Global Crankshaft Oil Market Overview
The Crankshaft Oil Market Size was estimated at 7.4 (USD Billion) in 2022. The Crankshaft Oil Industry is expected to grow from 7.76 (USD Billion) in 2023 to 12.0 (USD Billion) by 2032. The Crankshaft Oil Market CAGR (growth rate) is expected to be around 4.95% during the forecast period (2024 - 2032).
Key Crankshaft Oil Market Trends Highlighted
The crankshaft oil market is characterized by the growing demand for high-performance lubricants in automotive and industrial applications.
The increasing adoption of advanced engine technologies, such as turbocharged and direct-injection engines, necessitates specialized lubricants to protect critical engine components under demanding operating conditions.
Key market drivers include stringent emission regulations, rising vehicle production, and the expansion of emerging economies.
Governments worldwide are implementing stricter emission standards, prompting manufacturers to develop low-friction lubricants that reduce engine emissions and improve fuel efficiency.
Additionally, advancements in renewable energy sources and the electrification of vehicles are creating opportunities for the exploration of new lubricants compatible with alternative powertrains.
Recent market trends indicate a shift towards synthetic and semi-synthetic lubricants, which offer superior performance and extended service intervals compared to conventional mineral oils.
The use of additives and friction modifiers in lubricant formulations has become increasingly prevalent to enhance lubrication effectiveness and protect against wear and corrosion.
The integration of sensor technologies for real-time monitoring of lubricant performance is also gaining traction, allowing for predictive maintenance and optimized oil change intervals.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Crankshaft Oil Market Drivers
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Advancement in Technology
The development of the Crankshaft Oil Market is actively driven by diverse technological advancements.
Indeed, the introduction of artificial intelligence and machine learning has facilitated the development of new types of crankshaft oils that enhance the performance and efficiency of engines.
In addition, the utilization of such predictive maintenance tools as the one developed by Senseye Inc. helps to reduce downtime and the associated costs.
In conclusion, it is evident that technological advancements will continue to foster the growth in the Crankshaft Oil Market.
Growing Demand for High-Performance Engines
Another growth driver of the Crankshaft Oil Market is the increasing demand for high-performance engines in a wide range of applications.
High-performance engines require special types of crankshaft oil resistant to very high temperatures and pressure.
They are usually designed to reduce friction and wear to thus protect engine details from damage. Growing demand for high-performance engines will further boost demand for crankshaft oil.
Rising Environmental Awareness
Growing environmental awareness is also having a positive impact on the Crankshaft Oil Market. Consumers are increasingly demanding products that are environmentally friendly, and this is leading to a growing demand for biodegradable and sustainable crankshaft oils.
These oils are designed to minimize their environmental impact, and they are often made from renewable resources. As environmental awareness continues to rise, so will the demand for biodegradable and sustainable crankshaft oils.
Crankshaft Oil Market Segment Insights
Crankshaft Oil Market Lubricity Insights
Lubricity can be defined as the extent to which a fluid can reduce the friction between two surfaces. In the case of crankshaft oil, it can be considered as the effect of the oil on the moving parts of an engine.
The crankshaft oil market depending on lubricity consists of three broad categories: high friction, medium friction, and low friction. High friction crankshaft oil is designed for use in industries, machinery, and HD engines that require higher friction operation.
They have a high coefficient of friction making it resist the high levels of heat generated and not be burnt off easily, hence low wear and tear of engine parts.
These oils have high friction due to the inclusion of additives that increase the viscosity, enhancing the bonding of the oil with the metal surfaces.
These are average products that have a moderate coefficient of friction. The oil stays bound to the metals preventing any dry spells in the engine.
Applicable in light trucks and passenger cars, the medium friction oils have a commendable lubricity effect with insignificant energy losses. They also ensure fuel efficiency in engines since energy loss due to friction is minimal.
Low-friction crankshaft oils reduce the friction to as low as possible. They are applicable in high-performance engines, high-speed machines, and any other engine ensuring maximum fuel efficiency.
The coefficient of friction is kept to the minimum by the use of modern additives to ensure the formation of very thin films of oil, leading to minimum energy loss.
The market for crankshaft oil based on lubricity is likely to enlarge with time. This is because of increased demand for better operations of high-performance engines, the rise in the use of low-friction oils, and the current trend in fuel efficiency used by engines.
With participants continuously engaging in research and development of more options in each of the three categories, the market for crankshaft oil will grow.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Crankshaft Oil Market Application Insights
The Crankshaft Oil Market is segmented based on application into Crankshafts in Internal Combustion Engines, Crankshafts in Electric Vehicles, and Crankshafts in Industrial Machinery.
