Global Gas Engine Oil Market, By Product Type (Conventional Gas Engine Oils, Synthetic Gas Engine Oils, Semi-Synthetic Gas Engine Oils), Grade (Monograde oils, Multigrade oils), Additive Percentage (Less than 0.10%, 0.10–0.50%, 0.50–1.00%, More than 1%), End-Use Industry (Power Generation, Automotive, Industrial, Marine, Others) – Industry Trends and Forecast to 2031.
Gas Engine Oil Market Analysis and Size
The global gas engine oil market has been witnessing steady growth, driven by factors such as increasing energy demand, industrialization, and the expansion of the automotive sector. The growing global population and industrialization drive the demand for electricity, boosting the use of gas engines in power generation. The rise in natural gas-powered vehicles and hybrid technology increases the demand for specialized gas engine oils.
Data Bridge Market Research analyses that the global gas engine oil market which was USD 5.60 billion in 2023, is expected to reach USD 8.15 billion by 2031, growing at a CAGR of 4.80% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Conventional Gas Engine Oils, Synthetic Gas Engine Oils, Semi-Synthetic Gas Engine Oils), Grade (Monograde oils, Multigrade oils), Additive Percentage (Less than 0.10%, 0.10–0.50%, 0.50–1.00%, More than 1%), End-Use Industry (Power Generation, Automotive, Industrial, Marine, Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, Spain, Turkey, U.K., Netherlands, Russia, Switzerland, Belgium, Hungary, Italy, Rest of Europe, China, India, Japan, Australia, South Korea, Malaysia, Singapore, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Egypt, Saudi Arabia, U.A.E., Israel and Rest of Middle East and Africa
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Market Players Covered
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Exxon Mobil Corporation (U.S.), Shell plc (U.K.), Chevron Corporation (U.S.), TotalEnergies (France), BP p.l.c. (U.K.), Fuchs Petrolub SE (Germany), Valvoline Inc. (U.S.), PetroChina Company Limited (China), LUKOIL (Russia), Idemitsu Kosan Co., Ltd. (Japan), Indian Oil Corporation Ltd (India), SK Enmove Co., Ltd. (South Korea)
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Market Opportunities
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Market Definition
Gas engine oil, also known as natural gas engine oil or gas lubricant, is a specialized type of lubricant designed specifically for use in engines that run on natural gas or other gaseous fuels. These engines are commonly found in power generation plants, industrial applications, automotive vehicles, and marine vessels.
Gas engine oils serve several critical functions in gas-powered engines such as lubricating the moving parts within the engine, such as pistons, rings, cylinders, and bearings, to reduce friction and wear. Gas engine oils help dissipate heat generated by engine operation, preventing overheating and ensuring optimal performance. They protect engine components from corrosion and rust, especially in environments where moisture or acidic gases may be present.
Global Gas Engine Oil Market Dynamics
Drivers
- Increasing Demand for Electricity
As the global population continues to increase, especially in emerging economies, the demand for electricity rises significantly. More people mean more households, businesses, and industries requiring power for various activities. Industrialization is a key driver of electricity demand. As countries develop and industrialize, they require more electricity to power factories, machinery, and other industrial processes. This increased industrial activity further amplifies the demand for electricity. Gas engine oils play a crucial role in ensuring the smooth and efficient operation of gas engines used in power generation. These oils provide lubrication, reduce friction, and help dissipate heat, thereby prolonging engine life and optimizing performance. With the growing deployment of gas engines in power generation, there's a corresponding increase in the demand for specialized gas engine oils to support these applications.
- Automotive Industry Trends
With growing concerns about air pollution and greenhouse gas emissions, there's a shift towards cleaner alternative fuels in the automotive industry. Natural gas is considered a cleaner-burning fuel compared to traditional gasoline or diesel, leading to an increasing number of vehicles powered by compressed natural gas (CNG) or liquefied natural gas (LNG). Hybrid vehicles, which combine internal combustion engines with electric motors, have gained popularity due to their improved fuel efficiency and lower emissions. The unique operating conditions of natural gas-powered vehicles and hybrid engines require specialized engine oils formulated to meet their specific lubrication and performance requirements. These oils must be able to withstand the challenges posed by alternative fuels, such as higher combustion temperatures and potential fuel dilution, while providing adequate protection and efficiency.
