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VOLUME)

TABLE 86 GLOBAL OTHERS ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 ($ MILLION)

TABLE 87 GLOBAL OTHERS ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VALUE)

TABLE 88 GLOBAL OTHERS ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (KILOTONS)

TABLE 89 GLOBAL OTHERS ENGINE OIL MARKET BY GEOGRAPHY 2021–2027 (% VOLUME)

TABLE 90 NORTH AMERICA ENGINE OIL MARKET BY END-USE 2021–2027 ($ MILLION)

TABLE 91 NORTH AMERICA ENGINE OIL MARKET BY END-USE 2021–2027 (KILOTONS)

TABLE 92 NORTH AMERICA ENGINE OIL MARKET BY OIL TYPE 2021–2027 ($ MILLION)

TABLE 93 NORTH AMERICA ENGINE OIL MARKET BY OIL TYPE 2021–2027 (KILOTONS)

TABLE 94 EUROPE ENGINE OIL MARKET BY END-USE 2021–2027 ($ MILLION)

TABLE 95 EUROPE ENGINE OIL MARKET BY END-USE 2021–2027 (KILOTONS)

TABLE 96 EUROPE ENGINE OIL MARKET BY OIL TYPE 2021–2027 ($ MILLION)

TABLE 97 EUROPE ENGINE OIL MARKET BY OIL TYPE 2021–2027 (KILOTONS)

TABLE 98 APAC ENGINE OIL MARKET BY END-USE 2021–2027 ($ MILLION)

TABLE 99 APAC ENGINE OIL MARKET BY END-USE 2021–2027 (KILOTONS)

TABLE 100 APAC ENGINE OIL MARKET BY OIL TYPE 2021–2027 ($ MILLION)

TABLE 101 APAC ENGINE OIL MARKET BY OIL TYPE 2021–2027 (KILOTONS)

TABLE 102 LATIN AMERICA ENGINE OIL MARKET BY END-USE 2021–2027 ($ MILLION)

TABLE 103 LATIN AMERICA ENGINE OIL MARKET BY END-USE 2021–2027 (KILOTONS)

TABLE 104 LATIN AMERICA ENGINE OIL MARKET BY OIL TYPE 2021–2027 ($ MILLION)

TABLE 105 LATIN AMERICA ENGINE OIL MARKET BY OIL TYPE 2021–2027 (KILOTONS)

TABLE 106 MIDDLE EAST & AFRICA ENGINE OIL MARKET BY END-USE 2021–2027 ($ MILLION)

TABLE 107 MIDDLE EAST & AFRICA ENGINE OIL MARKET BY END-USE 2021–2027 (KILOTONS)

TABLE 108 MIDDLE EAST & AFRICA ENGINE OIL MARKET BY OIL TYPE 2021–2027 ($ MILLION)

TABLE 109 MIDDLE EAST & AFRICA ENGINE OIL MARKET BY OIL TYPE 2021–2027 (KILOTONS)

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