The Crankshafts in Internal Combustion Engines segment held the largest market share in 2023 and is expected to continue to dominate the market during the forecast period.
The growth of this segment can be attributed to the increasing demand for internal combustion engine vehicles in developing countries. The Crankshafts in Electric Vehicles segment is expected to witness the highest growth rate during the forecast period.
The growth of this segment can be attributed to the increasing adoption of electric vehicles due to rising environmental concerns and government incentives.
The Crankshafts in Industrial Machinery segment is expected to account for a significant share of the Crankshaft Oil Market by 2032. The growth of this segment can be attributed to the increasing demand for industrial machinery in various industries such as construction, mining, and manufacturing.
Crankshaft Oil Market Additive Package Insights
The Crankshaft Oil Market segmentation by Additive Package includes Standard Additive Package, Enhanced Additive Package, and Premium Additive Package.
The Enhanced Additive Package segment held the largest market share in 2023 and is expected to continue to lead the market throughout the forecast period.
The growth of this segment can be attributed to the increasing demand for high-performance engine oils that can provide better protection against wear and tear.
The Standard Additive Package segment is expected to witness a steady growth rate during the forecast period due to its cost-effectiveness and suitability for a wide range of applications.
The Premium Additive Package segment is expected to grow at a faster pace than the other segments due to the increasing demand for high-performance engine oils that can provide maximum protection and performance.
Crankshaft Oil Market Viscosity Grade Insights
The Viscosity Grade segment of the Crankshaft Oil Market is expected to witness significant growth in the coming years. The increasing demand for fuel-efficient vehicles is driving the demand for low-viscosity oils such as SAE 0W-20 and SAE 5W-30.
These oils offer better fuel economy and reduced emissions compared to higher-viscosity oils. The Crankshaft Oil Market revenue for the Viscosity Grade segment is projected to reach USD 4.5 billion by 2024, growing at a CAGR of 4.5%.
Among the different viscosity grades, SAE 0W-20 is expected to be the fastest-growing segment, with a CAGR of 5.2% during the forecast period.
The growing popularity of hybrid and electric vehicles is contributing to the demand for SAE 0W-20 oil, as it provides better low-temperature fluidity and improves fuel efficiency.
SAE 10W-40 and SAE 15W-50 are also expected to witness steady growth, driven by their widespread use in older vehicles and heavy-duty applications.
Crankshaft Oil Market Base Oil Type Insights
The Crankshaft Oil Market is segmented by base oil type into mineral oil, synthetic oil, and semi-synthetic oil. Mineral oil is the most used base oil type, accounting for over 50% of the Crankshaft Oil Market revenue in 2023.
Mineral oil is derived from refined crude oil and is a relatively inexpensive option. However, it has a lower viscosity index than synthetic oil, which means it is more susceptible to changes in temperature.
Synthetic oil is a man-made oil that is created from chemical reactions. It has a higher viscosity index than mineral oil, which means it is less susceptible to changes in temperature.
Synthetic oil also has a longer lifespan than mineral oil. Semi-synthetic oil is a blend of mineral oil and synthetic oil. It offers a balance of the performance benefits of both mineral oil and synthetic oil.
Crankshaft Oil Market Regional Insights
The Crankshaft Oil Market segmentation by region includes North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest share of the Crankshaft Oil Market in 2023, due to the presence of many automotive manufacturers in the region.
Europe is expected to be the second largest market, followed by APAC. The APAC region is expected to experience the highest growth rate during the forecast period, due to the increasing demand for automobiles in the region.
South America and MEA are expected to account for a smaller share of the Crankshaft Oil Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Crankshaft Oil Market Key Players and Competitive Insights
Major players in the Crankshaft Oil Market are constantly striving to develop innovative products to meet the evolving demands of customers. Leading Crankshaft Oil Market players are focusing on research and development to enhance the performance and efficiency of their products.
The Crankshaft Oil Market is characterized by intense competition, with key players adopting various strategies to gain a competitive edge. Some of the common strategies include product innovation, strategic partnerships, mergers and acquisitions, and geographical expansion.
The Crankshaft Oil Market Competitive Landscape is expected to remain highly competitive in the coming years, with new entrants and established players vying for market share.
A leading company in the Crankshaft Oil Market is Chevron Corporation. The company offers a wide range of crankshaft oils designed to meet the specific requirements of different types of engines.
Chevron Corporation is known for its commitment to quality and innovation, and its products are used by several major automotive manufacturers. The company has a strong presence, with operations in over 180 countries.