Opportunity
- Rapid Advancements in Engine Technology
Modern gas engines incorporate advanced combustion systems, such as direct injection, lean-burn, or stratified charge technologies, to improve fuel efficiency and reduce emissions. These systems operate at higher temperatures and pressures, placing greater demands on lubricants to provide enhanced protection against wear, oxidation, and deposit formation. Turbocharged gas engines are becoming increasingly common, as they offer improved power output and fuel efficiency. However, turbocharged engines subject lubricants to higher temperatures and speeds, necessitating the development of specialized oils capable of withstanding these extreme conditions while maintaining viscosity and thermal stability. To comply with stringent emissions regulations, modern gas engines are equipped with exhaust after treatment systems, such as selective catalytic reduction (SCR) and diesel particulate filters (DPF).
Restraints/Challenges
- Volatility in Crude Oil Prices
Fluctuations in crude oil prices can impact the cost of base oils and additives used in gas engine oil formulations. Higher oil prices can lead to increased production costs for lubricant manufacturers, potentially reducing profit margins or limiting investment in research and development of new products.
- Shift Towards Electric Vehicles
The growing adoption of electric vehicles (EVs) poses a long-term threat to the global gas engine oil market, particularly in the automotive sector. As consumers and governments prioritize electrification to reduce greenhouse gas emissions and dependence on fossil fuels, the demand for traditional internal combustion engine oils may decline.
This global gas engine oil market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global gas engine oil market contact Data Bridge Market Research for an analyst brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In August 2022, ExxonMobil Lubricants Pvt Ltd partnered with Think Gas Distribution Pvt Ltd., to market its range of compressed natural gas (CNG) lubricants for passenger and commercial vehicles. The partnership will enable Mobil’s specialized gas engine oil offerings to be available at Think Gas’s owned and operated stations across various states in India
Global Gas Engine Oil Market Scope
The global gas engine oil market is segmented into four notable segments which is product type, grade, additive percentage and end-use industry. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
Product Type
- Conventional Gas Engine Oils
- Synthetic Gas Engine Oils
- Semi-Synthetic Gas Engine Oils
Grade
- Monograde Oils
- Multigrade Oils
Additive Percentage
- Less than 0.10%
- 0.10–0.50%
- 0.50–1.00%,
- More than 1%
End-Use Industry
- Power Generation
- Automotive
- Industrial
- Marine
- Others
Global Gas Engine Oil Market Regional Analysis/Insights
The global gas engine oil market is analyzed and market size information is provided by product type, grade, additive percentage and end-use industry as referenced above.
The countries covered in the global gas engine oil market report are U.S., Canada, Mexico, Germany, France, Spain, Turkey, U.K., Netherlands, Russia, Switzerland, Belgium, Hungary, Italy, rest of Europe, China, India, Japan, Australia, South Korea, Malaysia, Singapore, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Brazil, Argentina, rest of South America, South Africa, Egypt, Saudi Arabia, U.A.E., Israel and rest of Middle East and Africa.
North America region dominate the global gas engine oil market. This is attributed due presence of leading manufacturers and a mature energy infrastructure. The adoption of gas engines for power generation, transportation, and industrial applications contributes to the demand for gas engine oils in the region.
Europe region is the fastest growing region as region focuses renewable energy sources and efforts to reduce emissions contribute to the adoption of gas engines in power generation and transportation, driving the demand for specialized lubricants.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Gas Engine Oil Market Share Analysis
The global gas engine oil market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the global gas engine oil market.
Some of the major players operating in the global gas engine oil market are:
- Exxon Mobil Corporation (U.S.)
- Shell plc (U.K.)
- Chevron Corporation (U.S.)
- TotalEnergies (France)
- BP p.l.c. (U.K.)
- Fuchs Petrolub SE (Germany)
- Valvoline Inc. (U.S.)
- PetroChina Company Limited (China)
- LUKOIL (Russia)
- Idemitsu Kosan Co., Ltd. (Japan)
- Indian Oil Corporation Ltd (India)
- SK Enmove Co., Ltd. (South Korea)
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