What is Engine Oil Additives Market?
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.
Highlights from Engine Oil Additives Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | 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) |
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. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Engine Oil Additives market throughout the forecasted period.
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 profiled in the study. Additionally, the Vendors which are also part of the research are Multisol Ltd. (United Kingdom), Dover Chemical Corporation (United States) and Italmatch Chemicals SpA (Italy). Engine Oil Additives Market Segmentation:
Scope | Sub-Segments |
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Type | Anti-oxidants, Dispersants, Detergents, Viscosity Index Improvers, Extreme Pressure Additives, Anti-Wear Agents and Others |
Distribution Channel | Online {E-Commerce Stores},Offline {Speciality Stores, Super Markets and Hyper Markets} |
Vehicles | Commercial Vehicles,Passenger Vehicles,2-Wheelers,Others |
Fuel Type | Diesel,Petrol,Others |
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). 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 & 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’.