A competitor company in the Crankshaft Oil Market is ExxonMobil Corporation. The company is a leading manufacturer of lubricants and other petroleum products. ExxonMobil Corporation offers a range of crankshaft oils designed to provide optimal protection and performance for engines.
The company has a strong focus on research and development, and its products are known for their high quality and reliability. ExxonMobil Corporation has a presence, with operations in over 100 countries.
Key Companies in the Crankshaft Oil Market Include
- Chevron
- PETRONAS
- Saudi Aramco
- ExxonMobil
- TotalEnergies
- ENEOS
- Lukoil
- PetroChina
- BP
- PDVSA
- Sinopec
- NIOC
- Sonangol
- Gazprom Neft
- Shell
Crankshaft Oil Market Developments
The adoption of fuel-efficient vehicles, rising demand for high-performance lubricants, and increasing investments in research and development are driving market growth.
Asia-Pacific is expected to dominate the market, owing to the presence of major automotive hubs in countries such as China, India, and Japan.
Key industry participants are focusing on strategic collaborations, product innovations, and capacity expansions to cater to the growing demand.
Recent developments include the launch of biodegradable crankshaft oils and the adoption of advanced manufacturing technologies to enhance product quality and efficiency.
Crankshaft Oil Market Segmentation Insights
Crankshaft Oil Market Lubricity Outlook
- High Friction
- Medium Friction
- Low Friction
Crankshaft Oil Market Application Outlook
- Crankshafts in Internal Combustion Engines
- Crankshafts in Electric Vehicles
- Crankshafts in Industrial Machinery
Crankshaft Oil Market Additive Package Outlook
- Standard Additive Package
- Enhanced Additive Package
- Premium Additive Package
Crankshaft Oil Market Viscosity Grade Outlook
- SAE 0W-20
- SAE 5W-30
- SAE 10W-40
- SAE 15W-50
Crankshaft Oil Market Base Oil Type Outlook
- Mineral Oil
- Synthetic Oil
- Semi-Synthetic Oil
Crankshaft Oil Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
7.4(USD Billion) |
| Market Size 2023 |
7.76(USD Billion) |
| Market Size 2032 |
12.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.95% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Chevron, PETRONAS, Saudi Aramco, ExxonMobil, TotalEnergies, ENEOS, Lukoil, PetroChina, BP, PDVSA, Sinopec, NIOC, Sonangol, Gazprom Neft, Shell |
| Segments Covered |
Lubricity, Application, Additive Package, Viscosity Grade, Base Oil Type, Regional |
| Key Market Opportunities |
Electric vehicle growth Increasing heavy machinery Expanding automotive sector Growing demand for high-performance lubricants Technological advancements |
| Key Market Dynamics |
Rising demand for heavy-duty vehicles Technological advancements Growing industrialization Stricter emission regulations The expanding automotive industry |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Crankshaft Oil Market is expected to reach a valuation of USD 12.0 billion by 2032, exhibiting a CAGR of 4.95% during the forecast period (2024-2032).
The Asia-Pacific region is anticipated to hold a significant market share, owing to the increasing production and sales of automobiles in countries like China, India, and Japan. North America and Europe are also expected to contribute to the market growth due to the presence of major automotive manufacturers and stringent emission regulations.
Automotive applications dominate the Crankshaft Oil Market, accounting for over 70% of the market share. The use of crankshaft oil in internal combustion engines of passenger cars, commercial vehicles, and motorcycles is a major factor driving this segment's growth.
Major players in the Crankshaft Oil Market include Shell, Chevron, ExxonMobil, BP, TotalEnergies, Fuchs, Lukoil, SK Lubricants, Idemitsu Kosan, and Petronas.
Growing demand for high-performance lubricants, increasing vehicle production, and rising awareness of engine maintenance are key factors driving the growth of the Crankshaft Oil Market.
Fluctuating raw material prices, intense competition, and stringent environmental regulations pose challenges to the growth of the Crankshaft Oil Market.
The growing adoption of electric vehicles, advancements in engine technology, and the increasing use of synthetic lubricants are expected to shape the future of the Crankshaft Oil Market.
Technological advancements such as the development of low-friction lubricants and condition monitoring systems are expected to enhance the efficiency and performance of crankshaft oils, thereby driving market growth.
The Crankshaft Oil Market is anticipated to witness steady growth in the coming years, driven by increasing vehicle production, technological advancements, and growing awareness of the importance of engine maintenance.
Key strategies adopted by players in the Crankshaft Oil Market include product innovation, strategic partnerships, mergers and acquisitions, and expanding distribution networks.
