The global engine oil additives market accounted for US$ XX Mn in 2018 and burgeoning over the forthcoming years. Key drivers for the market growth include increase in demand for fuel efficient vehicles, implementation of stringent emission norms especially for vehicles, rise in demand for engine oil additives in automobile and machinery industries and high growth in emerging economies. However, factors such as rising demand battery operated vehicles (BEVs) may restrict the market growth.
Global engine oil additives market segmented on the basis of type, fuel type, end user and region.
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Anti-Oxidants Dominate the Global Engine Oil Additives Market
Based on type, global engine oil additives market segmented into anti-oxidants, dispersants, detergents, corrosion inhibitors, friction modifiers, antiwear additives and VI improvers. Anti-Oxidants held considerable market growth during estimated period. Antioxidants are additives designed to prolong the life of a lubricant by increasing the oxidative resistance of the base oil. Antioxidants allow lubricants to operate at higher temperatures than would otherwise be possible without them. Many synthetic lubricants, especially hydrocarbon-based lubricating oils, are susceptible to degradation by oxygen. This oxidation process, which is initiated by the formation of reactive free radicals and peroxides, is the major cause of oil thickening and the formation of sludge and varnish in many applications.
Asia Pacific Leads the Global Engine Oil Additives market
PBI’s global engine oil additives market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis. Asia Pacific accounted for larger revenue share in global engine oil additives market with considerable CAGR. The growth in this region is due to increasing population and rapid industrialization. Also, rising demand for several types of vehicles is high exclusively for passenger cars and heavy commercial vehicles in the region. In addition, North America held considerable market share during estimated period. U.S is the major contributor for the growth of the market in this region as it has high per capita vehicles in the world.
Strategic Expansions are the key strategies adopted by market players
Global engine oil additives market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For Instance, in Jan 2019, BASF expanded its business by increasing production capacity of antioxidants for lubricants. The capacity expansions address growing demand for antioxidants from the increasing number of vehicles in Asia and the increasing global demand for long-life lubricant additives.
Key player’s profiles in the report are Afton Chemical, BASF SE, Croda International Plc., Lucas Oil Products Inc., Lubrizol, Multisol, Chevron Corporation, Evonik Industries, Infineum International Limited. and BRB International.
Precision Business Insights (PBI) in its report titled “Global Engine Oil Additives Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period. Moreover, the report also includes the total revenue and volume for the market.
o Corrosion Inhibitors
o Friction Modifiers
o Antiwear Additives
o VI Improvers
By Fuel Type
By End User
o Passenger car
o Commercial vehicles
o North America
• Rest of Europe
• Australia & New Zealand
• ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
• South Korea
• Rest of Asia-Pacific
o Latin America
• Rest of Latin America
o Middle East and Africa (MEA)
• Gulf Cooperation Council (GCC) Countries
• South Africa
• Rest of MEA
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