About Engine Oil Additives
Engine Oil Additives are chemical substances that help base oils work better as lubricants. They comprise of almost 5% of the engine base oil in terms of weight. Engine Oil additives are used to make lubricants and functional fluids to enhance the performance of engines .Each additive was chosen for its capacity to fulfil one or more specialised functions when mixed with others. Selected additives are packaged for use with a particular base stock and application. The most common use of lubricating oil additives is in engine oils. They are even used to reduce the wear and tear of pistons within the internal combustion engines. Dispersants, detergents, viscosity index improvers, anti-wear agents, and anti-oxidants are few types of engine oil additives. Growing number of automobile sales across the world has been major pushing factor in the growth of the engine oil additives market. Although emergence of clean technology equipped electric vehicles are a major restraint for the future of engine oil additives market. Geographically, Asia Pacific and North America are the major engine oil additives market.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
The Global Engine Oil Additives Market Analysis Report is a comprehensive report that includes in-depth qualitative and quantitative research that evaluates the current situation and forecasts future Engine Oil Additives Market potential for various product segments with market penetration in various applications and end-uses. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Engine Oil Additives market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
BASF SE (Germany), Evonik Industries AG (Germany), Croda International Plc (United Kingdom), Chevron Corporation (United States), Infineum Holdings B.V. (Netherlands), BRB International B.V. (Netherlands), Afton Chemical Corporation (United Kingdom), Lubrizol (United States), TotalEnergies SE (France) and Lanxess AG (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Multisol Ltd. (United Kingdom), Dover Chemical Corporation (United States) and Italmatch Chemicals SpA (Italy).
Segmentation Overview
AMA Research has segmented the market of Global Engine Oil Additives market by Type (Anti-oxidants, Dispersants, Detergents, Viscosity Index Improvers, Extreme Pressure Additives, Anti-Wear Agents and Others) and Region.
On the basis of geography, the market of Engine Oil Additives has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Online {E-Commerce Stores} will boost the Engine Oil Additives market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicles , the sub-segment i.e. Commercial Vehicles will boost the Engine Oil Additives market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Fuel Type, the sub-segment i.e. Diesel will boost the Engine Oil Additives market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Commercial Vehicles Account for Largest Market Share
Market Growth Drivers:
Growth of Automotive Market because of Rising Number of Automobiles, Rising Demand for Higher Fuel Mileage due to Increasing Fuel Costs and Improvement and Advancement in Petro-Chemicals
Challenges:
Enhanced Focus on Climate Change is Pushing Consumers Away from Internal Combustion Engines
Restraints:
Emergence of Electric or Battery Operated Vehicles
Opportunities:
Asia Pacific Region as well as Africa Regions Presents Opportunity to Expand due to Presence of Emerging Economies in the Region
Market Leaders and their expansionary development strategies
In 2020, Valvoline, a United States based leading worldwide supplier of premium engine oils and lubricants has announced signing of a definitive agreement to acquire with Kent Lubrication Centers Ltd. for the acquisition of 14 quick-lube locations located in the Texas State of United States. The acquired quick-lube centers will be renamed as Valvoline Instant Oil ChangeSM (VIOC) service centers. The acquisition will bolster Valvoline’s quick lube center network and enable it expand deeper in Southern States situated in United States.
In 2021, Honda Motorcycle and Scooters India, which is India based subsidiary of Honda Motors has announced launch of its new range of engine oils for its scooters and motorcycles in India. The newly launched engine oils have been manufactured in a partnership with Repsol Lubricants, which is Spain’s largest petroleum company. There are two major grades of oil offered, which are ‘Honda Respol Motor Bike’ and ‘Honda Respol Motor Scooter’.
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.