GLOBAL AUTOMOTIVE ENGINE OILS MARKET - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

 The market for automotive engine oils was worth 15.26 billion litres in 2021, and it is anticipated to grow at a CAGR of 3.72% to 18.32 billion litres by 2026. Among all product types, engine oils are the automotive lubricants that are utilised the most. Global consumption of automobile engine oil increased at a CAGR of 2.5% from 2015 to 2019. Around 78% of all automotive lubricant consumption worldwide in 2020 was made up of engine oils.

Due to a decrease in business activity in 2020 as a result of the COVID-19 pandemic, the worldwide vehicle fleet's usage drastically decreased. As a result, compared to 2019, the passenger car and motorbike segments had the biggest decrease in engine oil usage.

An increase in the penetration of electric vehicles is anticipated to have a small impact on engine oil consumption, along with the rebound in motor vehicle sales and manufacturing that is anticipated. As a result of these variables, it is anticipated that during the years 2021–2026, engine oil consumption would grow at a CAGR of 3.72%.

Major Players: BP PLC (Castrol), China National Petroleum Corporation, ExxonMobil Corporation, Royal Dutch Shell PLC and TotalEnergies 


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